YouSaid · the spoken record

Jeremy Andrus

lines on the record: 93
first: 2022-07-04
most recent: 2022-07-04
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“You brought up in all the quotes, so I want to end an older quote for real. In 2017, you said to Forbes, we're going to be a billion dollar brand in five years in terms of revenue. 2022, it's five years later. You said you were 10x when you started, which was a 70 million dollar company. Are you a billion dollar brand?”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“With a single investor, absolutely. It'd be a lot easier. Do I begrudge the adversity that we're going through and what I'm learning from it? No, because it's going to make us better. But it's hard. Running a public company is hard. It's a lot more fun when everything's going up into the right.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“That didn't age real well. And as it started coming out of their mouth, I'm like, I get it, I get it. Let me answer before you ask a question. Running a public company is hard. Running it in this environment is really hard. It's really hard for two reasons. Number one, demand patterns are unpredictable and public markets value predictability. Costs are through the roof and so margins are squeezed, like doubly hard. And then the public markets have just been cratering for the last six months. And so this is a hard moment to run a public company. It's kind of cool when you do something the second time 10 years later in your less intimidated by it and you do it better and you feel more confidence because you have more perspective and you have more pattern recognition. Do I wish we were navigating some of these challenges?”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Do you know what? So this is an interesting question. I loved running a private company. I really did. You have a financial partner, you have a consumer, you have a team, and you go to work. And you don't screw around with like nuances of storytelling and you don't sit within investors telling the same rudimentary story. I really love doing it. When we took Traeger on the road, on the road meaning Zoom. On the IPO roadshow, I would say half of the investors brought to my memory a quote from the Harvard Business Review, article which said I would never run a public company again.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“You have mentioned running the public company several times now. You ran Traeger as a private company for seven years with private equity partners that were bought into a long timeline. You've been public for a year. What's the difference? I mean, now you have, you've got to do earnings reports. He's firing an imaginary gun in his head. Yeah.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Don't think it will slow a rate of innovation, but I think it will force us to be more efficient in how we deploy working capital. Because at the end of the day, you have a finite amount of working capital and you can't deploy it everywhere. And so as inventory consumes working capital, innovation is not where I would slow, but there are other places where we're going to have to slow spend because you can't, you know, the pie is the pie.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“But the answer is it does make us think more cautiously on inventory when we launch. Now, out of positive, we're not launching things that absolutely”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“We believe in innovation that actually changes the user experience. So we launched something that had the first ever outdoor induction cooktop and had a completely new thermal system that manages ash and grease. And it has wireless meat pros. I'll stop there. I just thought if I could sell a grill, I would.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Me, just really be really clear and say when Weber launches something new, it has a new knob or a new color. No disrespect that we believe.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And I don't say that with any criticism, you know, Target and Walmart are very good at planning inventory. It's just very hard to plan by definition when your lead times are completely unpredictable and consumers are shifting behaviors so quickly. It's a hard moment in time to sell things. A friend of mine is the founder of Qualtrics and I was lamenting to him over dinner a few weeks ago that gosh, like inventory so hard to run a software business where we have no inventory. And he kind of gave me an earful on all of the other things that”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And the bull whip effect is so interesting. It's from we can't get inventory till we have too much. And mark my words 12 months from now retailers are going to underplan their inventory because they're not going to do this again.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Meaning consumers said we're done buying things and we're going on vacation and buying experiences. So we felt that. Fortunately, we weren't a reasonable inventory position. I'd say we're slightly heavy, but not egregiously so. Our retailers for Traeger are slightly heavy, but not egregiously so. But what you compete with is everything else that they have in inventory. And so we're actually talking to a large retailer a week ago saying, hey, look, we're looking at this model. It's selling well. Your inventory levels are getting low. Can we get some inventory moving? They said, you know what? We're heavy on everything. We just don't have space for it. And so you're kind of battling like absolute warehouse capacity. And I think this year across the world of consumers is going to be, you know, it's going to be the year of the promotion.