How This Generation’s Entrepreneurial SUPERSTAR Built a $31 Billion Company Whilst Throwing the World’s Most Famous Parties

Morning Innovators 👋 This week (in less than 5 minutes!) we’ll explore…

🚕 How this generation’s entrepreneurial SUPERSTAR got to building a $31 billion company whilst throwing the world’s most famous parties
📰 All the biggest news stories in the start-up world
👀 Our 3 favourite start-ups to keep an eye on this week
🥣 How a ‘Bolo Exchange’ marketing stunt changed the trajectory of this clothing Start-Up
🥳 All the best job opportunities and events in the start-up world
📱A tool that enables you to create incredible motion graphics for your social media in seconds

👆 The most clicked link in the last week’s newsletter was this article about an E-Bike company adding £5m to their series A.

As our audience grows, we’re keen to learn more about you to ensure we can continue to provide as much value as possible. Would you mind sparing a couple of minutes to complete this short 5-question survey. Thanks in advance!

Happy hustling,
Rich & Gary

Where were they before? Michael Rubin's journey from teenage entrepreneur grappling with bankruptcy to becoming a billionaire and a criminal justice reform advocate is a compelling story of innovation, resilience, and strategic vision.

Early Entrepreneurial Ventures:
Michael Rubin's entrepreneurial spirit was evident from his childhood in Lafayette Hill, Pennsylvania. His first business ventures included selling vegetable seeds door-to-door and setting up a ski-tuning service in his parents' basement. By the age of 14, Rubin had expanded his entrepreneurial pursuits to include a retail ski shop, leveraging $2,500 from his bar mitzvah gifts and a lease signed by his father. Despite facing significant financial challenges at 16, including a $200,000 debt and legal battles, Rubin displayed remarkable resilience. He negotiated settlements with creditors and rebounded by expanding his business to multiple ski shops, demonstrating his innate ability to navigate complex challenges and an unwavering commitment to his business goals.

Building a Business Empire:
Rubin's foray into e-commerce began with Global Sports Incorporated, which later became GSI Commerce. His strategic decision to pivot to online retail ahead of the curve was pivotal. Recognising the untapped potential of the internet for retail, Rubin guided GSI Commerce to become a multi-billion-dollar enterprise. His shrewd negotiation skills came to the fore during the sale of GSI Commerce to eBay for $2.4 billion, where he managed to retain key consumer businesses, including Fanatics. Rubin's transformation of Fanatics into a global leader in licensed sports merchandise is a testament to his visionary approach and ability to spot and capitalise on market opportunities.

Strategic Vision and Relationship Building:
A cornerstone of Rubin’s success has been his strategic foresight and ability to forge and nurture relationships with key players across industries. His partnerships and deals, often long-term and strategically thought-out, stabilised his ventures and fuelled growth. His network, including relationships with figures like Robert Kraft, illustrates the power of strategic alliances in business expansion and philanthropy.

Philanthropy and Criminal Justice Reform:
Rubin's life took a new direction with his involvement in criminal justice reform, driven by the incarceration of his friend Meek Mill. This personal experience awakened him to the systemic issues in the criminal justice system and led him to co-found the REFORM Alliance. His commitment to this cause, leveraging both his financial resources and expansive network, highlights the potential of using one's influence and resources for societal change.

Actionable Insights for Aspiring Entrepreneurs:

Leverage Setbacks as Stepping Stones: If your product launch fails to meet sales targets, instead of viewing this as a failure, conduct a thorough analysis to understand why. Gather feedback from customers, analyse market trends, and identify gaps in your marketing or product design. Use these insights to refine your product or approach, much like how Rubin navigated out of his early financial troubles by negotiating and strategising.

Anticipate and Adapt to Market Trends: Stay informed about emerging technologies and consumer behaviours in your industry. For instance, if you're in retail and notice a growing trend in sustainability, consider sourcing eco-friendly materials and marketing this aspect to your customers. Rubin’s shift to e-commerce ahead of the curve is a prime example of how anticipating market trends can position your business for future success.

Build Strategic Partnerships and Networks: Actively seek partnerships that can enhance your business. If you run a software company, for instance, partner with hardware firms to offer bundled products. Attend industry conferences, join professional groups, and use platforms like LinkedIn to connect and speak with 10 potential partners each week. Rubin’s relationship with influential individuals like Robert Kraft shows the power of strategic networking.

Balance Business Goals with Social Impact: If your business is in the food industry, consider initiatives like donating a portion of profits to hunger relief programs, or partnering with local farmers to support the community. This approach not only contributes positively to society but can also enhance your brand’s reputation and customer loyalty, similar to how Rubin used his resources for criminal justice reform.

Embrace Continuous Learning and Adaptability: Regularly invest time in learning new skills relevant to your business. This could be through online courses, workshops, or by staying updated with industry publications. Be open to pivoting your business model in response to new market information or feedback. Rubin’s transition from traditional retail to e-commerce illustrates the importance of adaptability and continuous learning in business.

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🎯 Robinhood to launch stock trading services in UK after failed attempts
UKTN
US-based stock trading app Robinhood will officially roll out in the UK in early 2024 after multiple previous attempts.

🥸 Big Tech strikes UK agreement to tackle online fraud
UKTN
A group of Big Tech firms – including Microsoft, Amazon, Google and Meta – have agreed to sign an agreement with the UK government to tackle online fraud more effectively.

