Pip Murray is the founder of Pip & Nut, which she launched in 2015 and it's now stocked in over 3,000 stores around the UK. It's the fastest growing nut butter brand around, and it's clear to see why. Pip is full of stories and insights in journey building the company, from humble beginnings in her kitchen and at craft fairs to becoming a staple brand on the shelves of all major supermarkets.What we covered in this episode:
Why Pip started a nut butter business
From kitchen table to full scale production
The constant trial and error to find the perfect recipe
The confidence that comes from being close to your customer
The importance of the right manufacturing partner and selling them the dream
The challenge of minimum production run when you get started
Pip&Nut’s first customer and the importance of focussing on it
What to do when you have no marketing budget
Bootstrapping and crowdfunding to cover the first couple of years
The pro’s and con’s of starting a business when you are young
How easy it is to convince yourself our of an idea and the power of intelligent naivety
How the biggest doubts come in as you scale and stakes get bigger
The opportunity cost of doing too much
Betting big on brand identity from the start
Inspiration from the B&B studios portfolio and finding the right chemistry
The 3 things every Private Equity company does when they acquire a brand
Finding the right design and why Pip used her name in the brand identity
The challenge and opportunity of a national retailer listing
The trade off between focussed distribution and full scale distribution
Why keeping it tight is so important
What we can learn from the best soft drink launches
The advantage of playing in the niche to begin with
Cash flow challenges of a scale up
Sources of funding for growth and finding the right people to invest
The messy nature of startups and the power of empathy from an experienced investor
What the hardest moment of Pip’s journey taught her
Divesting yourself and learning to delegate to the team
The nerve wracking moment of going on TV for the first time
The importance of B-Corp status and making a sustainable brand
How Pip would define success
The energy you gain from a crisis
Why the best way to learn is doing
Pip’s advice for her 24 year old self