11/3/2023 0 Comments Moment drink net worth![]() We were always very strong on this point at Innocent: without consumers buying our products, we cease to exist. What we find staggering as investors is that most of the time the business is not thinking about what the consumer wants, but what the boss wants or what the shareholders want. What is your advice for creating a popular brand? Both at Innocent and at JamJar investments you’ve been involved with distinctive products. But, if we could persuade retailers to put our products on the shelves, consumers saw them, bought them and came back for a second. It hadn’t really been done before, people were nervous. But we had a sense that if it was going to become successful, it would be international.īack then what we were selling was very expensive, cans of Coke were like 50p and here we were trying to sell a bottle of fruit juice for £1.50. Most businesses fail and there was no reason to think ours would go against type. ![]() We started with the absolute assumption that it would not work, not least because everyone told us it wouldn’t. Starting out, did you imagine that Innocent would become so successful? We’re not to blame for the macroeconomic climate going into a tailspin, but we are to blame for not understanding that and reacting to it quicker. Then every month we were suddenly missing our target. In 2008 we didn’t understand what was happening, we’d had 10 years where literally every month we’d beat our target. We learned from the mistakes we made but, unfortunately, at a high cost. The best moment as an entrepreneur is creating jobs, the worst moment is destroying jobs. The best moment as an entrepreneur is creating jobs, the worst moment is destroying jobs Richard Reed Then the bank wanted its loan back but we couldn’t pay it because we had spent it. In 2008, standing up to the team saying: “Hey guys, I’m really sorry, we made a series of mistakes and the business is in jeopardy, we are going to have to let people go.” That year was really tough on us, we lost a third of our sales in a three-month period. * Coke took full control of Innocent in 2013, for an undisclosed sum, thought to make millions for the three co-founders. ![]() Doing a deal with Coca-Cola meant money in to do the things that we’ve always cared about, which is to get as many healthy products to as many people and places as possible, to build a supply chain that leaves the world a little bit better, and then to give 10% of profits to charity. That was actually one of the reasons Coke wanted to buy it, the brand message was so strong. Did knowing that charitable giving was embedded in the business make you happier about selling it to Coca-Cola?*Ĭharitable giving was fundamentally part of the business, it had said it on the packaging for 15 years. I’m a huge believer in the benefit that business can play to society in addition to creating wealth and employment. We had grown so fast and had gone from this really fragile startup company to employing 100 people.Īlso, the idea to give 10% of profits to charity, which was a decision that took us half a second to make in our first business meeting. We did a lunch at Innocent in 2006 to introduce our 100th employee, that felt brilliant. Although we had different skills, we had a shared set of values – that was a really strong dynamic. I was passionate about the product – the shape, tone and colours. Adam was passionate about selling and doing deals. Jon was passionate about operations and the supply chain. The three of us had very different brains. What made the partnership between the co-founders so strong? Our guideline was talk to the consumer like you’d talk to your friends, but minus the swear words. ![]() I typically only use it to get around the city on weekends.We kept our branding and tone simple, too. Public Transport: $15 (I drive to work due to having free parking, so my public transport costs are very low. Spinning Wheel App: $1.65 (an app that tracks my menstrual cycle, the lunar cycle and the seasons e.g. Patreon Subscription: $1 (I subscribe to the Patreon of a YouTuber I really like for bonus content) Streaming Services (Netflix and Disney+): $22Ĭharity Donations: $45 (I sponsor the education of a Cambodian girl through Free To Shine) Latitude Finance Loan: $40 (the minimum is $30, but I pay a bit extra to be ahead of payments) Internet: $38 (Unlimited Wi-Fi, my share)īills (Electricity and Water): $100 on average (gas is included in my OC fees) At the moment, I’m renting out the second bedroom to an international student from Colombia. I pay the mortgage on my own and use the income I get from renting out the second bedroom to pay for OC fees, council rates, my annual mortgage home loan fee and to make additional repayments on the home loan.
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