YouSaid · the spoken record

John Foley

lines on the record: 75
first: 2019-04-29
most recent: 2019-04-29
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

“I was thinking you were probably looking up here and saying, I hope I'm not an entrepreneur at 48 years old. My buddy Amarlvani, who's the CEO of Standard, has a little saying, risk is the tariff paid to leave the shores of predictable misery. And one thing I did in the early days was I just started telling everybody that I was starting this company. Everyone who listened, I told him I was starting this company. For months. Looking back, I realized that I then had to deliver because I'm too ego-driven. I couldn't look you in the eye because you're like, wait a second, you said you were going to do that. So I think putting the energy out there and telling other people gets the momentum going and holds you accountable. And I thought that was an important thing for me having the courage, which is basically I had to deliver on my promises.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So, yeah, luck plays a part in everybody's life. I was lucky to have two parents that built me up and gave me confidence and loved me. That is luck. You hit the lottery when you have great parents, right? But I do think, like most entrepreneurial ventures, you hear that 1% inspiration, 99% perspiration. We check our egos at the door. Everyone brings their best self to work. And I think that's how we've conquered a lot of obstacles.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I do. I do feel more comfortable. I'm not comfortable yet. I will tell you my wife gets frustrated with me. I spend money as fast as we get it. And I bought my parents a house. They didn't have any money. So I bought my parents' house and we just recently bought my in-laws a house. And so I am, you know, we don't have much money in the bank account still because every time we get any money, we're trying to impact the lives of.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“No, not at all. No, I honestly believe we're just getting started. We have massive global ambitions. I think if we do it well, this will be one of the special companies of our generation. And so your question, Guy, what keeps me up at night is how do we scale our culture? How do you go from 2,000 people to 50,000 people in the next five or six years and still have the fun.com energy, the trust, the transparency, having a fantastic culture where you're able to recruit and retain the best people in the world is what keeps me up at night.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“But so we see a world where if you have better hardware, the best bike or the best treadmill in the best location, which is your home and you have great software and you have a global community of supportive people and it's time shifted so it's when you want it, why would you travel to an inferior experience with an inferior piece of fitness equipment with somebody else's sweat all over it? So, we see a world where content will evolve and the programming will evolve and the software will evolve, but the hardware that you pedal is a constant.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So, yeah, we're very excited about the category. We love fitness. We love technology, and we love media. There's a metaphor that Henry Ellenbogen at T-Row Price put on my radar a couple years ago. I thought, wow, that's good. I hadn't thought of it. But the metaphor was in the 80s, you'd go to their arcade. And today arcades are gone because you have better experiences in your home interconnected with the world, especially now with things like Fortnite, where your friends are in it. So it's social, it's sticky, it's a better location, and it's a better value because you're not paying 25 cents every time you die in Galaga. Dating myself.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“The Series E mean, the date was two years ago, effectively, when investors started to really see it. And we actually turned down. I mean, for the first five raises, we took every dollar we could from anybody. And that creates a cap table of 300 people, institutions and individuals. And, you know, some of them aren't my best friends. I would say 95% of them are friends, but 5% of them were people you wouldn't want to take money from. But when you don't have an option, you're going to go bankrupt, you take money from literally anyone who will give it to you.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I would say we were profitable because we could see profitability in six months. So I would say we were effectively profitable. We never truly turned a profit, but we would be scrappy enough that the margin and the bike and the proceeds from the subscription would start to, you could see that it was going to pay our overhead. But then we would quickly want to triple down on a new product or a new market, a new marketing, and more higher growth or more stores. And so we've always needed money to fund the growth.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So the bet there was that we wanted to have a studio that was a content production facility, basically a television streaming studio. And in the early days, it was, I say this, it was a spin studio with a television camera. Now it is a television production facility filming fitness content. And we have some of the best production people and some of the best on-air talent, obviously, in our celebrity instructors. But we have become a pretty hardcore media company. But in the early days, it was how do you rig up a camera and get the lights on the instructor so that the content is captured?”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“It was hard for a long, long time. But the traction, yeah, we started opening more stores. But then it's like you're selling 4,000 bikes and you have this massive burn and you have great shareholder expectations. You're still running out of money. You go do 100 pitches and you get a hundred no's, even though you sold some bikes and you have some happy customers, you're still in the grind, you know?”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I was masquerading as running a great company, and we were trying to put on a happy face and sell to the team and sell to the investors optimism. And the truth be told, for two or three years, we were about to collapse and we didn't have the money. And it was stressful. I mean, I'm not the first entrepreneur to have gone through it, but it was the first time I'd gone through it. It was very tough.