Joe Lemay on Overcoming Failure to Become a Crowdfunding Hit That Can Last

Converge: The Business of Creativity Podcast with Dane Sanders

Failure is a Part of the Testing Process, Keep Trying

Joe Lemay is an entrepreneur who was enamored with the idea of developing an idea and finding a way to get it fully funded by potential consumers who believe he can follow through and provide that new product. Initially, he started out trying to develop and promote an app on this consumer-driven platform. However, he quickly learned that when it comes to Kickstarter and Indiegogo, they are better suited for physical products and gadgets.

Even though his initial project was not successful long-term, he continued to try to create something. Eventually, he partnered with his friend Jake Epstein to create something called Rocketbook Wave. Rocketbook Wave is a reusable notebook that allows you to update your content into a cloud-based system within their app. Basically overnight, it had 99,000 pre-sales on crowdfunding. They created a clever way to make it reusable- the ink is erased when microwaved. Eventually with lots of mishaps along they way, the Wave became successful and led them to develop the Rocketbook Everlast. Today, they have multiple options of notebooks to choose from, so you can find which best suits your needs.

Building Company Culture Around The Testing Process

When it comes to a running a business, you need more than just a successful product to not only survive, but to thrive as well. A successful company requires investing time and resources into feedback, customer service, and a shared culture. One thing that Joe has always valued is testing, and he has used this as a cornerstone when building his company culture. They constantly test out all aspects of their company from products to emails. In today’s social systems, you can truly engage with customers in a way never done before. Joe utilizes customer insights and seeks them out to continuously improve their business and brand.

One way that they are improving their brand is through a new product called Rocketbook Whiteboard Beacons. With this product, you can do everything you can with one of their notebooks, but with the formatting of white boards. In the days of hybrid businesses and schooling, this product is something that could cut costs and revolutionize virtual meetings.

In this episode, we do more than just discuss products. We discuss overcoming failure in business, taking steps towards new ventures, cultivating a shared experience, and so much more! We think that Joe and Jake’s business has a lot to offer.

Timeline

02:27 How can you take the lessons that Joe shares and use them to overcome any friction you may be experiencing with a product?

06:47 The concept of crowdfunding and how it influenced Joe.

10:55 The transition from just a few pre-sales to thousands, and how it impacted Joe and Jeff.

13:38 Dane’s discovery of Rocketbook.

14:36 Dane learning how to make the product work for him.

17:04 What does it take to go again as a business owner when it feels daunting and out of your depth for the moment you’re in?

18:34 Learning to accept when something isn’t working.

19:20 The benefits of taking a break.

20:33 When it comes to a successful company, a good founding team and management team is very important.

21:49 Overcoming difficulties when initially creating Rocketbook Wave.

22:14 The influences of customer services in the initial stages of a business.

25:13 Not only is it the product but also the experience people have.

25:31 What kind of leadership and culture is needed to leap from a viable product to a viable company?

28:33 The purpose of customer service is keeping the customer happy and learning from them.

29:32 "Turn customer connections into customer insights.”

31:13 As a leader, when you don’t always get great news, what do you do?

32:42 What do we do with negative feedback?

33:39 When it comes to a product, not everyone will ever understand. You need to find your segment of customers that do get it in order to be successful.

36:05 The principle that Joe accents in his company.

39:56 Rocketbook Whiteboard Beacons and their uses.