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And then you get into the spring and you see this really, this about face shift, like remarkable shift from consumers buying things to consumers buying experiences. And if you listen to the, you mentioned the target and their inventory issue, Target announced on, I think it was their last earnings call. They said 12 months ago, we could not keep bikes in stock and now we can't sell them. And like loaded up on inventory and they said, luggage, which is like the steady eddy category, like boring steady category, is up 50%.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Like, boy, there's only been two times in my career where I've seen consumers turn on a dime. The first time was the spring of 2020. And that was driven by a pandemic. The second time was the spring of 2022. And that was driven by consumers coming out of a pandemic and sort of the behaviors that they had leaned into during the pandemic. What we saw was I think it's twofold. Number one, everyone loaded up on inventory because inventory was unpredictable. Retailers did and brands did.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Look, we're a year in and we talk about this every day and I would say that the first six months, it was hard. Part of it was hard is about a business before going public and like they couldn't really travel here. They're based in the UK. It was hard to go back and forth. And I would say it's timely because It feels like over the last sort of 90 days or so, we're kind of hitting our stride. The trust has allowed us to do more. And early on, everyone looks at these things cynically, and it was hard for both of us.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“That we can actually speak very openly about sensitive topics without offending and get to better answers and sort of assuming.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“To how these things are just very personal and very emotional when you're a startup business. And so we are integrating where it makes sense and where it's not a core capability. So where do you start financing accounting? You know, it's not their passion. Their passion is product and brand. And so we're integrating where we can be helpful. We're trying to bring our retail channels to bear. They are predominantly an e-commerce business direct to consumer and third-party e-commerce accounts. And we're predominantly a brick and mortar retail business with like less than 10% of our business sold online. We're bringing some capabilities to them. They're bringing some to us. And I would say early on we tiptoed around sensitive issues and we stepped on toes and we're at a point where I think we know and like and trust each other enough.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Entrepreneurs are used to making their own decisions, and they get acquired by a And suddenly you not only have the process and discipline of a big company, a bigger company, we're still tiny, big relative to meter, but you have all of the process of being public. And that created some challenges. But I would say we really like them, not just from a product, company perspective, but they've become our friends. And when you're willing to take the time to not integrate and listen more than you scheme and plan, then what happens is you collaborate around the integration as opposed to making it sort of a unilateral conversation. Now, have we done it perfectly? No. There were some bumps along the way. Even with that philosophy in mind, you know, I'm not the guy that owns all of the conversations. People talk at mid-levels of the business and everyone is well intended, but not everyone has the same sense of...”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Is a very interesting and a very timely question. And we did this, I've done this before at Skull Canton, we bought a business called AstroGaming. At the time, it was a $9 million brand business, great product, great brand. And we had to sort of figure out how do you integrate while respecting the culture and the people and what they've built. And yet how do you bring to bear some of your platform synergies that actually have real value? And I would say the first rule of thumb that I learned is do no harm, which means don't do much of anything up front. Like just listen. Develop trust, listen. I would say we're still very much in that phase with meter. We're almost a year later. Or actually, we're exactly a year later. You know, there were some bumps along the way. Entrepreneurs become, again,”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“When you acquired meter, you sort of made the classic promise we're going to leave this company alone. We know you love it. We're going to leave them independent. Are you just going to leave him independent? Are you integrating over time?”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“So I would say number one their scale to the platform. Number two, one of the things that we loved about meter was their capability in IoT. If I to be honest, they had a deeper capability in creating product and managing the ongoing costs more efficiently. And so we're learning from them, which is sort of interesting to buy a business much smaller, but to know they have capabilities that you can learn from. And again, I think over time there's a virtuous cycle to the Traeger, the meter, the ongoing consumption of the consumables, and then the trade up when new innovation comes out in the evangelism.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Meter has the same sort of software cost problem, right? There's a Bluetooth stack, there's an app they have to update. Have to get past that EQ. I love the idea of a meat thermometer app getting caught up in the App Store topic for a different day, but they've got to do all that stuff. They have a Wi-Fi model. They have a cloud service, all the same costs. How are you going to defray those costs beyond just selling more mute thermometers at a premium?”