Episode #380: Rising From the Startup Ashes with Michael Fox

Michael Fox is an entrepreneur and investor, best known for co-founding Shoes of Prey, the online retail startup that raised US$25M and grew its team to 200 people, before lagging demand forced the company to famously call it a day in 2019. Today, he heads up plant-based meat alternative company, Fable Foods Co.

Michael joined me to unpack the Shoes of Prey journey, the highs, the lows, the lessons learned and on being a proverbial phoenix rising from the ashes.

We touched on so many big ticket items, but three that stood out for me were:

1 - how so-called market validation can lead startups astray if it is not performed carefully

2 - why raising venture capital isn’t always necessary for startup success and can sometimes come at a detriment to it

3 - how Michael consciously uncoupled from his wife Jodie but continued to work together as co-founders at Shoes of Prey for another 7 years

We unpacked this and a ton more, so strap yourself in for an enlightening conversation with the one and only, Michael Fox.

Topics Discussed:

- Michael’s early years as a lawyer and why and how he got out

- The early days of Shoes of Prey

- Organic growth v venture-backed growth

- Market research and validation - how it can set you astray

- Conscious customer feedback v unconscious reality

- What Michael would do differently next time