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This post was originally produced for Forbes.

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In 2008, Aussie Daniel Flynn came across two facts: children were dying (some still are) due to waterborne illnesses and the world market for bottled water was about $50 billion (now it is about $140 billion). In that juxtaposition, he saw a solution. The idea for Thankyou Water was born.

Working with his buddy Jared Burns and his then girlfriend now wife Justine Flynn, as first-year university students, they launched a consumer brand that features 55 different products and is sold in 5,500 locations across Australia and more recently New Zealand, dropping “water” from the brand to become “Thankyou.” The plan was to give 100% of profits to nonprofits working to eradicate extreme poverty. In 2015, the company set up a charitable trust which now owns the business. All dividends flow to the trust to be distributed ultimate to charities.

But I’ve skipped the good parts.

At the outset, the team found a bottler that agreed to produce their product without charging anything upfront.

“I remember we pitched to the largest distributor of beverages in the country. They work for brands like Lipton Iced Tea and Red Bull. And we’re in the meeting sharing the vision we had, change the world, you know, one bottle at a time,” Flynn says. “And on the spot in our first sales pitch, the director says, ‘I love it. I’m going to order 50,000 units from you guys.’ And then he said, ‘How quick can you get it to me?’”

After a pause, unprepared for the question, Flynn says, “Well, give us about three weeks.”

Daniel and Justine Flynn with son Jedediah CREDIT: THANKYOU

“I mean, we were first-year university students. We had no concept of manufacturing lead times,” he adds.

“It sort of sums up Thankyou,” Flynn says. “We really haven’t known what we were doing. And yet people have come around this idea.”

The social media marketing and the authentic connection with consumers has been key to success.

To get 7-Eleven to stock Thankyou Water, the Flynns produced a video on YouTube asking for their fans to visit the 7-Eleven Australia Facebook page to promise to buy Thankyou water if it would stock it.

It worked. “In two weeks, we had consumers singing and dancing and rapping. We had media covering this story. And then 7-Eleven said yes,” Flynn says. Their water quickly became the third bestselling brand at the convenience store chain and even worked its way into the top spot for a while.

Even with that success, Australia’s two primary grocery chains, Coles and Woolworths, declined to stock any products.

Time to repeat the social media magic.

“One Wednesday morning, we launched a video. The video was called the Coles and Woolworths campaign,” he says. “We said two weeks from today, we’re meeting with them and we need you to come in the room with us.”

“And it was crazy. I mean, media kind of blew up because we’re now pinning the two biggest supermarkets kind of against each other,” Flynn shares with fresh amazement as he retells the story.

“Our heart wasn’t to be cheeky,” he says. “It was just simply we need them to see the power of this brand and its people. It’s the consumer.”

“It was then we flew helicopters, one in Melbourne, one in Sydney,” he says referring to the locations of the grocers’ respective headquarters locations. “So, during the campaign, these helicopters flew with these huge signs. ‘Dear Coles, Dear Woolworths, thank you for changing the world [If you say yes].’”

“Long story short, five hours after the meeting at Coles and three hours after Woolworths, they both said yes,” Flynn effuses.

Among the things the founders had failed to consider was that a company really can’t pay out 100% of profits. Even if a company retains some profits for operating capital it is unlikely to accumulate enough capital to fund growth. Of course, it gets worse. If a company has pledged its profits to charity it can’t attract investment capital—or even borrow much.

The team found an innovative way to address the pinch.

Flynn wrote a book, called Chapter One: You Have the Power to Change Stuff. Time for another video. The company then offered the book for sale in a crowdfunding campaign, giving people the option to pay whatever they choose. A few people did, perhaps testing the system, buy the book for pennies but one person paid $50,000!

“I also said I’m on going to stay in this warehouse and I going to pack books until we raise $1.2 million—and some people were like you’re going to be in there forever. And I literally remember packing books day in, day out,” he says.

“But within two hours of the launch, we made three hundred and sixty thousand dollars. And within one month, we didn’t hit our AUS$1.2 million target. We hit AUS$1.44 million. I mean, it was, it was amazing.” The book continues to sell, and Flynn reports it has now raised AUS$2.5 million.

