Today we welcome Jude Colangelo, Founder and President at Eat the Bear, to the podcast. Jude has grown Eat the Bear from simply satisfying his own protein needs to a company who raised $1 million in angel funding in late 2017 and already almost doubled in that short time (April 2018). He partnered with Luke Kuechly several years ago and has new products ready to roll out that could really open things up any further. Yet, his story is likely not known in Charlotte.
He worked in banking for years, had invested in some small startups too. As I learned about Jude and Eat the Bear – knowing he was unable to raise money in Charlotte but successful raising money elsewhere – I thought it would be great to bring the story to the Charlotte Angel Connection listeners.
This will be our standard two part podcast with Jude. I wanted to take time with Jude in our first series just talking about Eat the Bear and how it has developed over the years. As such, we covered the following topics and more:
- How did Eat the Bear come into existence? What were the 10 simple things he was looking for in a protein supplement?
- How did Jude – with a background in investment banking – go about developing a formula for a protein supplement?
- How did Jude shift this from supplying his own protein needs to developing a product?
- Jude left his corporate job in April 2017. But for several years, he ran Eat the Bear and worked in investment banking. How did he juggle the two different jobs?
- How did Jude come up with the experience to run company shipping protein and other supplements across the country –including sourcing product, supply chain knowledge, dealing with retailers, etc.
- Given the fact that Jude hadn’t fully committed to the company (afterall he was still working with a bank), how did Jude find the talent – COO and Sales guy – to help him run the company?
- How is Jude adding products to his product line?
- Jude is trying to break into a very established industry. What makes Jude think he can take on such an established market with a brand new company?
- Does Jude regret any aspect of Eat the Bear – including leaving a very nice paying bank job?
In Part II of our discussion with Jude next week, we will tackle Jude’s experience raising money as a Charlotte based company. What was his experience like in raising money? What does he have to say to young entrepreneurs and investors in Charlotte?
William Bissett is an Investment Advisor Representative with Secrest Blakey & Associates, a Registered Investment Adviser. Opinions expressed on this program do not necessarily reflect those of Secrest Blakey & Associates. The topics discussed and opinions given are not intended to address the specific needs of any listener.
Secrest Blakey & Associates does not offer legal or tax advice, listeners are encouraged to discuss their financial needs with the appropriate professional regarding your individual circumstance.
Investments described herein may be speculative and may involve a substantial risk of loss. Interests may be offered only to persons who qualify as accredited investors under the Securities Act, and a Qualified Purchaser as defined in Section 2(a)(51)(A) under the Company Act or an eligible employee of the management company. There generally is no public market for the Interests. Prospective investors should particularly note that many factors affect performance, including changes in market conditions and interest rates, and other economic, political or financial developments. Past performance is not, and should not be construed as, indicative of future results.
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