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“It was tough. Again, the fact that my wife believed in it meant a lot. Again, either Peloton wouldn't have worked or our marriage wouldn't have worked if she hadn't been a believer in it. It was very dark days and it was, I was. If we talk about what happens when we unwind Peloton, if that's the conversation. How we're going to move in with your parents. Let's walk me through the unwinding of this so that I don't. Something bad doesn't happen”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“This is amazing. Right, right. You were screaming in the mall because I'd make the music too loud. And generally, if I could get somebody on a bike, honest to God, I got to a point where it was a 50-50 chance that you're going to buy the bike, even though you just heard of it. Because it is something that once you experience it and get on it and see it and it clicks, you want it.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“That was exactly right, guy. It was you and your wife would walk up and I'd profile you and I'd say, okay, she's probably soul cycle, he's probably outdoor cyclist or whatever. And there is some gender bias in fitness. One of you would get on the bike within two minutes of me talking to you and say, hey, you got to try. Come on, please. And I'd be adjusting the seat and minimizing the friction so that you get on and get you on the pedals. And I would hand over the headphones to you. And I'd know what class to start with you, what instructor you might like, what instructor she might like. I'd know what class. And I would be all this, it was a fun game for me to try and get the hook in your mouth right away as quickly as possible. I'd get you pedaling so that your endorphins start moving, so your bodies start to giving you reaction. Headphones on, loud music, and you would look over at your wife and you'd say,”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“No, we were able to renew the lease on Shorthills. And we said, wow, this is working. Let's go get a couple more locations. I think we had four locations, and we started selling bikes.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Incredibly, I was, yeah, absolutely. I was disheartened, demoralized. And you think venture capitalists want to have a vision and take risks, but you're absolutely right, guy. They minimize risk. And you get it if they're shepherding your capital. They want minimal risk, but it didn't make sense to me at the time and still half doesn't.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I go back to those same people and they're like, so you're selling bikes, but this is a subscription digital content business model. They might buy the bike and they might churn after a year. Come back after you have more cohort data. After a year or two on the churn of the subscription. I was like, wow, come on. I can't get two years down the road if I don't have more money.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So, the frustrating thing guy on that vector is a lot of people would say, I'm going to wait to see if there's bike sales. I'm going to wait to see if people want this product.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“They weren't live yet So it was five months before we had our studio in Chelsea open. So you were still selling a dream. But I will tell you, visa-vis, I mean, even one Jen Sherman class in a cheesy four bike studio in the back of our office, her personality came out. And you get on it and you put your headphones on, you're like, I can take this anytime I want. And by the way, then click over and you get to take a Robin class. enough was there that you're like, I get it. And you're going to add classes every week. Sure, we're adding classes every week. And they got excited. And if you like fitness and you like to take risk taking, it was fun.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“A legitimate question. It's a totally legitimate question. Now, pick a number 95% of startups go bankrupt. I have no idea, but it's a material majority. And I had a good answer, which was if you're paying the subscription, we can keep an Amazon Web Services server going and park the content up there and stream to the bikes because the economics will still work for the business. So in bankruptcy, whoever gets this asset of the annuity of the I had a story at work sometimes.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it was looking back, it's amazing to me. It's still a miracle that this happened. But you think about who's going to come in, walk by a store in a mall they've never heard of, come in and check out a bike and get $2,000 in the credit card out and say, I want one once a day. Every day somebody's going to come in and buy Palathon bike. Very quickly, we were selling five bikes a day. And it was just mind boggling. That's just people never heard of this. And I will tell you interestingly, a guy, the main objection back then wasn't the price, it was what happens to this bike when you guys go bankrupt.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Incredibly affluent. I'd never been there. I'd never heard of it. And I ended up not going because I was still in the deep, dark days of fundraising. Somebody else launched the retail and it was a combination of Ryan Ingel and Tom. But we did run the math and we said we need to sell one bike a day in order to make this work.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Well, what you want is in early days. To your point, if you have a $2,000 product, you do think the lowest hanging fruit is going to be affluent neighborhoods.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“That's right. At that time, we had this product that we thought was awesome, and the website was up and no one was coming to the website. So we started doing some Facebook ads and, you know, a trickle of sales came in, but not nearly fast enough to build a business. So we thought about having a pop-up in Grand Central because we were like, we want to reach commuters because it seems perfect. Couldn't get the right spot. But I think it was either Tom Cortezi or Ryan Engel, this young guy on our team, had the idea of going out to Shorthills Mall and finding out whether they had a pop-up location.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, sure. So I put an ad on social because you can't afford real ads, so you're just posting things on social. And it was Peloton is looking for the 10 best instructors in the world. And it's just ridiculous bombastic. I get it. But we were. And so let's see who bites. And so I remember one of the first instructor that we hired was a woman named Jen Sherman who was a big deal. Gotta love Jen. She said look no further. I have the email. She has the email. It was a moment and her personality was captured in it. She's such a fun, charismatic, believes in herself.