The Twenty Minute VC

David Allemann: How I founded On Running; Working with Roger Federer; Brand Marketing Tips | E1021

David Allemann is the Co-Founder and Co-Chairman @ On Running one of the fastest-growing global sports brands with over 17 million products sold in 60+ countries. In 2021, On went public on the NASDAQ and today has a market cap of $8.6BN. However, it all started with three friends in the mountains experimenting with making shoes with pieces of garden hose to create a running shoe with a totally different feel. ------------------------------------------- Timestamps: 0:00 Intro 0:59 The Founding Story of On Running 15:52 The Expansion of On Running 27:38 Biggest Lessons in Retail Sales 29:55 The Culture at On Running 31:24 On’s Near Death Experience 34:54 On Running & VC Funding 36:42 Working with Roger Federer 41:34 Lessons on Brand 48:46 Quick-Fire Round -------------------------------------------- In Today’s Episode with David Allemann We Discuss: 1. From the Swiss Mountains to NASDAQ IPO: What was the initial a-ha moment for David and his co-founders with On Running? How did they make the first shoes? What are some of the biggest lessons for David in V1 product build? What does David know now that he wishes he had known at the start? Is naivete always good? 2. The Launch: First Customers: How did On get their first customers? What can products and companies do to instill true customer love in those first customers? What was the hardest element of launching On to their first customers? How does David analyze and use customer feedback? What does he listen to vs not? 3. Retail: Expanding into Own Store vs Partnerships: What are some of David’s biggest lessons in how to make retail partnerships successful? How can brands create amazing experiences for customers in retailers that are not their own? Why did On decide to also have their own stores? How did this change the business? What have been David’s biggest learnings on what it takes to do retail well with own stores? 4. Roger Federer: Working with a Legend: How did the relationship with Roger begin? Where was the first meeting? What was it like? How did Roger come to invest in On Running? Why did On not want to do the traditional athlete endorsement deal? What role does Roger play in the company today? How does he impact product development? What have been some of the biggest lessons for David from working with Roger? How much of an impact has Roger had on On Running as a business? 5. Financing, IPOs, and Brand: Does David wish they had raised venture capital sooner? If they had more money sooner in their journey, what would David have invested in earlier? Why did they decide to go public when they did? How has the journey been post being a public company? What changes? What is the same? What brand does David most respect and admire? Why? What brand decisions does David most regret? What would he have done differently? -------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on Twitter: https://twitter.com/HarryStebbings Follow David Allemann on Twitter: https://twitter.com/dallem Follow 20VC on Instagram: https://www.instagram.com/20vc_reels Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ------------------------------------------------ #DavidAllemann #OnRunning #HarryStebbings #20vc #brandmarketing #rogerfederer

Harry StebbingshostDavid Allemannguest

May 30, 202354mWatch on YouTube ↗

WHAT IT’S REALLY ABOUT

From Garden-Hose Prototype To Global Brand: On Running’s Ascent

Co‑founder David Allemann recounts how On Running began with a hacked-together prototype made from a shaved-off shoe and pieces of garden hose that delivered a radically new running sensation. He explains the company’s grassroots go-to-market strategy: building credibility via specialty retailers, elite athletes, and community runs while simultaneously embracing early e‑commerce and global expansion. The conversation covers On’s distinctive design and brand philosophy, its move into apparel and own retail stores, and the cultural principles—especially the ‘explorer spirit’—that drive constant reinvention. Allemann also details the unconventional partnership with Roger Federer, who joined not as a paid endorser but as an investing co‑entrepreneur deeply involved in product and brand building.

IDEAS WORTH REMEMBERING

5 ideas

Prototype relentlessly and validate through lived experience, not just theory.

On’s breakthrough came from Olivier’s crude prototype with hollow ‘cloud’ elements; once co-founders, athletes, and factory partners physically felt the difference, skepticism turned into conviction and momentum.

Build from the core community outwards before chasing mass awareness.

On spent its first years winning over specialist running shops, serious runners, and triathletes one by one, accepting a 2–3 year grind in each market before the ‘hockey stick’ adoption curve kicked in.

Use distinct design and stripped-back aesthetics as strategic differentiation.

Instead of copying ‘blingy’ performance visuals, On emphasized visible sole technology plus minimalist, Swiss-inspired form-follows-function design, which initially felt risky but ultimately created instant wall recognition.

Combine wholesale partnerships with early DTC and digital to own the relationship.

Alongside investing in best-in-class retail partners, On launched e‑commerce early, leveraged social and mobile, and ran hundreds of community events to maintain a direct line to consumers and data.

Expand categories only when you can bring true innovation and brand coherence.

On moved into apparel and own stores not for line-extension’s sake, but to apply its performance and design capabilities “to the full body” and reimagine retail (e.g., the in-store ‘archive’ that minimizes transaction friction and maximizes human interaction).

WORDS WORTH SAVING

5 quotes

We asked ourselves, 'If we can't take a risk of doing something crazy like this, who can?'

— David Allemann

A brand, in the core, is a community and an idea.

— David Allemann

How about not us giving you money, but you giving us money and becoming a co-investor and a co-entrepreneur together with us?

— David Allemann (to Roger Federer)

We try always to operate nimble. Probably we waited a little bit long until we started to invest into On being bigger out there and having this cultural relevance.

— David Allemann

I feel doing something to perfection in many cases beats kind of optimizing for efficiency, especially when it comes to product.

— David Allemann

Origin story and early product innovation of On RunningGrassroots distribution, global expansion, and digital/direct-to-consumer strategyDesign philosophy, brand building, and the role of naivetyCategory expansion into apparel and own-brand retail storesCompany culture, leadership evolution, and near-death operational challengesPartnership model with Roger Federer and athlete-led product developmentViews on brand, simplicity in product, and the impact of emerging technologies like AI

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