Episode Transcript
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Speaker 1 (00:00):
Welcome to our CEOs you should Know series. I'm Mayor Rodriguez.
From thrashed on Shark Tank to thriving. Slate Milk continues
to grow in popularity. Joining me today is co founder
and co CEO of Slate Milk, Manny Lubin. So first, Manny,
tell me about Slate Milk and it's mission statement.
Speaker 2 (00:15):
Yeah, So, Slate we sell better for you protein drinks,
high protein, low sugar. We use ultrafiltered milk and package
our products and the luminum cans.
Speaker 1 (00:24):
And it's also basically a little bit healthier for you
because it's lactose free, so it's good for anybody who
really has some allergies and things.
Speaker 2 (00:33):
Yeah, we like to think of our products as better
for you, healthier. A lot of the protein shakes on
the market use artificial ingredients, use protein powder which might
not taste as good, are packaged in plastic bottles, whereas we.
Speaker 3 (00:44):
Use luminium cans.
Speaker 2 (00:45):
And I think when we started the company, our goal
was to make chocolate milk better, giving chocolate milk a
clean slate. That's how it all started, and then it
just evolved into a better for you protein drink brand.
Speaker 1 (00:56):
So Slate milk is setting out to modernize that legacy
category of milk. So what consumer insider, personal expertise convinced
you that milk needed to have a complete, so to speak, rebrand.
Speaker 2 (01:09):
Yeah, it's funny. When we started, it was healthy chocolate milk.
And then what actually made us realize that we were
better for you protein drink brand is we realized a
lot of people weren't necessarily drinking the product because it
was milk. It was more just that it tasted great,
was high protein, was low sugar, and a lot of
people actually drink our products as breakfast or just a
(01:30):
healthy snack throughout the day. And when we look at
the dairy aisles and stores, I think a lot of
people kind of get weirded out by the word dairy
or the thought of milk. But what we realized is
that milk at its core is just liquid protein, and
if we can make it better and enjoyable, it's healthy
and tastes great.
Speaker 1 (01:46):
Your branding's bold and differentiated. So how do you balance
standing out visually by building trust in a product that's
traditionally seen as classic and kind of nostalgic.
Speaker 2 (01:57):
Yeah, I think you know what great brands do is
they build that trust factor, And the best way to
do that is through customers knowing and thinking that you
are using the best ingredients you can, making the best
products that you can, and doing everything you can just
to improve your products and business. I think another way
that we do that is through having great partners. So
some of our brand partners include the UFC President, Dana White,
(02:21):
NFL All Star, Max Crosby, Duncan Robbinson, NBA All Star.
Speaker 3 (02:25):
For remind me heat Forward, there you go, There you go.
Speaker 2 (02:28):
And we have some other great investors like diplow Ice, Spice.
The list goes on and on, and these are all
customers of our products. And so I think customers out
in the market know that celebrities, athletes, people that have
the optionality of a bunch of different brands typically only
select the ones they like and believe in. So building
through partners has been a great avenue to build trust.
Speaker 1 (02:51):
Slave is really kind of positioning self, as you're referring
to as an intersection of nutrition, lifestyle, and culture with
these athletes and celebrities. So how do you decide which
trends to lean into versus which to ignore.
Speaker 2 (03:05):
That's a great question. I think that there are a
lot of what we call like fad diets. It's funny
if you look back to like the nineteen twenties, there's
so many diets that have come and gone and come
and gone, and a lot of them have to do
with starvation or just underserving the body in terms of
the nutrients it wants. But the partners that we try
to focus on and the people we want to align
(03:25):
ourselves with are ones that not only love our products,
but that truly use and leverage our products. And so
we try to lean into those individuals that are trying
to increase protein their diet, decrease sugar, have a nice
caloric balance of not overeating in terms of calorie count.
But then also people that aren't willing to give up taste.
Taste wins. You don't want to start a diet or
(03:47):
include things in your diet that you don't enjoy.
Speaker 3 (03:49):
Life's too short to eat stuff you don't like.
Speaker 1 (03:52):
As the co founder and co CEO, what's been the
hardest inflection point so far with formulation, fundraising, distribution and
how have you been able to navigate through it?
Speaker 2 (04:02):
If you ever find someone that knows the answer to that,
you let me know, because I think every day there
are new challenges there. You know, we wake up every
day and are ready to just put out fires, set
off fixed problems and whatnot. I think every day brings
something new. But I think the thing that keeps me
up the most at night are the things where there's
no like check we got it done. It's how can
(04:24):
this constantly be improved? How can we improve our brand?
How can we improve our products? How can we make
sure that we're finding the right partners? And I think
it all kind of mashes together. But again, every day's
new challenge.
Speaker 1 (04:34):
Slate it famously became a phase through Shark Tank and
I watched it. It was a difficult rejection, so to speak,
with being called, among other things, a single cell o meba.
