Episode #380: Rising From the Startup Ashes with Michael Fox

Michael Fox is an entrepreneur and investor, best known for co-founding Shoes of Prey, the online retail startup that raised US$25M and grew its team to 200 people, before lagging demand forced the company to famously call it a day in 2019. Today, he heads up plant-based meat alternative company, Fable Foods Co. Michael joined me to unpack the Shoes of Prey journey, the highs, the lows, the lessons learned and on being a proverbial phoenix rising from the ashes. We touched on so many big ticket items, but three that stood out for me were: 1 - how so-called market validation can lead startups astray if it is not performed carefully 2 - why raising venture capital isn’t always necessary for startup success and can sometimes come at a detriment to it 3 - how Michael consciously uncoupled from his wife Jodie but continued to work together as co-founders at Shoes of Prey for another 7 years We unpacked this and a ton more, so strap yourself in for an enlightening conversation with the one and only, Michael Fox. Topics Discussed: Michael’s early years as a lawyer and why and how he got out The early days of Shoes of Prey Organic growth v venture-backed growth Market research and validation - how it can set you astray Conscious customer feedback v unconscious reality What Michael would do differently next time Ethical manufacturing Media backlash Laying staff off empathetically Ethical manufacturing The cost of employee engagement and retention Being transparent without compromising employee motivation The importance of not deriving your entire self worth from one thing Conscious uncoupling Humility and ego amidst turmoil Why it can be darkest before the dawn Why 2019 was Michael’s best year Fable Food Co and its mission of ending industrial agriculture   Show Notes: Twitter: @mmmichaelfox Fable Foods: fablefood.co IG: @fablefoodco ---------- Listen to Future Squared on Apple Podcasts  goo.gl/sMnEa0 Also available on: Spotify, Google Podcasts, TuneIn, Stitcher and Soundcloud Twitter: www.twitter.com/steveglaveski Instagram: www.instagram.com/@thesteveglaveski Future Squared: www.futuresquared.xyz Steve Glaveski: www.steveglaveski.com Medium: www.medium.com/@steveglaveski Steve's book: www.employeetoentrepreneur.io NEW Facebook group: www.facebook.com/groups/futuresquared/ Watch on YouTube: https://bit.ly/2N77FLx <img src= "https://static.xx.fbcdn.net/images/emoji.php/v9/t7c/1/16/1f9e0.png" alt="