Joining me this week is RJ Scaringe, founder & CEO of Rivian, the electric automaker backed by Amazon and Volkswagen.

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“An estimated 30-35% of the global economy are black and gray markets.”

22:23: Dream story

Follow on Instagram: https://www.instagram.com/bymichelletohTikTok: https://www.tiktok.com/@behindthebusinessshow

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The US makes up almost 50% of global market cap. Yet over the past three decades, the number of American public companies has declined dramatically.

So says this week’s guest, NYSE Chief Development Officer Chris Taylor, who joins us for our new “3 Pressing Questions” segment.

After years of a quieter IPO market, there are signs momentum is returning — with a surge in new equity offerings and investors watching the debuts of big names like SpaceX, OpenAI and Anthropic.

We headed to the New York Stock Exchange to unpack:

🌍 What’s really driving global stock markets right now?

🔔 What’s next for the US IPO market as attention turns to companies like SpaceX, OpenAI and Anthropic?

🤖 Are we in an AI bubble?Plus: Chris shares what founders should know if they dream of ringing the bell on Wall Street one day.

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We are back! Our first guest of the new season is Airbnb co-founder & Chief Strategy Officer Nathan Blecharczyk.

Airbnb now spans almost every country in the world.

In this conversation, we dive into:

00:00: Introduction

03:51: Teaching himself to code at age 12 and becoming an entrepreneur at age 14

05:52: First job and learning 'what not to do' at a startup

07:35: Meeting fellow Airbnb co-founder Joe Gebbia as his roommate through Craigslist

08:01: The birth of Airbnb

11:02: Handling skepticism, rejection from friends and investors

13:36: Pitch deck advice from OpenAI co-founder Sam Altman

20:53: Applying and getting into Y Combinator

25:35: Advice from YC founder Paul Graham on doing things that don't scale

30:33: 'War time mode': Fending off a European clone

37:56: Delayed IPO - eventually going public in one of the most successful debuts in tech history

38:39: 80% revenue drop during Covid

41:06: Fear of survival and navigating painful layoffs

46:41: Airbnb's reinvention and quest to become a 'super app'

50:15: Outlook on AI

52:38: What happened with Airbnb in China

55:42: Global outlook and key markets

1:00:08: Rapid-fire round

Season 2 is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. Catch new episodes every Thursday.

  SUBSCRIBE + FOLLOW:
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About Behind the Business
Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

#businesspodcast #founders #leadership #entrepreneurship #journalism #businessinterview #interviews #startups #startup #startupjourney #businessnews #techfounders #podcast #youtubepodcast #travel #travelbusiness #siliconvalley #ycombinator #ai #superapp

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💭 Loading: Behind the Business Season 2

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Danny Yeung's entrepreneurial path has been anything but linear.

He's the co-founder and CEO of Prenetics, Hong Kong's first unicorn to list on the Nasdaq, and the leader of IM8, which bills itself as the world's fastest-growing supplements brand.

Prenetics, a breakout name in consumer health, is the parent company of IM8, which has already attracted global stars like co-founder David Beckham and ambassador Aryna Sabalenka, who are also investors.

But the man behind all of that is Danny, a serial founder who first got on the road to entrepreneurship by bringing iconic Hong Kong dessert chain Hui Lau Shan to the US — and has since worked on everything, from venture capital to Covid and DNA testing to health supplements to a new, bold bet on bitcoin.

