Davis Smith: From Selling $6M of Pool Tables to Scaling Cotopaxi to $150M in Revenues | E1095

Every single 20VC episode is recorded with Riverside.FM. It is the one product that I could not live without. Try it today here (https://creators.riverside.fm/20VC) and use the code 20VC for 15% off. ----------------------------------------------- Davis Smith is the Founder and Chairman of Cotopaxi, an outdoor brand with a humanitarian mission. The company has assisted over 4 million people living in poverty. The company has been profitable for the last 4 years and is expected to do $160M in revenue in 2023, up from $55M just two years before. In April 2023, Davis resigned after 10 years as CEO to lead a mission for his church in Brazil for three years. Davis is an EY Entrepreneur of the Year and was recognized as Utah’s Businessperson of the Year in 2022. He is an adventurer who has floated the Amazon on a self-made raft, kayaked from Cuba to Florida, and explored North Korea. ----------------------------------------------- Timestamps: (00:00) Intro (00:52) Early Passions and Entrepreneurial Beginnings (02:26) Young Entrepreneur to Multi-Millionaire (04:15) International Ventures: Scuba Gear in China (05:49) Achieving Financial Success in College (08:41) Diverse Business Ventures and Growth (10:52) Overcoming Challenges in Family Business (14:09) Founding Journey of Cotopaxi (15:56) Brand Essence and Identity (20:34) Attracting Exceptional Talent for Startups (23:33) Pursuing More Than Just Wealth in Entrepreneurship (27:35) Faith and Leadership: Mission-Based Challenges (31:31) Business Acumen and Women's Perspectives (36:15) Happiness as an Entrepreneurial Goal (43:33) Implementing Work-Life Balance Strategies (01:02:42) Quick-Fire Round ----------------------------------------------- In Today’s Episode with Davis Smith We Discuss: 1. From Selling $6M Worth of Pool Tables to the Amazon of Brazil to Founding Cotopaxi: How did Davis scale a pool table business to $6M in revenue? What were Davis’ biggest takeaways from building the Amazon of Brazil, raising millions in VC funding and the business failing? How did depression and 36 hours on a sofa lead to the a-ha moment for Cotopaxi? 2. The Billion Dollar Company, Rejected by 100 Investors: How was the early fundraising journey for Davis with Cotopaxi? Why did so many investors say no? What was the best VC meeting he has ever had? Why do women understand Cotopaxi better? What does Davis believe are the biggest misalignments between VCs and Founders? Why does Davis believe we need a new type of financial product to fund long term projects? What are the biggest elements of fundraising that Davis believes founders do not understand? 3. Scaling Cotopaxi to $150M in Revenue: What are Davis’ biggest lessons on what works and what does not from scaling Cotopaxi to $150M in revenue? Why did Davis not lay anyone off but decide everyone should take a pay cut instead? How did that go down? Why does letting people leave work earlier lead to better talent wanting to join your company? Why does Davis believe that you absolutely can build a huge business with balance in your life? 4. Life, Parenting, Marriage: Why does Davis believe that so many entrepreneurs chase the wrong thing? What do they chase? What should they be chasing instead? How does Davis analyze his relationship to money today? Does it make you happy? What does great parenting mean to Davis? How has that changed over time? How does marriage change when comparing pre-kids and post-kids? Was Davis nervous about becoming a father for the first time at the age of 24? ----------------------------------------------- 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 Davis Smith on Twitter: https://twitter.com/davismsmith Follow 20VC on Instagram: https://www.instagram.com/20vchq 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 ----------------------------------------------- #VentureCapital #DavisSmith #Cotopaxi #harrystebbings