399: Billionaire Marc Lore Chats Diapers, Buying the Timberwolves, and Creating the Next Generation of Restaurants
Mar 9, 2022
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Marc Lore, a successful entrepreneur known for founding diapers.com and jet.com, shares his journey of building and selling innovative e-commerce ventures. He talks about negotiations to buy the Minnesota Timberwolves, revealing insights on timing and deal-making. Lore introduces his latest startup, Wonder, which aims to transform the restaurant industry with mobile food delivery. He also discusses his ambitious project, Telosa, a city being built from scratch, showcasing his vision for sustainability and community.
Marc Lore's success with diapers.com and jet.com underscores the power of vision and customer-centric business strategies in entrepreneurship.
His ambitious project, Telosa, reflects a commitment to creating equitable urban environments that address societal challenges through innovative design and capitalism.
Deep dives
The Entrepreneurial Journey Begins
Mark Laurie discusses his early inclinations towards entrepreneurship, stemming from his childhood experiences where he aspired to be a farmer, inspired by the ability to grow something from nothing. He engaged in various entrepreneurial ventures as a child, including recycling and car washes, but faced challenges in pursuing a career in entrepreneurship due to the lack of a clear path in that direction at the time. After working in banking for several years, he felt a compelling urge to take the leap into the startup world, ultimately deciding to quit his stable job despite having a newborn. This decision launched him into a rewarding journey as a serial entrepreneur, underscoring the importance of risk-taking and passion in achieving success.
Innovating in Diaper E-commerce
Laurie shares the initial concept behind diapers.com, which aimed to capitalize on the inherent market inefficiencies with diaper sales, as they were commonly a loss leader for big retailers. The challenge was significant, as diapers were hard to source at a competitive price, forcing them to initially buy from wholesale clubs and sell at a loss. However, they believed in the long-term viability of their model, which focused on excellent customer service and building relationships with consumers. This perseverance led to the eventual acquisition of the company by Amazon, revealing that a solid vision combined with a commitment to value creation can lead to substantial outcomes.
Revolutionizing E-commerce with Jet.com
Mark Laurie describes the whirlwind experience of founding Jet.com and its rapid growth, culminating in a sale to Walmart for $3.3 billion within just two years. He emphasizes that the company's success was a result of a compelling pitch to investors, strategic planning, and the ability to scale quickly while maintaining intense focus on customer satisfaction. The pace of development was unprecedented and required exceptional effort from the team, pushing them to their limits but ultimately yielding significant results. The episode illustrates the need for both determination and strong team dynamics when navigating the fast-paced world of startups.
Building a Sustainable Future with Telosa
Laurie outlines his ambitious vision for Telosa, a proposed city designed to explore new models of equitable and sustainable living. The concept centers around community ownership of land and harnessing growth to fund advanced social services without raising taxes, aiming to create a city that fosters both equity and sustainability. By marrying innovative urban design with principles of capitalism, the project hopes to address systemic issues prevalent in modern society. This vision reflects Laurie's commitment to leveraging entrepreneurship for societal good, showcasing a forward-thinking approach to urban development.
Marc Lore has been a successful entrepreneur since he sold baseball cards as a kid. Now he’s tackling society’s biggest challenges using the skill sets and vision forged in his business career.
Previously, Marc founded and sold innovative ecommerce platforms diapers.com and jet.com to Amazon and Walmart, respectively. Last year he launched Wonder, a startup creating an entirely new way to experience restaurant-quality food.
Listen to Nate and Marc discuss:
Building diapers.com and selling to Amazon
Starting and selling jet.com for $3.3 billion in 2 years
Why Walmart gave his team the keys to scaling their ecommerce business
Buying the Minnesota Timberwolves with Alex Rodriguez
Creating the next generation of restaurants with the Wonder Group
How Gwyneth Paltrow joined the Wonder board of directors
Why Marc is building a city from scratch called Telosa
And much more business wisdom…
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