In this conversation, we get into: | 00:00:00 — Introduction | 00:01:47 — Danny's upbringing and how it shaped his ambitions early on | 00:06:47 — The entrepreneurial itch - Cold-calling Hui Lau Shan to enter the US | 00:08:48 — Moving to Hong Kong and building a business that was later sold to Groupon | 00:12:52 — Venturing into genetics testing with Prenetics | 00:17:45 — Covid testing + rapid scaling during the pandemic: 'We went from $10M to $250M in revenue' | 00:22:05 — Peaks and valleys - listing on the Nasdaq as Hong Kong's first unicorn and mass layoffs post-Covid | 00:24:45 — A $200M joint venture focused on cancer detection — and Tencent collaboration | 00:28:08 — Company performance and response to pressure on market cap | 00:31:15 — Meeting David Beckham for dinner and hatching the idea for IM8 | 00:34:11 — IM8's path as one of the fastest-growing supplement brands on track to a $100M ARR | 00:37:00 — Growth drivers and early success | 00:40:29 — Teaming up with tennis No. 1 Aryna Sabalenka | 00:42:02 — How to land big-name ambassadors for your business | 00:42:21 — Betting on crypto: The company's bitcoin treasury strategy | 00:46:53 — 'Future of health and wealth' | 00:52:40 — Company roadmap | 00:55:24 — Advice to his younger self | 00:56:00 — 'My last company' - Danny's end game and fending off early acquisition requests | 00:58:29 — Audience question | 01:00:10 — Rapid-fire round Full disclosure: Prenetics is a partner of Behind the Business, and this is a branded conversation. We're grateful for their support this season.

| About Behind the Business:

Behind the Business is a video series and podcast hosted by Michelle Toh, CNN and Fortune alum, that explores the decisions and philosophies behind today's most influential leaders. Recorded in person across the US, the show is grounded in the belief that business is in fact personal, providing the backstories of founders, corporate leaders, investors and creators and how they push through to make the most of both work and life each day. What's the worst day you've faced at your company? How do you cope with crisis or rejection? Or what's a pinch-me moment you'll never forget? In each episode, guests get into it all. New episodes every Thursday.

| About Michelle Toh:

Michelle Toh is an award-winning international journalist. She has covered some of the top stories in global business and tech, most recently as a reporter based in Hong Kong appearing across CNN's digital and television platforms. Before joining CNN, she was an associate editor of Fortune Magazine, and her reporting has appeared in The New York Times, TIME, USA Today, and the South China Morning Post.

| Subscribe on YouTube: https://bit.ly/YTBTB | Follow on Instagram: https://instagram.com/bymichelletoh | Follow on TikTok: https://www.tiktok.com/@behindthebusinessshow

#BehindTheBusiness #Podcast #Leadership #Bitcoin #Crypto #Longevity #Health #Supplements #DTC #ECommerce #ConsumerBrand

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Joining us this week is Amina Belouizdad Porter, the CEO of PS, the first operator of private airport terminals for commercial flyers in the US. Its mission? To make you feel like you're flying private — even when you're not. This means even if you're flying — let's say, coach with Delta Airlines — you're getting valet service. Massages. Caviar and champagne. A chauffeur waiting to drive you to your plane. This is what PS, the company formerly known as Private Suite, sees as the future of luxury travel. And it's betting many more people will see it that way, too. In this episode… we actually go there — so you can see it for yourself. (Watch on YouTube — link below!) PS was first born in Los Angeles as a haven for paparazzi-weary celebrities — helping high-profile people avoid traipsing through the airport. Now, the company's expanded to Atlanta, with more terminals coming to Paris, Dallas and Miami. It was recently acquired by Groupe ADP, the operator of dozens of airports, including Paris-Charles de Gaulle. | 00:00 — Introduction | 02:19 — Amina's upbringing | 04:36 — Getting called to become CEO for the first time — and how she felt she was 'designed in a lab' to build PS | 05:14 — Taking inspiration from airports in Singapore, Dubai, Paris and London to offer a hospitality experience at the airport | 08:08 — The itch to become an entrepreneur | 09:14 — How Amina's experience in the US after 9/11 and being from the 'Middle East' shaped her world view | 13:05 — Amina's professional journey — her polyglot background, working in China, attending Wharton Business School, working in real estate | 16:43 — How PS got started | 19:49 — A 'zero-tolerance' approach to error | 21:08 — Lobbying Congress for approval for years | 22:05 — The serious congestion + security problem the company is tackling | 25:13 — The typical PS customer | 28:50 — The "once-in-a-career" moment Amina instantly recognized | 34:10 — Working with private equity + picking the right financial backers in a capital-intensive industry | 36:04 — What's next for PS after being acquired by the operator of Paris-CDG | 38:26 — The 'hardest part' of running the business | 39:10 — Company outlook: new PS locations and goal to be in every major US airport by 2030 | 40:58 — When tragedy strikes: How two life-changing losses shaped Amina's outlook on life and work | 47:08 — Audience question from young founder | 48:43 — Rapid-fire round

