Bobbie: Laura Modi. How a Baby Formula Startup Took Market Share From Two Industry Giants — How I Built This with Guy Raz

Laura Modi set out to build a better infant formula.

What followed was years of setbacks: a crippling dispute with the FDA, a frustrating search for a manufacturer, and the constant fear that the company would run out of money before it reached customers.

But today, Bobbie generates over $100 million a year and has captured nearly 4% of the U.S. infant formula market by challenging one of the most protected industries in America.

In this conversation, Laura explains how she made it through—and why many of the moments that looked like disasters ultimately built a better company, and made her a better entrepreneur.

You'll learn:

Why Laura left a great job to launch one of the most heavily regulated products in America
How she spent nearly $200,000 of her own savings before raising outside capital
How 64 investor pitches helped her tell a better story
How a public apology changed the trajectory of the company
Why Bobbie turned away thousands of customers during its fastest period of growth
Why Laura moved to Washington, D.C., and how she thinks about federal oversight

Timestamps:

13:17 – The emotional experience that revealed a massive business opportunity

23:09 – Laura learns about the two companies that had a lock on U.S. formula

25:52 – Quitting Airbnb, starting Bobbie while pregnant, risking her savings

38:52 – Pitching 64 investors—and the brutal feedback that fueled her to keep going

50:04 – The FDA shuts the company down after two weeks

1:01:14 – Building a community while waiting nearly two years for approval

1:09:11 – Launch day, and selling out faster than expected

1:13:59 – Why Laura shut off new customer orders during the infant formula shortage

1:17:12 – Buying her own manufacturing plant to control Bobbie's future

1:20:19 – Navigating Washington, regulation, and building a mission-driven brand

This episode was researched and produced by Alex Cheng with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineer was Robert Rodriguez.

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