The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: From $4.1BN to $142M Market Cap; Why Public Markets Have Written Allbirds Off, What Allbirds Need to Do to Get Profitable, Why Growth has Slowed and The Bull Case for Allbirds Next Five Years with Joey Zwillinger, Co-Founder @ Allbirds
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Nov 6, 2023 Joey Zwillinger, Co-Founder and CEO of Allbirds, shares the intriguing story behind the brand's founding and his unique path from biotechnology to sustainable footwear. The conversation dives into the dramatic decline in Allbirds' market cap since going public, exploring strategic missteps and questions surrounding profitability. Joey discusses competitive challenges from brands like On and Hoka, and reflects on the lessons learned during this rollercoaster journey. His insights on navigating market dynamics and personal experiences round out a compelling narrative.
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Allbirds Founding Story
- Joey Zwillinger's wife's college roommate was Tim Brown's wife, connecting the future Allbirds co-founders.
- Zwillinger, initially in biotech, joined Brown's shoe venture after recognizing consumer desire for sustainable products.
Market Cap Drop
- Allbirds's market cap dropped significantly, attributed to external factors and internal decisions.
- Zwillinger acknowledges missteps but emphasizes the brand's strength and consumer appeal.
Building a Team
- Focus on people and their expertise when building a team, but treat their experience as a reference, not a playbook.
- Balance ambition with sharp expertise and industry knowledge for effective leadership.