CHAPTER 10
BRANDS WITH PURPOSE
The venture capital (VC) industry is great at finding and betting on winning formulas for building businesses. They work until they don’t.
The formula du jour is adding a dash of purpose to companies targeting millennials. If you are that kind of a consumer products startup, you must check off the “brand purpose” box.
Consider Harry’s, an insurgent brand launched by Jeff Raider and Andy Katz-Mayfield in 2013. It quickly captured a 4 percent share of the men’s razor blades market and was almost acquired by Edgewell (which makes razors under the Schick brand) for $1.4 billion in 2019, until regulators scuttled that deal.
How did they create this billion-dollar market cap rock star in just five years? Answer, they ...
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