| About Behind the Business:

Behind the Business is a video series and podcast hosted by Michelle Toh, CNN and Fortune alum, that explores the decisions and philosophies behind today's most influential leaders. Recorded in person across the US, the show is grounded in the belief that business is in fact personal, providing the backstories of founders, corporate leaders, investors and creators and how they push through to make the most of both work and life each day. What's the worst day you've faced at your company? How do you cope with crisis or rejection? Or what's a pinch-me moment you'll never forget? In each episode, guests get into it all. New episodes every Thursday.

| About Michelle Toh:

Michelle Toh is an award-winning international journalist. She has covered some of the top stories in global business and tech, most recently as a reporter based in Hong Kong appearing across CNN's digital and television platforms. Before joining CNN, she was an associate editor of Fortune Magazine, and her reporting has appeared in The New York Times, TIME, USA Today, and the South China Morning Post.

| Subscribe on YouTube: https://bit.ly/YTBTB | Follow on Instagram: https://instagram.com/bymichelletoh | Follow on TikTok: https://www.tiktok.com/@behindthebusinessshow

#BehindTheBusiness #Podcast #Leadership #FemaleCEO #LuxuryTravel

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Vicky Nguyen was just eight months old when she fled Vietnam as a refugee. Today, she's an Emmy-winning journalist, anchor and Chief Consumer Investigative Correspondent for NBC News, now seen on the TODAY Show. Her experiences inspired her new book, "Boat Baby." She joins us this week to discuss: | 00:00 — Introduction | 02:35 — Vicky's early life, escaping Vietnam | 04:53 — Encountering pirates at sea | 05:55 — Taking her first steps on the beach at a refugee camp | 07:16 — Getting sponsored to the US by churches and a family in Oregon | 09:50 — Lessons of resilience from her parents, who never complained or used the word "trauma" | 10:31 — Growing up between cultures | 11:50 — Early career lessons | 14:41 — First internship at CNN and learning to speak up in the workplace | 19:42 — Investigative reporting highlights, including probing conditions for bus drivers and food safety | 26:16 — Reflecting on mistakes and a story about a "hot intern" | 28:52 — Focus on avoiding comparison or jealousy in a brutally competitive industry | 32:50 — The pressure and joys of working in live TV + setting herself up for success behind the scenes | 34:10 — Knowing your worth and negotiating with confidence | 35:57 — Pay transparency: The surprising moment her colleague pulled out their contract to help her advocate for herself | 37:28 — Turning down a dream job at a top network | 40:00 — Coming to redefine personal success | 41:55 — Covering anti-Asian hate during Covid | 43:53 — Writing the book, "Boat Baby," and opening up about her personal life | 45:44 — Vicky's long-term vision | 47:42 — Representation in media and reflections on the "American dream" | 49:45 — Audience question from a young journalist | 52:26 — Rapid-fire round | About Behind the Business:

Behind the Business is a video series and podcast hosted by Michelle Toh, CNN and Fortune alum, that explores the decisions and philosophies behind today's most influential leaders. Recorded in person across the US, the show is grounded in the belief that business is in fact personal, providing the backstories of founders, corporate leaders, investors and creators and how they push through to make the most of both work and life each day. What's the worst day you've faced at your company? How do you cope with crisis or rejection? Or what's a pinch-me moment you'll never forget? In each episode, guests get into it all. New episodes every Thursday.