But how did that experience shape the mindset as a
co founder of Slate and how is it able to
help your product grow?
Speaker 3 (04:55):
Yeah, it's a good question. Yeah.
Speaker 2 (04:56):
We were shredded like parmesan cheese on National Challenges Television
before we even launched the company, and I think we
went in kind of knowing that there was some work
to be done on all aspects of the business, but
we had an opportunity and it was. It was a
great platform for us and still today, you know, Josh,
my business partner, and our moms are always like, you.
Speaker 3 (05:16):
Should call the sharks and show them how you're doing.
And I think that the way that we looked at that.
Speaker 2 (05:22):
Was a group of five investors, even though it was
on national television, that just didn't enjoy the products and
didn't think the product, the brand was ready to be
invested in.
Speaker 1 (05:30):
Uh.
Speaker 2 (05:30):
I think we we got back on the flight, we
got back to work, and I think it's a good
kind of stake in the ground of we've come a
long way since then, still a long ways to go,
but it's a it's a good reminder.
Speaker 1 (05:42):
And right now we're living in this era of everything
is protein this, protein that. So how do you see
Slate fitting into that current protein craze with the product
that offers, as you said, less sugar and it's lactose free.
And what do you think the most brands get wrong
about how consumers use that protein power in daily lives.
Speaker 2 (06:00):
Yeah, I think that there's hopping on trends and then
there is creating products that actually aid What would Josh,
my business partner and I like to think is the
evolution of the human diet, which is a high protein diet.
I think if you're just adding three or four grams
of protein to something and calling it high protein, A,
that's a little bit misleading to consumers because that's not
high protein. And B is a customer really willing to
(06:23):
consume something that they might enjoy less just because it
has three or four grams more protein. So when we
started the company, it was kind of thinking, how do
we see the world five ten years from now, and
we see a world where people are drinking more indulgent
high protein drinks because the market was extremely underserved three
or four years ago, eight years ago when we really
started googling things and looked into it, it was severely underserved.
(06:44):
I think in the future, a lot of these quote
unquote high protein products that only have a couple grams
of protein will probably reposition themselves as more of just
like a healthier version or like a better bad lower
cal lower sugar, lower carb versus really leaning into the protein.
I think a high protein diet isn't necessarily a trend,
but everyone just calling out the amount of protein, even
(07:05):
if it's sub seven grams of protein, I think is
a trend.
Speaker 1 (07:09):
How do you personally define success as a leader in
today's business environment that's constantly changing.
Speaker 2 (07:16):
Yeah, I think that there's kind of success like on
the court in business and off the court, you know,
in personal life. I think it's knowing that you can
look back and have grown in all aspects of the business.
I think that if you can grow sales, if you
can grow margin, if you can grow team, if you
can grow brand equity, if all of those things are
(07:37):
moving up into the right, even if it's a small
amount and you're adding more than you're losing, I consider
that ongoing success. And then I also think it's important
to remember that you know there's work is life. I
don't really believe in like a true work life balance.
I think it's part of it. But there's also personal
relationships and so long as the people close to you
in your close circle think highly of you, respect you,
(07:59):
and you have enough room to give them love, I
think that's also part of success.
Speaker 1 (08:05):
What's the biggest challenge you've faced as co CEO and
how have you been able to overcome it?
Speaker 2 (08:12):
Me and Josh, my business partner, are very fortunate where
we Yang and Yang very well. We have never had
like a true argument. I don't know how he deals
with my bs. A lot of times, he's very easy
to work with.
Speaker 3 (08:25):
I think that man.
Speaker 2 (08:27):
The biggest challenge I think is there have been so
many along the way. But even just like day one,
like starting the company, getting the first sales was great
and we were in you know, maybe one hundred stores,
and then that second unlock of getting from like one
to two is what a lot of companies struggle with.
And I think we're very fortunate to barrel through with
some great investors on the team and make it happen
(08:48):
still growing today.
Speaker 1 (08:49):
You're talking about a lot of the celebrities and athletes
that are on board with Slate. But what other innovative
strategies have you been able to implement to keep thriving.
Speaker 2 (09:00):
Yeah, got to have great products, got to have great products.
I think a lot of brands kind of lose site.
There are a ton of great brands out there, and
starting a business is very difficult, but I think you
got to constantly remind yourself why is someone choosing your
brand and products over the next best thing? And we
(09:21):
kind of have this philosophy that we want to be
at least ten fifteen twenty percent better than the next product,
and so I think to continue to grow, we continue
to enhance our products, and that's through better macro nutrients.
That's through different offerings in terms of the amounts of
protein or sizes. That's continuing to improve the taste. That's
putting the product in maybe places where there aren't currently
(09:42):
protein drinks, where we know there's demand for protein drinks.
