Latest / Bloomberg Intelligence / Late July Snacks' Dawes on Growth of Organic Snack Food (Audio)

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Late July Snacks' Dawes on Growth of Organic Snack Food (Audio) · Bloomberg Intelligence

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  Speaker 1: Pim Box on Bloomberg Radio. Burger King. We have Burger
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  Speaker 1: King to thank for something called mac and Cheetos, and
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  Speaker 1: I guess it's basically what you think it might be.
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  Speaker 1: Crunchy cheetos stuffed with oozy macaroni and cheese as a snack. Well,
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  Speaker 1: one company that I don't think we're gonna be seeing
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  Speaker 1: mac and cheetos from is Late July Snacks. And here
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  Speaker 1: to tell us all about the snack business is Nicole
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  Speaker 1: Bernard Dawes. She is the chief executive and the co
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  Speaker 1: founder of Late July Snacks and of course based in Boston.
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  Speaker 1: I want to thank you very much home to Boston's
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  Speaker 1: our own Bloomberg twelve hundred in Boston and can be
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  Speaker 1: followed on Twitter at Late July Organic. Thank you for
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  Speaker 1: being here. Oh, thank you so much for having me.
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  Speaker 1: All Right, so I don't even have to really ask
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  Speaker 1: a question here, but because we've got organic in the
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  Speaker 1: Twitter handle. Um, you come from a line of snack
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  Speaker 1: food entrepreneurs, why don't you just give us the you know,
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  Speaker 1: the elevator pitch here. Sure, my mom had a natural
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  Speaker 1: food store in the seventies and in night my father
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  Speaker 1: started cape Ca Potato chips. So I think I'm the
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  Speaker 1: product of a mom with a natural food store and
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  Speaker 1: a father with the potato chip company. You end up
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  Speaker 1: with a daughter with an organics that company that is it.
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  Speaker 1: I love it like the kid is the morph of
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  Speaker 1: the mom and dad. You studied economics in college, you
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  Speaker 1: got into food and beverage consulting. Given your background in
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  Speaker 1: the food industry and retail. Then you're a mom and
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  Speaker 1: you wanted some organic saltine crackers. Why did you want
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  Speaker 1: these crackers so badly and why couldn't you find them? Well,
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  Speaker 1: that's an excellent question. That's exactly what I thought. I
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  Speaker 1: lived in New York City at the time, and I
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  Speaker 1: was newly pregnant. I wanted organic saltines, and I think
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  Speaker 1: on my block there was five different natural food stores,
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  Speaker 1: and I went to all five and couldn't find them,
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  Speaker 1: and I thought, here it is. At the time, it
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  Speaker 1: was two thousand one, the organic industry had evolved quite
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  Speaker 1: a bit from my mom's nine seventies natural food store,
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  Speaker 1: and yet I still couldn't find what I was looking for.
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  Speaker 1: And that's when it occurred to me that I had
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  Speaker 1: stumbled upon an opportunity. All right, you stumble upon an opportunity.
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  Speaker 1: There's a big gap between having an idea and actually
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  Speaker 1: getting the product on the shelf. Tell us a little
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  Speaker 1: bit about that journey. There is a big gap between
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  Speaker 1: those two things for sure, Um, you know it. For me,
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  Speaker 1: I had the obvious advantage of watching my father do
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  Speaker 1: it a couple of times. Actually, in addition to Cape
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  Speaker 1: Competator ships, you also had a crouton company at one point,
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  Speaker 1: and he also sold Cape put chips and bought it
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  Speaker 1: back subsequently sold it again. So I got to see
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  Speaker 1: this process a couple of times. I knew. You know,
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  Speaker 1: it took quite a bit to get from idea to
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  Speaker 1: first selling a product, but you first have to create
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  Speaker 1: the product. So that was step one for me was
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  Speaker 1: coming up with a product that actually thought was worth selling. Well.
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  Speaker 1: You know, and I understand that because you experiment with
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  Speaker 1: stuff at home when you think it's gonna be straightforward,
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  Speaker 1: but once you start changing sort traditional agreements, ingredients, I
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  Speaker 1: should say, it becomes much harder to do. Well, you know,
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  Speaker 1: your growth has been astounding. You know you're selling millions.
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  Speaker 1: Now what is a famillion? Yet that's what we're on
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  Speaker 1: track to surpass that? Yes? Yes, so but SO takes
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  Speaker 1: the next step. So you get the idea, what what
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  Speaker 1: did how did you get from here to there? Did
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  Speaker 1: your family help you with financing? Uh? Did you? I
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  Speaker 1: mean I think so I think manufacturing facilities, a retail distribution,
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  Speaker 1: that's a lot. You know, there were there were quite
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  Speaker 1: a few things that happened early on UM one. I
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  Speaker 1: once I had these products that I thought were actually
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  Speaker 1: good enough to sell, I coaxed my father out of
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  Speaker 1: his retirement to come join me and UM. He and
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  Speaker 1: I worked side by side for the first It took
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  Speaker 1: us about two years from you know, idea to actually
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  Speaker 1: creating a product that with a package that could sell
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  Speaker 1: in a retail establishment. We had to you know, commercialize
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  Speaker 1: the formulas, find a factory that could make them. We
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  Speaker 1: had to start the actual company, higher employees. Uh. And
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  Speaker 1: that all took from about two thousand one two. We
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  Speaker 1: hit shelves in two thousand three. I gotta ask you
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  Speaker 1: about tortilla chips. That was a big move. It was
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  Speaker 1: a big risky move. Actually we UM you know, we
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  Speaker 1: we had some great growth at early years. And I
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  Speaker 1: have personally wanted to make a tortia chip. I think
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  Speaker 1: my entire life. I tried to convince my father at
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  Speaker 1: Cape Cut Chips to make tortilla chips, and he told
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  Speaker 1: me more than once, maybe a thousand times. You know,
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  Speaker 1: we're a potato chip company. We will never make a
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  Speaker 1: tortilla chip. And you know, I think he kept that
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  Speaker 1: mantra even at late July. I still would bring it
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  Speaker 1: up from time to time. And unfortunately my father passed
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  Speaker 1: away and O nine and you know the the for me,
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  Speaker 1: that was the last person preventing us from going into
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  Speaker 1: Tortia chips. So we actually launched her Tia chips in
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  Speaker 1: and you know, everyone at the company knows that made us,
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  Speaker 1: you know, the overnight success seven years in the making.
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  Speaker 1: So from you and your dad, one word of advice
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  Speaker 1: for somebody once it's got a great idea and wants
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  Speaker 1: it started up. I think the most important thing I
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  Speaker 1: can tell somebody else is you have to have almost
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  Speaker 1: a delusional optimism and your ability to succeed. All right. Well,
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  Speaker 1: obviously in your case, Nicole Bernard Dawes, it was not delusional.
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  Speaker 1: It worked, thankfully, Yes, it did. Must be one of
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  Speaker 1: the many things you've got for your dad. It did.
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  Speaker 1: Sure was very lucky. CEO and founder late July Snacks.
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  Speaker 1: She's based in Boston, joining us in New York City
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  Speaker 1: to daily thank her so very much for coming to
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