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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Hooray! You are off and running in a new year and a new decade with impressive dreams, impactful goals, and a bucket list overflowing with possibilities.
For so many of us, we start out strong with our resolutions and plans and then life, fear, excuses, time all get in the way. We stop. We abort. We never start.
Here are a few simple ideas, a checklist of sorts, that will support you in taking forward action on igniting your wishes into tangible realities in 2020.
- Rewrite all your lists. Combine business plans and vision boards, bucket lists and New Year's Resolutions into one compact and accessible list.
- Then look for overlaps. Where are you pursuing the same goal two different ways? Combine them into one easy, shorter and more digestible ask.
- Drill down further on your goals with a simple question. Why do you want that specific thing? Then take your answer and ask again. Why do you want that specific goal, what will it bring to your life? How will it make you feel? Will it matter one year, five years, ten years from now? Why?
- For every goal on your new combined goal list, attach 3 in-real-life action steps that you can pursue right now to move that goal forward. Rinse and repeat this every month.
- Goals are about evoking change. What does change mean to you? Challenge yourself to change one thing every week that will take you closer to achieving your goals. Repeated 52 times, your one change becomes a concrete, consistent, and valuable action step in getting your goals and not simply setting your goals.
- Review your successes. Take a success inventory once a month. Success breeds success, and it keeps you focused on what is working rather than what is not. Adjust and tweak your goals from that vantage point. Rather than starting over…pivot and lean into what is next.
- Mid-year re-evaluate your goals. What is working? What is completed? What needs to be changed. Allow those updates and changes into your life. This is one of the things that separates those who get goals from those who set goals. Use your power of choice to give voice to what you do next. You are the CEO of your goals. Own this power.