Keith Carrato, VP of Product at Leatherman, explains why Tim Leatherman got rejected by every company he pitched and how one simple rule prevents million-dollar product disasters.
We cover:
🔧 The 40-Year Rejection Story: Tim Leatherman pitched his multi-tool idea to every major company—they all said no, then watched him build a $100M+ business.
⚡ The One-Problem Rule: Why Leatherman only builds tools that solve a specific problem they can demonstrate in 30 seconds or less.
📋 The "Nice-to-Have" Killer: Keith reveals the internal question that saves Leatherman millions by killing features before they ship.
💡 The Failure Budget: Leatherman allocates a specific percentage of resources to projects expected to fail—here's why.
🇺🇸 The Tariff Survival Guide: How Leatherman stayed profitable manufacturing in America while competitors moved to China.
• Follow Keith: https://www.linkedin.com/in/keith-carrato-a810911/
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Highlights:
00:00 Introduction and Guest Welcome
00:54 Leatherman's Origin Story
03:46 Problem-Solving Focus
06:35 Product Development Insights
20:58 Embracing Failure and Learning
25:02 Colors in Product Design
26:16 Apparel to Product Innovation Journey
26:55 Curiosity in Development
29:38 Quality and Portland Community
34:50 Tariffs and International Growth
42:27 Customer Stories and Reliability
45:23 Building Trust Culture
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Referenced:
• Leatherman: https://www.leatherman.com/
• Tim Leatherman: https://www.rei.com/blog/camp/innovators-tim-leatherman
• Nike: https://www.nike.com/
• Gerber: https://www.gerbergear.com/en-us
• Keen: https://www.keenfootwear.com/
#ProductInnovation #Tariffs #Legacy
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