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“A static camera, exactly against the wall. We rented some lights, some studio lights. I think we had our CTO Yoni as a fake instructor to kind of do the first class before because this was way before we could convince any instructor to join our team.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So what I was going to say is we would, on Wikipedia, research, okay, television production camera. And you'd see here's the really expensive one, here's the medium one. And oh, a fun thing is our office was right by B&H Photo. So you go over to B&H Photo and you talk to somebody and say, this is what we want to do, and they help you. I mean, this is the learning, this is the fun stuff of entrepreneurship. We love these days.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“One interesting thing, a couple months after the Kickstarter thing, we launched a website and we started pricing it at $1,200. Because it was just over $1,200 was our cost. And we're like, let's price it at cost because we have the subscription digital content business model that comes afterwards, so we don't need to make any money. And we weren't selling any at $1,200. And someone told me that at $1,200, it seems cheap. It sounds cheap. And so we said, well, let's increase the price. And we increased the price. And impossible to truly tell, but it seemed like the velocity of sales increased.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“It was both, but we were very excited about the raising money piece of it. And it turns out it was a flop. It was incredibly disappointing. We thought, here's a video, here's a four-minute video tells you everything you need to know about Peloton, and 200 people, I guess we raised 300,000, 200 people bought, and 100 of them were investors. So it was back to the drawing board do we have a business? How are we going to sell this thing? It was a moment.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's the fake until you make it. Or at Peloton, we say you got to rob a few gas stations on the way the perfect crime. And so what you do is you ask the model and the Kickstarter video to not really ride it, to be very delicate, and we capture the right, so it doesn't shake. And we know that we've got a little more time to work the kinks out and try and problem solve the wobble.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no. The next prototype that we got, that we got the scale right, we were much closer to launch and we were much more anxious with the next bike that came off the crate from Taiwan. And we got on it. We were excited to look great at the right scale. And we put the tablet on. And I think my wife got on it to ride it because she was off in our muse to test things out. And the whole thing started wobbling. The screen, she couldn't watch the instructor because the screen was wobbling so much. And we tightened everything down, tightened everything down, still wobbled like crazy, and we realized there was just fundamental design flaws with the entire bike.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“So, if you know the spinal tap where it was 18 inches, not 18 feet, there was a little scale problem where the first prototype was about 40% too big. It was like, we looked at it and we're like, wow, that's a big indoor cycling bike. So funny, we have a good friend of ours, Lauren Salamando, who is a tall, beautiful woman. And we needed some marketing. So she's 5'11 or something. And we said, can you come model the spike so that the proportions look a little bit more normal?”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Stakes are very high, and at In the early days, when we had engineers and we had very little money, and you have to pay engineers a lot of money to get great engineers and give them a lot of equity, obviously, I clean the bathrooms and I vacuumed every day for three years in this little place we had, and I kept it clean because we couldn't afford a cleaning office, and I didn't want anyone else distracted with the cleaning. So, you know, I was that guy. But then I turned into the fundraiser. And we made it work. Obviously, we're sitting here, but it was very, very dark days for a long time.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“That was the frustrating thing is the no market data because we created a category in a sense. And I thought when the venture capitalists heard that, they would say, wow, this is true vision, this is true disruption, absolutely let me in. And they were saying, no, there's no research. They look for what's called pattern recognition. And there wasn't a pattern in what we were doing. And so it was frustrating because I saw it clear as day. Our early members and customers saw it. They were saying, oh my gosh, this thing's changed my life. They're going crazy for it. And still the investors weren't there.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Sure. There was quarters and years where there was incredible self-doubt. I mean, it had to be. I was a nobody from Key Largo, and here are named venture capitalists. I mean, I don't want to call them out by name, but think of 20 venture capitalists. You've heard their name. I'm sitting there and they're saying, no, this is dumb, no thank you. And you're like, who am I to think that this named person at this named shop is wrong?”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Of them, so it was a hundred angels that gave us the first 10 million. And then finally, after almost three years, Tiger Global, which is a New York City-based venture capitalist, thankfully, because the valley out in Sandhill Road, the valley didn't see what was happening in New York City with the boutique fitness movement. I'd go out there and they would say there's two types of biking out here John mountain biking and road biking like okay great and that they just didn't see what was happening and it was a blind spot for them so luckily there were some venture capitalists in Lee Fixl a visionary at Tiger Global saw it and they were the first institutional check”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I would bet I pitched three times a day for four years Between thousands of angels that ended up giving the first, we have 100 angels to get the first 10 million. But in order to get 100 angels at my success rate, I probably pitched 3,000 people. And then the 400 institutions that all said no.