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Trader grills out there 95% of whom don't own a meter. It's a very similar experience. And then to integrate them into the same product, we think is compelling. You know, how big is the market today for $100 meat probes? Not that big. How big do we think it can be? It depends how well we lead.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“They're consumables. Most of them are like sub 20 bucks. And so the bet that we made on meter was it's a similar bet to the one that we make on Traeger every day, which is if you find a consumer who loves cooking at home or is going to learn to love cooking at home, if you can help them love cooking at home, and you can deliver a better experience, are they willing to pay a premium for innovation? And we believe the answer in meter is yes, and it's very, very closely tied to what we're building. At Traegren, interestingly, a very small percentage of the installed base of meter owners actually own a Traeger. So our ability to speak to all of the meter consumers, the meter owners, and we already know they pay a premium and they value home cooking and vice versa to speak to the two and a half million.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“So, meters interesting. We initially reached out to Meter as one of many sort of options integrating technology into product that we literally just launched a few months ago. And we fell in love with the meter product. And if you look at the space they play in, the US, for example, there are 22 million meat probes sold. Every year”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“I would say it's not one of those things, it's all of those things. So it's all of those things in willingness to pay as a function of how much a consumer values the experience. So you mentioned provisions. Provisions, it's an opportunity to bring people into cooking in a way that's less intimidating, into cooking complicated cuts of meat like brisket that are not easy to source and not easy to cook and sides that take a lot of effort. So, you know, we always step back and say before we talk about monetization, are we building a better cooking journey? And then is it something that a consumer values and will they pay for it somehow?”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Say, if we build the best product experience, that preserves optionality to monetize in different ways. And we're far from building what I think the experiences that we can build. And so we have a long way to go on the technology and the content side. Our consumers love it, but we think we can build something that's much better. Until then, buy a Traeger Grill, get the content by any grill, get the Trigger content, but we're going to do it. We're going to do the digital experience better than anyone else.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“The prelates is an important part of this, but I would say we step back and think about lifetime value of customer. And in theory, if you're selling an experience, regardless of how you monetize that experience, as a brand, you should be able to monetize it somehow. And so in theory, we get a premium, we sell the grill relative to our competition. We make margin of the pellets. If we are creating the right sort of cooking journey, the content and how we deliver the content should motivate you or me to cook more. When we cook more, what do we do? We buy more pellets, we evangelize more. Then there's a content piece of it, and that's been an internal debate. Is there a content subscription model? Is there premium content? Is there a la carte content that you pay for with a base model free? I don't know that we've aligned on that.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And pushing them to the grills. And that doesn't work perfectly every time. For a lot of things that sit between, you know, even perfect code and a device, but there's no perfect code. I mean, like these things are iterative and you're always refining. And so we knew that it would create cost. I don't know that we anticipated how much it would create. With that said, I think we're getting better at managing it. And we really believe the future is the device has to be great, but we really aspire to build something that uses technology, that is complicated behind the scenes, but is very, very simple and elegant to the consumer that inspires them to cook.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“People can eat. Know what it's going to be worth it over time. I do believe it will be. And we actually hotly debated this early on when no one else was doing this because you go from having this static device sitting on someone's back deck and as long as you've tested it before it leaves your manufacturer, it's going to work. And when you have issues starting with, I can't connect my grill. Oftentimes it's not our fault, but it becomes our fault like it becomes our problem. You know, someone needs an extender. They've put it too far from the house. They don't have Wi-Fi in the backyard, whatever it may be, they call us. They don't call their, you know, whoever is that supplies their internet connectivity. And so it starts there. But we're always evolving the product and we're pushing firmware and we're creating performance features.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“No, we buy mostly from two of the largest global chip manufacturers or names that you would recognize. We're very close to them in understanding their product roadmap so that we can, you know, as we're building two, three, four years in the future, we understand not only what are they building, but how does capacity come online? How do we start to sort of collaborate around when we could be customers for that? We're market takers in the chip world.