So how can you continue to make your products or
the ava availability of your products even better than the
next best person is something we focus on.
Speaker 1 (09:52):
We're just talking about the buzz phrase of protein, but
the other big buzzword is AI. Are you currently using
AI and how do you think it could impact Slate?
Speaker 3 (10:02):
Yeah, we are using AI.
Speaker 2 (10:05):
I would say right now it's not necessarily driving growth,
but it's aiding in fine tuning most things that we do.
I think that we believe it's important still to be
led by the vision of the individuals on the team,
but ensuring that what we're doing is maximized and optimized.
(10:26):
I think that every single company needs to be leveraging AI,
and whether it's creating sell stories for partners, whether aiding
with those, whether it's fine tuning some of our copy
and making sure that we're using the same words and
whatnot in consistent brand voice. I think every company should
be using AI moving forward.
Speaker 1 (10:45):
Why is community engagement so important to you as a leader.
Speaker 2 (10:50):
At the end of the day, any business's success is
based on their customers interaction with the brand, consumption of
the brand, and views of the brand. Our goal is
to create an emotional connection and a feeling with our
customers past the products themselves on the brand side of things,
(11:11):
and we need our customers to know that we are
doing everything we can to make the best products we can,
to make them available at a great price. And so
being able to engage with our community, whether that's on
social media, whether that's aide events, to build that core
audience of customers that then become ambassadors, I think is
essential to Slate success.
Speaker 1 (11:30):
As we mentioned, Slate has seen the gamut starting with
Shark Tank to where you've grown so far. So what
advice do you give to somebody who wants to start
a business and get their right foot in the door.
Speaker 2 (11:39):
Yeah, we spent a lot of time on the brand.
We still spend a lot of time on the brand.
Your brand is your face. Your brand is who you are.
Speaker 3 (11:45):
It's you know.
Speaker 2 (11:47):
You will be known even probably past whether you sell
the company or you fold it up, you will be
known as the X person.
Speaker 3 (11:54):
I'm in people's phone as many Slate most of the time.
That's not my last day, but I do not take
event to it.
Speaker 2 (12:01):
But what's so important is making sure that the world
needs your product. If the world does not need your product,
we always advise people to go back and why does
the world need this today?
Speaker 3 (12:13):
And if they don't need it today, why do they
need it in five years?
Speaker 2 (12:15):
And I think there are a lot of companies that
go out there and they see something that's exciting and
they want to make it themselves or individuals or companies,
and sometimes you can have success just through more distribution,
better costs, and maybe better cost is why the world
needs it. But I would just advise people to make
sure that in five years there's a spot for you
in this world. Why is someone choosing it over the
(12:36):
next best thing? And then once you get to that point,
you'll realize you're going to have to make it even better.
Speaker 1 (12:40):
You just said five years, So where do you see
Slate in five years?
Speaker 3 (12:43):
Walked right into that one h you sure did.
Speaker 2 (12:46):
I believe that I'll take a step back. I believe
that the ready to drink protein drink market is going
to continue to grow rapidly. There's a lot of info
on there that it's going to grow at a seven
to eight percent kagger compound annual growth rate. There's going
to be billions and billions of dollars more of consumers
out there that are buying ready to drink protein. I
(13:07):
believe that Slade is going to continue to grow its
products portfolio, It's going to continue to grow its distribution,
and I think that even more people out there are
going to start drinking ready to drink to drink protein drinks.
A lot of them will be drinking Slate, some will
be drinking other brands. But I think that a lot
of people that currently don't drink ready to drink protein
drinks because they think of them as for weightlifters, for
(13:29):
Jim Bros. Or think of them as chalky, are going
to pick one up.
Speaker 3 (13:33):
Try it.
Speaker 2 (13:34):
Realize it's anywhere from twenty to forty two grams of protein,
ninety to one hundred and ninety calories, tastes like a milkshake,
and it's people are going more and more people are
going to start drinking protein drinks for breakfast, for three
PM snack or a last thing before bed, and they're
going to feel better and it's going to help with
their nutritional goals.
Speaker 1 (13:52):
Is there a final message you want to leave for
our listener.
Speaker 2 (13:56):
I would say that when it comes to your new nutrition,
never sacrifice taste in anything.
Speaker 3 (14:05):
You know, sometimes you gotta take supplements. That's fine.
Speaker 2 (14:07):
Obviously you're not doing that for taste, but I would
whether it's Slater something else, find products fine brands that
create products that you enjoy consuming, that are better than
what you're currently consuming, and if you do enough of those,
you will hit your nutritional goals.
Speaker 1 (14:21):
All right, thanks so much for joining me. Manny, that's
Manny Lubin, the co founder and co CEO of Slate Milk.
For CEOs you should know, I'm Eric Rodriguez