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we went to Taiwan to trade shows. Super fun, by the way. There's incredible if you go to Fly Eva Air to Taipei and go to one of these trade shows. Your mind is going to be really opened up with so much manufacturing and technology and interesting stuff over there. But those first two years of pulling the thread through on the technology and doing prototypes and testing and tasting the dog food and getting people on the prototypes, it was so fun. The tough thing was those years we just didn't have any money. So we were always about to run out of money. And when you have a vision and you have people and you need capital to build a business, and when it's not there, it's very scary and it's very stressful.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“And she's an amazing woman. I love Ruth. She went to start Flywheel. And so there was a lot of vitriol between the two companies. Yeah. And I understand, I mean, it wasn't personal. It's competitive. And I can understand it.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if you guys follow it. It's a very territorial category, especially in New York, the flywheel and solar cycle, and you had Julie and Elizabeth on the show, who I now am friendly with, but because of... Because the Ruth Zuckerman defection”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. And we got a couple weeks into a term sheet with flywheel, and then they backed away. They'd just gone through a financing round, and it didn't make sense with their new investor. Sol cycle, it was tricky. I don't think there was enough human chemistry with the team. They were very big. We were nobodies. So the conversation was kind of one-sided. Right. in a way that I thought it would be a conversation of equals, but they were doing so well and getting so much affirmation from their community that”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“That's right, we went to Soul Cycle and Flywell. We said, you guys have instructors, you guys have studios, you guys make content. This is what you guys do. We're technologists. We're going to build a hardware and software platform. What about we come together? It seemed very obvious that that would be good for us and good for them.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“And I kept coming back in my mind to the clock radio and your holiday inn that has the iPhone 4 dongle. And I said, I don't want to be that company that looks so dumb because your product is made irrelevant based on some other company's hardware cycles. And so I said, I think you got to make the tablet. By the way, this wasn't me. This was our founding team. We were coming to this together. But these are the decisions that we made.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, that's right. I mean, for all of you budding entrepreneurs, software is easiest. A pure software company is easiest to do, and it's easiest to raise money for. Every venture capitalist is looking for the next Instagram where you put $250,000 in and 18 months later it sells for a billion dollars. So we were trying to think can we be software only? And we started to look at the deep research on the bikes in the category. And as you probably know, the fitness equipment category is incredibly dopey. No tech, no design, and just, it didn't feel like there was a bike that met the bar of quality that we wanted. So then we started thinking, guys, let's make a bike and let's have a dongle to plug in your iPad. Everybody's got an iPad.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“No, this was from, I think, eight people. And it was people who just knew me and trusted me and loved me and had worked with me in the past. So it was my best friend's dad who had some money, not a lot of money, but enough that he was willing to give me $50,000, which was the big check. And then my brother-in-law, who had made a couple million dollars in his life. So it was one of the richest people I knew. And he was willing to give, I remember the text, I said, are you in for 25? And he said, he sent me a picture of Fitty Sint. He's like, no, I'm in for Fitty. He's a very exciting guy.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“I was, but truth he told guy, his sow, it was about two years before he left his job. So he was moonlighting, so he didn't have to take the risk, and Tom was out of work. So it wasn't as hard as you think.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“That's right, he'd worked with me before, and I would never start another company without him. He's just so can do and positive. And so I sat with him, as he remembers, it was a bottle of wine and some sushi takeout. And at the end of it, he's like, I'm in. So you get a little bit of momentum getting some other people on board and things become more real when there's other people that jump at the foxhole with you.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“How to start a company. So he was instrumental and he's a very smart guy, and so he advanced, he wasn't just the legal guy. He was co-founder ever since. And then a third co-founder, Tom Cortezi, who is just...”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, there were three phone calls I made. My mentor, John Pleasance, he had just started a job at Disney, and so he dragged me on a Disney cruise. And we pulled out two spin bikes, and I was pretending to coach him through. I was like, say there's a screen here. And I was on the bikes coaching him through. I was like, stand up. And he didn't stand up. I was like, no, you have to stand up. You do what I say. So I'm turn the knob. And I worked him through for 10 minutes of faux class. And he sat down and he's like, I get it. That was better than I would have done myself. And so the light bulb went off in his head. So he was an early investor. So I got him. Then I called two of my co-founders, a guy named Hisau Kushi, who is still our general counsel and one of my best friends. And he knew how to start a company. Like one of the things is once you have an idea and you're pregnant with starting the company and you have a backer, what do you do then? What do you incorporate in Delaware? Like all that stuff. I have no idea.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT
“And so the content really is important. And I said we could get the best people. And so I explained the whole thing and I did go home and talk to my wife about it. She knew the category. She knew me. And she's nodding. And luckily, she was behind it very early because I think for the rest of this podcast, we're going to talk about the bone crushing next seven years. And thankfully, she believed in the idea.”
2019-04-29 · How I Built This with Guy Raz · Live Episode! Peloton: John Foley · IDENTIFIED FROM THE TRANSCRIPT