🖍️ Adobe’s $20bn Figma deal will harm competition, says UK regulator
UKTN
The UK competition regulator is expected to block Adobe’s $20bn (£15.8bn) deal to acquire design software firm Figma after finding it would likely harm the sector.

🧑‍💻 One year later, ChatGPT is still alive and kicking
TechCrunch
A year ago, OpenAI released ChatGPT as a “low-key research preview” — reportedly spurred in part by an intense rivalry with AI startup Anthropic.

Each week we’ll be spotlighting some of the most exciting start-ups you haven't heard of yet. This week we decided to look at some exciting businesses in the world of SportsTech.

Veo revolutionises sports technology by making advanced recording accessible to all levels of football, from Champions League to Sunday League. Inspired by co-founder Keld's personal experience of missing his son's football goal, Veo aims to democratise match recording in sports. Their flagship product, the Veo Cam, is an AI-powered, operator-free camera that captures high-quality video with dual 4K lenses. It's designed for ease of use and portability, automatically following the action on the field and suitable for any weather conditions. Post-match, the Veo platform offers a seamless experience with processed games, highlighted moments, and professional follow-cam features, all accessible in the Veo Clubhouse. This innovation not only enhances game analysis but also ensures memorable moments are never missed.

Playermaker is a tool designed for football players at all levels, widely adopted by elite clubs and federations globally. It utilises lightweight sensors attached to players' boots, capturing detailed technical and physical performance data. This data is synced with an app for analysis, comparison, and tracking progress over time. Developed in collaboration with Manchester City FC, Playermaker features include the Playermaker Rating System (PRS) and CITYPLAY app, offering in-depth insights into crucial skills like agility, dribbling, and speed. The tool is aimed at empowering aspiring football players to enhance their game by providing objective, AI-based measurements and personal performance benchmarks.

Protecht, created by Sports & Wellbeing Analytics, is an innovative player safety solution for rugby, focusing on head impacts. Launched in 2016 in Swansea, the company collaborates with experts like Swansea University and Keytree Limited to integrate the latest scientific research and technology into sports welfare. Protecht's core feature is a custom-fitted mouthguard that tracks head impacts in real-time, offering critical data on both specific and cumulative head loads. Validated through rigorous testing, including in biomechanics labs, Protecht aims to mitigate injury risks, optimise training, and ensure safer competition engagement for athletes. This tool represents a significant step in enhancing player safety and performance in contact sports.

Want to absolutely smash a product launch out the park whilst simultaneously taking your competitor’s products off the street? Corteiz did exactly that with their iconic ‘Bolo Exchange’

Cortiez is a brand that has got their marketing perfected, and the Bolo Exchange really solidified that. As they were starting to build a following among the next generation of fashion fanatics, they released their latest puffer jacket called the ‘Bolo’. However, instead of just putting it on their website and selling it on launch day, they decided to tell their followers to come to a specific location and to bring any puffer jackets that they already owned. The Corteiz team would take then take the pre-owned Moncler, North Face + Supreme puffer jackets from the customers and replace them brand new Corteiz Bolo Jackets for no charge at all.

Whilst it might be quite expensive to give this much stock away for free, despite the fact the pre-owned jackets did have a significant sell on value, is there another way that you can replace your competitors goods whilst simultaneously creating hype around your product? Could you do an exchange?

As start-up founders ourselves, one of the areas we’re really passionate about is raising awareness of opportunities. If you’re not mixing in the right circles, it can be really easy to miss a pitch event, or job opportunity that could be game-changing for you. We’ve included a few upcoming events and opportunities below, but this is where we really want to leverage our community of innovators. Please reply to this email with any tips and opportunities you think we should be featuring.

💼 Job opportunities

🍕 Full Stack Engineer, ZOE
🧑‍💻 Product Designer, CharlieHR
💳 Go To Market Operations and Strategy Manager, Monzo

🎤 Events/Opportunities

Technology Connected, the network for the technology industry in Wales, are announcing the return of the highly anticipated Wales Technology Awards for 2024. Applications are now open here.

🤑 Investment opportunities

A new Investment Fund for Wales has just launched. The Investment Fund for Wales offers a range of commercial finance options with smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2 million and equity investment up to £5 million.

For anyone interested in learning more about this fund, on Dec 7th there’s a webinar being hosted to help you to understand the different funding options available through the fund and will be an opportunity for you to ask our appointed fund managers BCRS, FW Capital and Foresight any questions in the closing Q&A session.

Each week we’ll be highlighting our favourite tools - either something we’ve been using in our businesses, or tools that our innovator community have recommended.

For those wanting some more insights into user behaviour, consider trying Hotjar. Hotjar is a versatile tool that enhances website optimisation and user experience through visual analytics like heatmaps and user session recordings. It offers valuable insights into user behaviour, enabling website owners to identify usability issues and make informed decisions. Features include real-time feedback tools, user surveys, moderated interviews, AI-assisted research, and conversion analytics. It supports integration with various platforms for easy setup and workflow automation - plus it’s basic tier is completely free!

Next week we’ll be looking at how a company that has inspired the world for the last 13 years got its first users, how one company was able to market themselves in genius ways by truly knowing their audience inside out, along with highlighting more great tools and start-up news.

P.S. Connect with us on LinkedIn…