| About Michelle Toh:

Michelle Toh is an award-winning international journalist. She has covered some of the top stories in global business and tech, most recently as a reporter based in Hong Kong appearing across CNN's digital and television platforms. Before joining CNN, she was an associate editor of Fortune Magazine, and her reporting has appeared in The New York Times, TIME, USA Today, and the South China Morning Post.

| Subscribe on YouTube: https://bit.ly/YTBTB | Follow on Instagram: https://instagram.com/bymichelletoh | Follow on TikTok: https://www.tiktok.com/@behindthebusinessshow

#BehindTheBusiness #Podcast #Leadership #WomeninMedia #ImmigrantStories #AAPI

| Many thanks to our fantastic partner for this season of Behind the Business: Factor! Use code BTB50OFF to get 50% OFF your first Factor box plus free breakfast for 1 year at http://factormeals.com/btb50off

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Joining us this week is Adam Park, CEO and managing director of Factor US — one of the fastest-growing names in health and nutrition that bills itself as the No. 1 ready-to-eat meal company in America.

You might have seen them around delivering meals to people's doors that emphasize high-protein, veggie-forward, low-calorie or even GLP-1 supportive options, making it easier to eat clean at home.

Since being acquired in 2020 by one of Europe's best-known consumer brands, HelloFresh, Factor has grown more than 20 times, fending off fierce competition to capture about 75% of the US market.

Adam is the former CEO of HelloFresh UK and a former partner at Boston Consulting Group. Outside of work, he's also a passionate endurance athlete who's completed ultramarathons and expeditions all over the world.

In this conversation, we get into:

| 00:00 – Introduction

| 02:38 – Early life from South Korea to the UK

| 04:11 – Lessons from moving between cultures

| 04:11 – Growing up in South Korea during economic boom

| 05:04 – Adam's takeaways from watching his mother run a business

| 07:47 – Lessons in grit and perseverance

| 08:11 – Consulting at BCG

| 09:55 – Transition to HelloFresh and Factor

| 14:01 – Scaling HelloFresh UK

| 15:08 – Opening new factories overnight, problem-solving, all-nighters

| 16:36 – Becoming CEO of Factor US: initial mandate and growth opportunity

| 19:10 – How the company has scaled so quickly: leveraging HelloFresh efficiencies

| 20:24 – Unique operational model: fresh meals, large variety, complex fulfillment

| 24:01 – The company's subscription model and focus on enticing repeat customers

| 26:09 – Factor's "bold bet" on its biggest menu expansion yet

| 28:15 – Industry competition

| 30:29 – Consumer trends: GLP-1, healthier treats, treating food as medicine

| 33:55 – Company roadmap and best-sellers

| 34:26 – Tackling the stress of meal planning

| 35:45 – Tapping into the convenience factor

| 36:44 – Eating Factor every day

| 37:26 – Diving into supplements

| 39:17 – Using food as fuel in Adam's endurance athlete journey

| 41:38 – Adam's toughest day as a leader

| 43:25 – Goal to reduce food waste

| 46:53 – Mid and long-term vision for Factor

| 47:42 – Audience question

| 50:03 – Rapid-fire round

Disclosure: Factor is a partner of Behind the Business, and this is a branded conversation. We're grateful for their support this season. | About Behind the Business:

Behind the Business is a video series and podcast hosted by Michelle Toh, CNN and Fortune alum, that explores the decisions and philosophies behind today's most influential leaders. Recorded in person across the US, the show is grounded in the belief that business is in fact personal, providing the backstories of founders, corporate leaders, investors and creators and how they push through to make the most of both work and life each day. What's the worst day you've faced at your company? How do you cope with crisis or rejection? Or what's a pinch-me moment you'll never forget? In each episode, guests get into it all. New episodes every Thursday.

