Athletic Brewing and the NA Beer Revolution | Brewing the Impossible | 1
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It's January 2, 2017. At the offices of the investment firm Point72 in Stamford, Connecticut, Bill Shufelt pulls up a chair in a glass-walled meeting room. Shufelt has the broad frame of a former college football star and is seen as confident and outgoing, the kind of guy who winds up the center of attention at corporate events and parties. But today, he's full of nervous energy. He has a big announcement to make, and he's not sure how it will go down. Shufelt's boss stands at the front of the room to kick off the team's first meeting of the new year. All right, everyone, welcome back. Hope you all had some good time off, didn't hit the eggnog too hard. Anyone have any major epiphanies over the break?
The room chuckles, and for a second, Shufelt considers letting the moment pass because once he says what he's about to say, there's no taking it back. But then he raises his hand. Actually, I do. Everyone turns to face him. Shufelt takes a deep breath, then says the most important words of his career. I didn't want you to all hear this from HR, but I gave my notice this morning. I'm leaving the company. What?
What motivated Bill Shufelt to leave his finance career?
What's this about? You're kidding me. Shufelt is leaving? Shufelt has been with Point72 for six years, focusing on healthcare stocks and doing well. His boss tries to keep his composure. Well, we'll be sorry to lose you, Bill. Mind if I ask where you're heading? Those cowboys at Citadel aren't stealing you, are they? Shufelt shakes his head, then steals his nerves and finally shares the idea that's been burning inside him. No, I'm going out on my own. I'm going to start a brewery that makes non-alcoholic beer.
What's that about?
You've got to be kidding me. It takes a moment for the other traders to realize this isn't some kind of post-Christmas joke. One of Shufelt's colleagues leans across the table. Wait, you're serious? I mean, it's great that you don't drink at all, but do you really think there's a market for no-alcohol beer? Most of that stuff tastes awful. Yes, exactly. I've been researching it, and I think that's the problem. Most non-alcoholic beer is undrinkable. I'm going to change that. The colleague nods, still unconvinced. Well, have you talked to Jackie about this? Shufelt smiles. He understands the implication. He's about to walk away from a very healthy paycheck to sell a product that, as far as anyone in the room can tell, nobody really wants.
His colleagues asking him if his wife is truly okay with this decision. Shufelt looks his friend right in the eye, suddenly feeling much more certain. Jackie's the one who's making me do it. At the moment, Schufelt's plan sounds almost ridiculous. Because in 2017, non-alcoholic beer isn't a booming new category. It's a punchline. The company that Schufelt's about to start will be called Athletic Brewing. And he's betting everything on his belief that millions of people want great beer without the buzz. But brewers have been chasing that idea for decades. So the real question is, What makes Shufelt think he's the one who can crack it?
Volkswagen.
From Audible Originals, I'm David Brown, and this is Business Wars.
When Bill Shufelt walked away from a high-flying finance career to start brewing non-alcoholic beer, it sounded like madness. A business plan built around removing a product's main selling point? But almost a decade later, his startup, Athletic Brewing Company, has become one of the flag bearers of the non-alcoholic beer revolution, a movement that reflects a huge generational shift in how people relate to alcohol. Today, Athletic is valued at more than $800 million, and it competes head-to-head with multinational beer giants like Heineken, whose rival brew, Heineken 00, has also been a leader in the zero-proof revolution. But Shufelt's journey didn't begin with a grand mission to change the drinking culture.
It began with something much more personal, a desire to change himself.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–1:30
2
What motivated Bill Shufelt to leave his finance career?
1:30–9:01
3
What challenges did Bill face when starting Athletic Brewing?
9:01–14:40
4
How did Bill's personal experiences influence his business vision?
14:40–24:21
5
What market research did Bill conduct for non-alcoholic beer?
24:21–38:25
6
How did Bill convince investors to support his brewery?
38:25–38:33