The Foundr Podcast with Nathan Chan 536: He Made $450M Selling TV's for $0.01 | Ruslan Kogan [VIDEO]
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Nov 1, 2024 Ruslan Kogan, Founder and CEO of Kogan.com, shares his incredible journey from selling TVs for a penny out of his garage to creating a leading e-commerce giant in Australia. He discusses how he identified market gaps and built a customer-first brand through innovative strategies like no reserve auctions. Ruslan highlights the importance of data-driven decisions and learning from mistakes while navigating the challenges of entrepreneurship, including the transition to an IPO and adapting during the COVID-19 pandemic.
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eBay Sales Tactic
- Ruslan Kogan initially sold TVs on eBay for one cent, no reserve, generating attention and sales.
- This unconventional approach, leveraging basic economics, garnered media coverage and boosted Kogan's early brand recognition.
Early Tech Interest
- Growing up in housing commission, Ruslan Kogan developed a passion for technology early on.
- This led him to build his own computer and ultimately recognize the potential of selling electronics online.
Bootstrapping and Initial Challenges
- Ruslan Kogan bootstrapped Kogan.com with $80,000, sourced through credit cards and pre-sales.
- When factories refused small orders, he offered value by improving their documentation, securing better prices.