Waverly Deutsch

I'll give you an example that I've used many times, and Caitlin, forgive me if I'm getting this wrong, but I'm going to talk to you about the conversation that I had with the founder of Simple Mills, Caitlin Smith. Thank you. Caitlin came to Booth because she was working on a startup. She was working on making gluten-free baking mixes for people who suffer with celiac and gluten issues.

I'll give you an example that I've used many times, and Caitlin, forgive me if I'm getting this wrong, but I'm going to talk to you about the conversation that I had with the founder of Simple Mills, Caitlin Smith. Thank you. Caitlin came to Booth because she was working on a startup. She was working on making gluten-free baking mixes for people who suffer with celiac and gluten issues.

And she had created... using nut flour instead of many of the other gluten substitutes. A really fabulous muffin mix. I mean, it was delicious, and I hate gluten-free baked goods, but I really liked her muffins. She came and pitched in the New Venture Challenge class, and she said, here's what I've done. Here's how I did it. I'm in about... 13 health food stores in North Carolina.

And she had created... using nut flour instead of many of the other gluten substitutes. A really fabulous muffin mix. I mean, it was delicious, and I hate gluten-free baked goods, but I really liked her muffins. She came and pitched in the New Venture Challenge class, and she said, here's what I've done. Here's how I did it. I'm in about... 13 health food stores in North Carolina.

I've got another 14 signed up, so we'll be in 27 healthcare stores and healthy stores in North Carolina area. Thank you very much." And everybody paused and said, What do you want from us? I'm not sure I want anything from you. I'm not sure I want to raise money for this. I'm not sure that I need anything from you. So the judges for the New Venture Challenge are angel investors, venture investors.

I've got another 14 signed up, so we'll be in 27 healthcare stores and healthy stores in North Carolina area. Thank you very much." And everybody paused and said, What do you want from us? I'm not sure I want anything from you. I'm not sure I want to raise money for this. I'm not sure that I need anything from you. So the judges for the New Venture Challenge are angel investors, venture investors.

They're thinking, okay, good luck to you with your nice little lifestyle business, but there's not much we can help you with. So Caitlin and her New Venture Challenge team and I were sitting in a conference room and I was saying to her, Caitlin, I understand that you haven't thought about taking on money and scaling this business and that you're not even sure that's what you would want to do.

They're thinking, okay, good luck to you with your nice little lifestyle business, but there's not much we can help you with. So Caitlin and her New Venture Challenge team and I were sitting in a conference room and I was saying to her, Caitlin, I understand that you haven't thought about taking on money and scaling this business and that you're not even sure that's what you would want to do.

But you'll get the most out of this learning process and you'll get the most out of the resources of the coaches and mentors and judges that we put in front of you. If just for the sake of this exercise, you imagine...

But you'll get the most out of this learning process and you'll get the most out of the resources of the coaches and mentors and judges that we put in front of you. If just for the sake of this exercise, you imagine...

possibilities you think big what what could this look like if you did want to take on venture capital money if it was available to you what's the upside what's the biggest you can imagine because to me this shouldn't be just in health food stores or on gluten-free shelves this is a very delicious, healthy breakfast option for anybody who wants higher protein, higher fiber, good for you muffins.

possibilities you think big what what could this look like if you did want to take on venture capital money if it was available to you what's the upside what's the biggest you can imagine because to me this shouldn't be just in health food stores or on gluten-free shelves this is a very delicious, healthy breakfast option for anybody who wants higher protein, higher fiber, good for you muffins.

So to me, this should be on every grocery store shelf, what's the biggest independent baking goods company you can think of in the 20th century? And she immediately said, Betty Crocker. And I said to her, why shouldn't Simple Mills be the Betty Crocker of the 21st century? What if just for the sake of the new venture challenge, you modeled that out? What would that look like?

So to me, this should be on every grocery store shelf, what's the biggest independent baking goods company you can think of in the 20th century? And she immediately said, Betty Crocker. And I said to her, why shouldn't Simple Mills be the Betty Crocker of the 21st century? What if just for the sake of the new venture challenge, you modeled that out? What would that look like?

What capital would it require? What distribution channels would you use? And I could see her getting defensive. I could see her getting a little angry. I don't know if that's what I want to do. Why are you making me think about... I could imagine the things that are going on behind her eyes. Her team is literally like chewing their fingernails.

What capital would it require? What distribution channels would you use? And I could see her getting defensive. I could see her getting a little angry. I don't know if that's what I want to do. Why are you making me think about... I could imagine the things that are going on behind her eyes. Her team is literally like chewing their fingernails.

They've tried to have this conversation with her, I can tell, and they're really nervous about her reaction. She comes back later and she says, you know what, I'm going to try that. Let's maybe think about raising a couple hundred thousand dollars.

They've tried to have this conversation with her, I can tell, and they're really nervous about her reaction. She comes back later and she says, you know what, I'm going to try that. Let's maybe think about raising a couple hundred thousand dollars.

And for her second pitch in the class for the New Venture Challenge, she starts to talk about distribution at Whole Foods and she starts to have conversations with people at Whole Foods and she starts to think about the fact that gluten-free is coming on other

And for her second pitch in the class for the New Venture Challenge, she starts to talk about distribution at Whole Foods and she starts to have conversations with people at Whole Foods and she starts to think about the fact that gluten-free is coming on other