When Laura Modi launched Bobby in 2020, it was the first infant formula company to enter the U.S. market in over six years. At the time, the U.S. baby formula industry was dominated by two major players (Abbott and Reckitt) they controlled 80% of the market. Two years later, that monopoly would lead to a crisis when Abbott Labs shut down its main production facilities because of contamination. Modi explains the significant barriers to entry in the industry, and how the WIC (Women, Infants, and Children) program's state-by-state exclusive contracts with formula manufacturers have historically reinforced market concentration.