Ryan Cohen

I had a poodle and I was going every few weeks and

I had a poodle and I was going every few weeks and

just hit me on one of my trips that i understood the product much better it was a recurring revenue purchase the market was still fragmented the fact that there was still neighborhood pet stores at the time and they had not been disrupted by petco and pet smart was fascinating to me and then you had to eat you had amazon which was established and had pet products

just hit me on one of my trips that i understood the product much better it was a recurring revenue purchase the market was still fragmented the fact that there was still neighborhood pet stores at the time and they had not been disrupted by petco and pet smart was fascinating to me and then you had to eat you had amazon which was established and had pet products

since the 90s but they hadn't really achieved real scale in the category so the vision was to replicate the same experience that i had at the neighborhood pet store but do it online and do it at scale and i looked at amazon's best practices when it came to supply chain so fast shipping having a great selection being competitively priced and then the experience at the neighborhood pet store

since the 90s but they hadn't really achieved real scale in the category so the vision was to replicate the same experience that i had at the neighborhood pet store but do it online and do it at scale and i looked at amazon's best practices when it came to supply chain so fast shipping having a great selection being competitively priced and then the experience at the neighborhood pet store

of knowing the products really well.

of knowing the products really well.

And it was easy to be passionate about the category because I'm a pet owner and everyone we hired were pet owners.

And it was easy to be passionate about the category because I'm a pet owner and everyone we hired were pet owners.

And it was all about market leadership as a low margin business.

And it was all about market leadership as a low margin business.

Hindsight, not necessarily the best idea to go head to head against Amazon selling 30 pound bags of pet food, but we executed really well and we grew really quickly.

Hindsight, not necessarily the best idea to go head to head against Amazon selling 30 pound bags of pet food, but we executed really well and we grew really quickly.

And we had negative working capital.

And we had negative working capital.

And so it was a business that was able to get billions of dollars in revenue and not consume a lot of capital.

And so it was a business that was able to get billions of dollars in revenue and not consume a lot of capital.

I understood from the beginning that...

I understood from the beginning that...