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“100%, we do, but we are building product capability and product features and benefits based on technology that's being produced at scale by much larger manufacturers.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Pioneering new technology. We're certainly not designing custom chips. So we're integrating product around technology that exists.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Time. Yeah, no, it's been hard. The chip manufacturing industry is highly consolidated. The pandemic just accelerated digital adoption so rapidly. And we all compete for the same capacity. I mean, all of us with the biggest auto manufacturers, device manufacturers. So yes, that's been painful. Not only difficult to get, but pain significant premiums, many multiples to buy inventory on the spot market where we can't get it otherwise. And that's something that we continue to feel. And I think that's going to continue the next couple of years.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“All of our consumables are produced in the US, so rub sauces, pellets, but all of our durables are produced between Vietnam and China. And I should caveat that with we've just started to produce in North America and Mexico, actually, which we've been working on for a couple of years. And so we're building more of a diversified portfolio of sourcing geographies. And, you know, China was just panacea for 20 years low cost labor, low-cost transportation, you know, fairly stable geopolitical. And that's all changed. And so, you know, we've been sort of diversifying outside of China for a few years now.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Predictable and very expensive on the pellet side, fortunately because we're vertically integrated, it's been relatively uninterrupted. We've just been hit by transportation cost increases.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Supply chain, the bane of my existence. It's been a hard couple of years, and I would say On the pellet side specifically, we don't really fluctuate with the cost of wood because we're just taking the sawdust that comes out of the operation. It didn't affect the product cost much. I will say that the cost of transportation did. And so, you know, if you think about a 20-pound bag of pellets that cost $20 and suddenly transportation cost goes up very meaningfully, it really impacts margins. So we felt it there. The more painful part of supply chain really has been anything that we import from Asia. And it's been about transportation cost, you know, fuel surcharges, lead times. I used to be able to move things across the water in 25, 30 days, and now it's like 70, 80, 90 days. And so supply chain has become very unproductive.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“We have a lab, and we're always testing. And I would say we spend more time innovating the quality of the pellet and independent of shape or cartridge printer cartridge model. We believe that we bring innovation through something that burns better, creates better heat, creates better flavor. We launch new flavors frequently limited edition flavors. And so look, that's where we spend our time from a pelot innovation perspective.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Do you know what? It's two things. Number one, when you have a very large installed base, it's actually not easy to completely cut over. The other is that we believe that it would be a lot more expensive to do that than actually build the best pellet and create the most loyalty.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“There's real science in the quality of the pellet, and the quality of the pellet really is an input to that cooking experience. But the other is that people trust brands. And so north of 90% of Traeger owners buy Traeger pellets. When they have options to buy others, why do they do it? Because they trust it. It's food. They're cooking food. And we find that when you buy a Traeger and everyone gives you this high five, dad, mom, bro, that was amazing. Well, we find is that they want to spend more time and more money on what they're cooking. And when you put a $150 brisket on your grill, you're not going to use cheap pellets and suboptimize the result. And so, you know, the consumable is an important part of it, but we have to inundate on the consumable too. And it's got to be high quality. It's got to be well packaged and well-branded.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“No, no, here's what I would say it's like other consumables. When you walk down a grocery aisle, you can buy Captain Crunch or like, I don't even know what the generic is because you buy the real thing, but there is value in a consumable to the quality of the product, and not all pellets are created equal. That's why we vertically integrate it because we actually build a better pellet. And if we want to get into humidity and smoke to heat ratio and bark input, stuff like that.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Well, I would say a couple of things. Number one, the more grills we sell, the more grills we sell. And that's because we have a highly evangelical community. In fact, we'd always heard that, and we did a quantitative study. One of the things we learned is 80% of trader owners have recommended the brand to an average of six other consumers. And so highly evangelical. So the lifetime value of our consumers more than that person. Second is, you know, we improve the cooking experience through accessories and consumables. So accessories that create new modalities of cooking, that make cooking from inside the kitchen out to the grill better. And then we sell a wood pellet. And the wood pellet is the fuel. And so on average, a consumer is a Traeger owner is burning about 110, 120 pounds of pellets a year.