How I Built This with Guy Raz Chomps: Pete Maldonado and Rashid Ali
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Jan 30, 2023 Pete Maldonado and Rashid Ali, co-founders of Chomps, share their inspiring journey from failure to success in the meat snack industry. After bankruptcy, Pete pivoted from selling steaks to creating healthier meat sticks tailored for the health-conscious market. They highlight a game-changing order from Trader Joe's that catapulted their brand into major retailers, along with the challenges of scaling production while maintaining quality. Their resilience and innovative thinking turned Chomps into a $100 million success story.
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Real Estate Bust
- Pete Maldonado flipped houses in Florida during the 2006 real estate boom, using 100% financing.
- The market crashed, leaving him millions in debt and forcing bankruptcy at 26.
Frozen Fitness
- After bankruptcy, Pete started 'Frozen Fitness', a healthy frozen meal delivery service.
- He targeted gyms, using specialized freezers, offering macro-friendly meals for weight loss or bulking.
Frozen Fitness Funding
- Pete financed Frozen Fitness by creating a business plan and securing $250,000 from a real estate investor.
- The investor ultimately pulled out after the real estate market crash, leading to the venture's failure.