Secret Academy Episode - Adam XavierAbout:
After five months in at his new finance career as a performance analyst for Alliance Capital, Adam Xavier stumbled across product idea that stemmed from his love of riding motorcycles. This idea was born out of a need for safer motorcycler immobilization that the industry currently lacked. Adam and his brother eventually quit their jobs to focus on ROADLOK while securing $3 million in seed funding to get the business going. Since 2008, Adam has grown ROADLOK to serve customers internationally with over 27,000 units sold globally all while securing two patents along the way. As of recently, Adam has been focused on establishing licensing deals with motorcycle manufacturers with the first being KTM Sportmotorcycle in Austria.
Lesson's in Today's Interview:
- How the idea came about from a drawing on a napkin.
- How Adam was able to initially secure the seed funding.
- Why being resourceful in the early phases is a must.
- Whether you should acquire patents before or after your product launches.
- Why Adam can't sell his product on a channel like QVC or Costco.
- The downside of distributors and why its better to sell directly.
- How Adam has sold over 27,000 units but only had less than 20 returns.
- The best way to determine price point for your product.
- How to scale a product business beyond just manufacturing.
- What lessons from a finance background were applied to entrepreneurship.
- The exit strategy Adam is aiming for and time line.
- The best advice for bringing a physical product to life.
- Why Adam's brother left the company and why partnerships don't always work.
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