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Pete Maldonado (CHOMPS) | From Bankruptcy to Meat Stick Mania
May 8, 2024
Pete Maldonado, co-founder and co-CEO of CHOMPS, shares his inspiring journey from financial struggles to establishing a successful meat snack brand. He discusses the importance of resilience and innovation, especially during challenges like the COVID-19 pandemic. The conversation covers bootstrapping versus raising capital, the significance of finding product-market fit, and the necessity of trusting instincts amid uncertainty. Pete also redefines success by prioritizing personal fulfillment and family time over mere financial gain.
53:42
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Quick takeaways
- Pete Maldonado highlights the significance of bootstrapping for maintaining control and strategic decision-making without external funding pressures.
- Navigating COVID-19 led to a drastic sales decline for CHOMPS, emphasizing the need for adaptability in changing market conditions.
Deep dives
Impact of COVID-19 on Business
The onset of COVID-19 significantly affected the business landscape, particularly for companies reliant on retail sales. One major customer, Trader Joe's, drastically increased their orders initially, leading to millions of dollars' worth of inventory production. However, as restrictions were imposed and foot traffic decreased, the snack business suffered a severe downturn, dropping over 90% in sales. The situation escalated to the point where the brand essentially became a museum exhibit in stores, unable to sell their products despite high visibility and demand.
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