Manny Lubin - How Slate Milk Raised $30M+ by Reinventing Protein Drinks for the Healthy Minded
Open ResidencyShow Notes
In this episode, I sit down with Manny Lubin, co-founder of Slate Milk, to unpack the journey from a simple idea in 2017 to becoming a dominant player in the protein drink market. Manny shares hard-hitting lessons on brand positioning, product innovation, and some keys to winning in the beverage industry. We talk about: The early struggles of launching a better-for-you chocolate milk How Slate Milk stacked TAM’s to find its niche between bodybuilder protein shakes and chocolate milk The business of dairy including ultra-filtration, removing lactose, and optimizing for a low sugar, high protein product Raising over $30 million with key investors like Peter Rahal (RXBAR) and Drew & Amanda Cohen (Yasso) The Shark Tank experience Leveraging influencer marketing, UFC partnerships, and retail expansion to scale The biggest mistakes in CPG fundraising and marketing Whether you're an entrepreneur, fitness enthusiast, or just fascinated by building a challenger brand, this episode is packed with tactical insights you won’t want to miss. 00:00 Intro 01:15 Brand Positioning, Starting Slate 04:21 Target Audience and Market Growth 05:13 Core Thesis of Slate 07:14 Market Analysis, Stacking TAM’s 09:54 Masterclass on Dairy Industry 11:29 How Slate Makes Their Product 12:45 Deep Dive into Product Development 20:32 Mistakes When Building the Product 22:01 Raising $30M and Investor Insights 22:33 Advice from Peter Rahal, RxBar 23:33 Advice from Nick Rellas, Drizly 25:04 Advice from Drew and Amanda, Yasso 27:32 Choosing Board Members 28:42 Slow vs Fast Growth 29:20 Board Seat Deal Structure 30:39 Common Blindspots in Business 31:45 Meeting with Stu Klane, Chobani 33:26 Working with Skyview and Riverbank 34:39 Advice when Raising Money 35:24 Partnering with Maxx Crosby 36:30 Intro with the UFC 38:14 Launching with Kickstarter 39:35 Marketing: Overarching Strategy 41:26 Working with the UFC, Deal Structure 44:08 Marketing: Top Funnel 44:38 Influencer Partnerships 49:24 Marketing: Middle Funnel 53:14 Retail Strategies and Field Team Operations 55:00 Succeeding In Stores, Advice from Retail Managers 59:23 Getting in Whole Foods 59:49 Direct to Consumer Buyer Funnel 01:03:30 Fitness Influencers 01:04:17 Cavinder Twins 01:05:20 New Initiatives 01:06:48 New Product Sneak Peek 01:07:42 Operating as a Remote Company 01:08:44 Co-Founder Dynamics 01:11:28 Scaling Challenges 01:12:27 Measuring Success 01:13:05 Mental Resilience 01:14:24 Misconceptions About Shark Tank 01:16:35 Lightning Round 01:23:27 How Big Can Slate Be? 01:26:24 Outro
Guest: Manny Lubin, Slate Milk Instagram: https://www.instagram.com/mannylubin/ / https://www.instagram.com/slatemilk/ LinkedIn: https://www.linkedin.com/in/manny-lubin-56329785/ Website: https://slatemilk.com/
Get in touch in the comments below or head to: Instagram: https://www.instagram.com/openresidency/ LinkedIn: https://www.linkedin.com/in/markmastrandrea/ Website: https://openresidency.com/ Contact: [email protected]
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