| About Michelle Toh:

Michelle Toh is an award-winning international journalist. She has covered some of the top stories in global business and tech, most recently as a reporter based in Hong Kong appearing across CNN's digital and television platforms. Before joining CNN, she was an associate editor of Fortune Magazine, and her reporting has appeared in The New York Times, TIME, USA Today, and the South China Morning Post.

| Subscribe on YouTube: https://bit.ly/YTBTB

| Follow on Instagram: https://instagram.com/bymichelletoh

| Follow on TikTok: https://www.tiktok.com/@behindthebusinessshow

#BehindTheBusiness #Podcast #BusinessLeadership

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Our latest guest is Justin Wang, who, back in 2017, decided that the way we drink water could use an upgrade.

Justin left a successful corporate career to tackle an everyday problem all of us face at some point: icky water bottles.

He is the co-founder & CEO of LARQ, the company behind the world's first self-cleaning water bottle that it says can eliminate up to 99.9% of harmful bacteria and is meant to ensure you're not worrying about how clean the water is when you're traveling.

What started as a crowdfunded product quickly turned into a multinational brand, earning a spot on Shark Tank, where he walked in with the highest valuation seen in the show's history, and most recently, being acquired by BRITA. Prior to LARQ, Justin served as president of FOREO, the beauty tech company, and earlier as an investor with L Catterton, one of the world's top PE firms. In this interview, we get into:

| 00:00:00 — Introduction | 00:01:27 — Early beginnings that shaped Justin's resilience | 00:03:45 — Working with people who share your vision | 00:05:16 — Tackling 100 investor conversations to close their Series A back in the day | 00:06:04 — How a cabinet full of dusty bottles sparked the concept | 00:11:21 — What it really takes to launch and 10x a Kickstarter campaign | 00:16:35 — How to make it in a hardware business | 00:18:30 — Existential crisis during COVID | 00:23:52 — What it's really like to pitch on Shark Tank — and tips for fellow entrepreneur | 00:28:52 — Breaking into dream stores, from MoMA to Target to Apple | 00:29:35 — Knowing when your startup is truly ready for retail | 00:34:39 — Manoeuvring tariffs and supply chain chaos | 00:37:36 — Justin's best day: the rush when your Kickstarter campaign goes through the roof | 00:38:36 — Leaving behind the so-called "golden handcuffs" to build something new | 00:45:54 — How a cold email led to LARQ's acquisition by BRITA | 00:47:59 — Long-term vision | 00:49:04 — Where LARQ is headed next | 00:49:57 — Competition: BRITA vs. BRITA | 00:55:20 — Audience question + advice for founders on having conviction, not chasing an exit | 00:57:45 — Rapid-fire round

About Behind the Business:

Behind the Business is a video series and podcast hosted by Michelle Toh, CNN and Fortune alum, that explores the decisions and philosophies behind today's most influential leaders. Recorded in person across the US, the show is grounded in the belief that business is in fact personal, providing the backstories of founders, corporate leaders, investors and creators and how they push through to make the most of both work and life each day. What's the worst day you've faced at your company? How do you cope with crisis or rejection? Or what's a pinch-me moment you'll never forget? In each episode, guests get into it all. New episodes every Thursday.

About Michelle Toh:

Michelle Toh is an award-winning international journalist. She has covered some of the top stories in global business and tech, most recently as a reporter based in Hong Kong appearing across CNN's digital and television platforms. Before joining CNN, she was an associate editor of Fortune Magazine, and her reporting has appeared in The New York Times, TIME, USA Today, and the South China Morning Post.

| Subscribe on YouTube: https://bit.ly/YTBTB | Follow on Instagram: https://instagram.com/bymichelletoh | Follow on TikTok: https://www.tiktok.com/@behindthebusinessshow

#BehindTheBusiness #Podcast #BusinessLeadership #Entrepreneurship

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