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Shane Parrish

๐Ÿ‘ค Speaker
15908 total appearances

Appearances Over Time

Podcast Appearances

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

The best potatoes for fries were grown out west in Idaho.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

New Brunswick, where Harrison was from, was fine for seed potatoes, but building a frozen fry operation there, with that capital, with that expertise, thousands of miles from any big market, it made no sense.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

The McCains heard him, and then they ignored him.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

Their reasoning was practical.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

They didn't have the money to start in Idaho, even if they wanted to.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

The Americans had better infrastructure, sure, but they also had competition.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

In Canada, whoever got there first could own the whole thing.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

As they started telling people what they planned to do, most said they were crazy.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

There's something worth pausing on here.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

Most people hear resistance and slow down, but Harrison heard resistance and sped up, not out of stubbornness, but out of a belief that when everyone says something can't be done, and you can see clearly why it can, you found an opportunity that won't last forever.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

So the four brothers pooled $100,000 in family money, most of it inherited after their father's death.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

On May 24th, 1956, they incorporated McCain Foods Limited, but that wasn't nearly enough money.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

They needed a factory, equipment, cold storage, and enough runway to survive until the revenue came in.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

And this is where Harrison revealed another talent, one that would define his career as much as salesmanship, assembling capital from places other people didn't think to look.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

He started at the Bank of Nova Scotia, the bank his father and grandfather had used and asked for $150,000 line of credit.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

By luck, the bank's president was visiting the branch that day.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

He'd spotted the McCain's and asked what they were after, disappeared for a few minutes, and came back with a yes.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

His reasoning was, your grandfather did business with this bank, he owed the bank a lot of money, and when he owed it, he was broke.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

But your father paid all the money back.

The Knowledge Project
[Outliers] Harrison McCain: How to Create Demand for Something Nobody Wants

We never lost a nickel from any McCain.