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Is we always want to have the best cooking device devices and sort of accessories, but we want to make sure that we're driving innovation in the content experience.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Development, it's always evolving. You launch a new grill and maybe have three or four years of useful life. You launch a version of your app and the next month you're doing it again and you're always, always pushing the content pieces where we probably invest the most. I mean, that's ultimately what changes the experience. But the model is expensive. But we think it's important. Over time, hardware commoditizes. And so we feel like Apple's a great model. It's the best hardware from a design perspective, from a usability perspective. Part of the reason for that is that they also develop their software and they curate the apps that can live on their platform so it's a good experiences. And we sort of think about our platform a little bit that way, which”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“It's yes right now. I would say we've kind of hit that inflection point. Some of it, to be fair, goes back to our strategy. And so over time, hardware innovation slows down. And you certainly see that in devices, handheld devices. You can only take things so far. And then it's the content and it's the software that really facilitate the differentiate experience. And so, you know, we spend a lot of money on both sides. And we still have a lot of innovation in, you know, in the durable and the hardware piece. But, you know, the reality is that an IoT, a connected product has a lot of investment in server capacity, in software development, in content.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Decision making it's something that's evolved for me over time. I make decisions quickly. I believe in gathering as much data as you can as quickly as you can, but it's an 80-20 rule. It's 20% of the data that drives 80% of the knowledge, and then you make decisions based on your instinct. And I do it quickly. And sometimes I get criticized for making decisions and jumping to conclusions too quickly, but this is the culture I want to build. Let's not die a death of a thousand. Like unwillingness to make mistakes, let's make decisions quickly. That's what innovative disruptive businesses do. And that's how I move.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And I say brand, but what I really mean is community because that's the purpose of our brand team. And then everything else facilitates that. Everything else supports a better product and a better community for our customer. And so everything else is here. We've got finance, supply chain operations. The service operation is run here, but our call centers are outside of Utah. And so all of the headquarter functions are here. And then everything else around the world is either supporting these core functions or it's building out sales and marketing in different market.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Broader answer to that is we always think about where does success come from success comes from providing an experience that your consumer values and finds important. And so for us, the experience is driven by two things. It's driven by a differentiated product experience. And so we have a very substantive and good product organization that's always pushing the envelope on innovation and building better product. That used to be just the durable, the grill. 2014, we started working on the first cloud-connected grill, which we launched in 2017. So it's consumer technology. It's like all of the digital experiences, the content that make it great. And so you've got product and then you've got brand.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“And so I think one of the things that we talk about daily is we are a disruptor. How do we make sure that we're never disrupted? And that really informs how I think about, you know, build team once. You build team every single day. You know, you top great talent. You fill in gaps. You part ways with people who no longer contribute or are not cultural multipliers. And we're somewhere early on this journey. We're public company now. And so that informs some of the things that we have to do. But, you know, at the end of the day, being public is, you know, it's a financing vehicle the way that private equity is a financing vehicle. And what we really aspire to do is build something great that lasts forever.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT
“Headquarter office in Utah. We've got an office in Europe that runs a European operation, an office in Shanghai that oversees our Asia sort of sourcing operation. And we're mostly based here in Utah. You know, I would say mostly headquarter function. So we're, let's say, 300 of our 800 people around the world are here. I'm the CEO, very, very actively involved. I would say my greatest motivation, how it informs organization and strategy and vision is this belief that getting better and learning and developing knowledge and skills, it's the most satisfying part of a career. And when you do that, others gravitate towards that and they want to do the same for themselves. And then you build this great business outcome.”
2022-07-04 · Decoder with Nilay Patel · How arson led to a culture reboot at Traeger, with CEO Jeremy Andrus · IDENTIFIED FROM THE TRANSCRIPT