What Does It Really Take to Scale a Startup to $70M in 8 Months?

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An Hour of Innovation with Vit Lyoshin

Vit Lyoshin

91 episodes

2 days ago

An Hour of Innovation is hosted by Vit Lyoshin, a technology professional with a product development, and program leadership background. Each episode explores the art and science of innovation through conversations with product leaders, scientists, and innovators. We dive into groundbreaking ideas, uncovering the why and how behind them. The goal is to amplify the voices of those driving change, offering insights, inspiration, and practical takeaways to spark listeners’ creativity and passion for progress. Welcome, and enjoy!

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What Does It Really Take to Scale a Startup to $70M in 8 Months? | Phil Neil

An Hour of Innovation with Vit Lyoshin

46 minutes 43 seconds

4 months ago

What Does It Really Take to Scale a Startup to $70M in 8 Months? | Phil Neil

In this episode of An Hour of Innovation, host Vit Lyoshin sits down with Phil Neil, a serial entrepreneur and investor who scaled his company, Neobex, to $70M in sales and over $30M in EBITDA in just 8 months. Phil shares the gripping story behind that growth, including how he pivoted during the chaos of the pandemic, took a $450K personal risk, and navigated team conflict and supply chain disruption.

We also dive deep into Phil’s signature frameworks: The Shadow of Entrepreneurship™ and The Courage Compass™, which explore the emotional challenges founders face and how to make better decisions under pressure.

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This episode is brought to you by: https://pheedback.co/

Pheedback is an AI-powered platform that transforms traditional surveys into dynamic conversations, delivering deeper insights and higher response rates

Takeaways

* Phil Neil founded Neobex to help local health centers optimize purchasing.

* COVID-19 forced Neobex to pivot its business model.

* The transition to nitrile gloves was a strategic response to market needs.

* Entrepreneurs often face emotional challenges that impact decision-making.

* The 'Courage Compass' helps entrepreneurs navigate uncertainty.

* Intuition can be as valuable as analytical thinking in decision-making.

* Failure is a common experience in entrepreneurship, but it can lead to growth.

* Identity anchors outside of business are crucial for emotional health.

* Growth should be managed to avoid burnout and misalignment.

* Empathy is essential for identifying real problems to solve.

Timestamps

00:00 Introduction

02:08 The Story of Neobex

03:03 Navigating Challenges During COVID-19

05:38 The Courage to Pivot: From Supply Chain to Nitrile Gloves

10:58 Understanding the Entrepreneurial Shadow

15:40 The Courage Compass: Tools for Decision-Making

24:03 The Importance of Intuition in Entrepreneurship

27:17 Journey in Entrepreneurship

33:12 New Culture of Entrepreneurship

35:50 Advice on Innovation and Entrepreneurship

38:09 Lessons from an Entrepreneurial Journey

41:33 Future of Entrepreneurship: Decision Quality and Growth

45:21 Connecting with Phil Neal: Resources and Insights

Connect with Phil

* Website: https://philneil.com/

* LinkedIn: https://www.linkedin.com/in/philippe-neil/

Connect with Vit

* Website: https://vitlyoshin.com/contact/

* LinkedIn: https://www.linkedin.com/in/vit-lyoshin/

* X: https://x.com/vitlyoshin

* Buy things on Amazon that Vit recommends: https://www.amazon.com/shop/anhourofinnovationwithvitlyoshin

Podcast Website

* https://www.anhourofinnovation.com/