Business 21 October 2019
If you have ever worked a desk job then you know how exhausting it can feel to be sitting down for hours at a time. You get up every now and then and walk to the water cooler just for the opportunity to stretch your legs, but ultimately this daily routine begins to have noticeable effects on your health, often making you feel more lethargic. For Shivani Jain, a then college student at the University of Chicago, interning at a corporate office meant sacrificing the healthy and active routine she once knew. During her junior year of college, it was then that she and two of her peers, Arnav Dalmia and Ryota Sekine, noticed how sedentary their lives had become and collectively thought to create a product that would bring movement to you.
Today, the trio are co-founders of Cubii, a company that has fulfilled their desire of bringing a quiet workout to their customers through their under-the-desk ellipticals. The company that has successfully grown almost 300% every year over the last 3 years, even making its way to popular shopping networks like QVC, did not come to be through perfect planning and execution, but simply by accident. While the college friends had a vision for their ellipticals, they had no intention of pursuing their idea just yet. As two economics majors and one biology major, the friends were well aware of their lack of professional and educational experience in running a business, much less tapping into the health and wellness industry that they were also unfamiliar with. It wasn't until Booth School of Business held a New Venture Challenge at their University that Jain, Dalmia and Sekine took their idea to the competition as a way to learn more about entrepreneurship. After taking the leap and bringing their concept to the challenge, the trio won second place and received the opportunity to build a prototype of their elliptical.
Although Jain's journey to entrepreneurship was accidental, that did not hinder her from preparing herself and her co-founders for the challenge of building a business they were not expecting to have established. However, as recent graduates short on money, they looked towards crowdfunding as a way to not only raise the necessary funds, but to validate the market. In July 2016, Cubii co-founders launched their 6-week Kickstarter campaign with a goal of $80,000 that was quickly surpassed as they ended up raising $300k— 3.5 times their goal. "It was actually one of Chicago's most successful campaigns that year and it really helped us get started, but one of the things we realized is that crowdfunding funds is unlike traditional investor or angel investments because you actually have to deliver products to these people in return for them putting down funds," said Jain. However, manufacturing required far more investments than their Kickstarter funds could supply. To overcome this obstacle, Jain, alongside her co-founders, held a small friends and family angel round that raised them an additional $100k which then allowed them to manufacture their very first production run of 3,000 units. For the past two years, their company has been profitable enough that no additional investor money was needed.
While Jain's Kickstarter campaign helped get her business off the ground, it also contributed towards her residency status within the U.S. As an immigrant born and raised in New Delhi, India, Jain was left with the challenging feat of navigating the world of entrepreneurship in America all the while going through the process of obtaining a valid visa. Fortunately, Jain was able to receive an O-1 visa which is given to applicants who demonstrate extraordinary ability in their particular field of work. "The O-1 visa was great because it wasn't lottery based. I could show the performance of the company and show what work we've been doing, before being vetted to see if I'm of value here," she explained. With Cubii receiving a great deal of press, the Kickstarter campaign becoming one of the most successful campaigns in that year and having exponential success in all her endeavors combined, Jain surmises that her achievements, among other things, fulfilled the qualifications needed in order for her visa to be granted.
There is no denying the success and achievements Jain has accrued over the course of her career, however alongside her accomplishments were a variety of challenges she would later overcome. As a young immigrant right out of college with no experience in business or the health and fitness space, the cards were stacked against the co-founder when it came to earning the trust of her peers within the industry, while proving her ability to successfully run a company. "There were a lot of people who doubted us because we didn't have any prior experience and, for them, there was no reason why we would succeed," said Jain. In order to account for her lack of experience, she focused on establishing a strong network of advisors and attending consumer brand get togethers in order to learn from the best. Looking back, she finds these hurdles to have been more helpful than discouraging because it helped her look at the process from a fresh perspective rather than succumb to the way everyone runs their businesses.
As a successful, self-made business woman, Jain offers up her advice to aspiring entrepreneurs, especially those of whom are still in college. For her, two of the most important lessons she has learned over the last couple years is firstly, to never let the lack of experience or academic background stop you from pursuing something you believe in. "Just trust your gut and go for it. In our case we didn't know better, we just took it a step at a time. I think oblivion was bliss," said Jain. Secondly, she advises future entrepreneurs to be cautious when taking advice from those around you, regardless of how well intentioned they may be. "We have a great network, but sometimes the things we hear might be conflicting with each other. Ultimately, it is your company, you're in it day to day. There will always be something that you know that others can't know or feel."
As for the future of Cubii, Jain shares her excitement for the company's expansion. While Cubii was intended to bring movement to people stuck at their desks, Jain discovered that half of their users have not used their ellipticals for its intended purpose, but to serve as an idle workout while sitting on the couch and as a form of rehabilitation for injuries. She expressed, "We're refining our brand and company by bringing fitness and making it accessible for all ages, abilities and lifestyles, and that's truly what we stand for."
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Help! My Friend Is a No Show
Dear Armchair Psychologist,
I have a friend who doesn't reply to my messages about meeting for dinner, etc. Although, last week I ran into her at a local restaurant of mine, it has always been awkward to be friends with her. Should I continue our friendship or discontinue it? We've been friends for a total four years and nothing has changed. I don't feel as comfortable with her as my other close friends, and I don't think I'll ever be able to reach that comfort zone in pure friendship.
Dear Sadsies,I am sorry to hear you've been neglected by your friend. You may already have the answer to your question, since you're evaluating the non-existing bond between yourself and your friend. However, I'll gladly affirm to you that a friendship that isn't reciprocated is not a good friendship.
I have had a similar situation with a friend whom I'd grown up with but who was also consistently a very negative person, a true Debby Downer. One day, I just had enough of her criticism and vitriol. I stopped making excuses for her and dumped her. It was a great decision and I haven't looked back. With that in mind, it could be possible that something has changed in your friend's life, but it's insignificant if she isn't responding to you. It's time to dump her and spend your energy where it's appreciated. Don't dwell on this friend. History is not enough to create a lasting bond, it only means just that—you and your friend have history—so let her be history!
- The Armchair Psychologist