- SUMMARY
Justin Gold revolutionized the mundane peanut butter aisle with a simple question: why not make it more exciting?
In his Boulder, Colorado kitchen, he experimented with various flavors, creating delectable peanut and almond butters with unique twists.
Unbeknownst to Justin, an opportunity was brewing in Boulder’s thriving natural food scene.
Guided by the local camaraderie and farmers’ market, Justin tested his creations, refining them based on customer feedback.
Gradually, he expanded into local stores, building a loyal community one sample at a time.
But it was his invention of the nut butter squeeze pack that catapulted Justin’s to success.
Inspired by energy gels, Justin realized the underserved market for portable plant-based protein.
With a borrowed $75,000, he purchased an old squeeze pack machine, launched his innovation, and secured orders from major retailers.
Over a decade later, Justin’s, with its expanded product line and annual revenue of over $50 million, caught the attention of food giant Hormel.
However, Justin had a non-negotiable condition: the business must remain in Boulder to preserve its culture.
Hormel, impressed by Justin’s values, acquired the company for $281 million in 2016.
Justin’s success, as he himself acknowledges, was fueled by a combination of luck, hard work, and Boulder’s supportive entrepreneurial ecosystem.
His story is a testament to the transformative power of innovation and the unwavering support of a community that fosters its own.
- Key Takeaways
Identify unmet market opportunities
Justin identified the underserved market for portable plant-based protein, which led to the creation of the successful nut butter squeeze pack.
Seek customer feedback and adapt products accordingly
Justin tested his peanut butter creations in Boulder’s thriving natural food scene and refined them based on customer feedback, resulting in building a loyal community.
Leverage community support to foster business growth
Justin’s success was fueled by the supportive entrepreneurial ecosystem in Boulder, which provided guidance, resources, and a supportive community.