He is coy about plans to enter the U.S. market, but it is clearly on his mind. That may require another book.

Over the last decade, Thankyou has donated more than AUS$7 million to charities working to eradicate extreme poverty.

Now that is a founder’s story.

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Source: https://yourmarkontheworld.com/this-founders-story-will-inspire-you/

Blockchain

45,000 Bitcoin Mining Rigs Confiscated by Iranian Authorities Amid Blackout Controversy

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Iranian authorities have confiscated 45,000 bitcoin mining rigs that used subsidized electricity to mine the cryptocurrency. This is yet another considerable seizure in the Middle East country, which has experienced frequent blackouts that the government blamed on BTC mining.

45,000 BTC Mining Machines Confiscated In Iran

Local media outlets reported that the police had seized about 45,000 rigs that consumed 95 megawatts per hour (MWh) of electricity at lower prices.

Head of the country’s state-run electricity company, Mohammad Hassan Motavalizadeh, said that the perpetrators also modified street lighting systems in Tehran and other cities.

“The total reduced consumption corresponds to the (electricity) usage for a city with a population of over half a million.” – he added.

The report outlined that the country has faced numerous similar situations in the past several months. Earlier this January, the Energy Ministry halted the supply of electricity to a giant farm in the southeastern region after a video circulating social media channels showed tens of thousands of BTC mining rigs situated under the same roof.

It’s worth noting that Iran became one of the first countries to legalize cryptocurrency mining in 2019. However, all miners had until August 2020 to register with the authorities, otherwise risk operating outside the country legislation. This is why Iran has initiated a nation-wide crackdown on various farms that failed to register within the timeframe.

Mining Blamed For Blackouts

The Middle Eastern country has experienced several issues lately that the government blamed on bitcoin. Apart from the aforementioned frequent blackouts, some of the nation’s largest cities have seen intense air pollution in recent weeks.

However, a popular crypto analyst Ziya Sadr told the Washington Post that bitcoin mining takes a low percentage of the overall electricity capacity and shouldn’t receive the blame.

“The miners have nothing to do with the blackouts. It is a known fact that the mismanagement and the very terrible situation of the electricity grid in Iran and the outdated equipment of power plants in Iran can’t support the grid.”

Separately, the absence of natural gas due to intense consumption to heat private homes has driven plants to use lower quality fuels that have polluted several cities.

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Source: https://cryptopotato.com/45000-bitcoin-mining-rigs-confiscated-by-iranian-authorities-amid-blackout-controversy/

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Australian crypto exchange operator accuses banks of discrimination.

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Allan Flynn, a Bitcoin trader in Australia, has filed a complaint against two commercial banks ANZ and Westpac, accusing both of systematic discrimination. According to the Australian Financial Review report, Flynn is seeking compensation to the tune of 250,000 Australian dollars (about $192,000). According to Flynn, he has been the victim of discriminatory practices, with banks allegedly continuing to shut down his accounts. Flynn lamented that no fewer than 20 banks closed accounts operated by his exchange in the last three years.

The crypto exchange service is registered with AUSTRAC.

The reported account closures come despite Flynn’s crypto exchange service being registered with the Australian Transaction Reports and Analysis Centre, or AUSTRAC. Flynn’s platform reportedly services over 450 customers. Earlier last year, the crypto exchange operator lodged a complaint with the Australian Financial Complaints Authority. However, AFCA ruled that Westpac — one of the banks involved in the matter ­— acted per its laid down terms and conditions. At the time, Westpac offered Flynn 250 Australian dollars as restitution for the sudden account closure, which the complainant says he is yet to receive.

Banks denying services to crypto exchanges is not restricted to Australia.

Crypto exchanges accusing banks of discriminatory practices are not restricted to Australia alone. Earlier last year, India’s Supreme Court reversed the central bank’s ban against banks servicing crypto businesses. However, reports still emerged of “crypto-phobic” behavior among Indian banks even after the Supreme Court’s decision to overturn RBI’s blanket ban on cryptocurrencies. A similar situation also exists across Latin America, where commercial banks continue to intensify account closures targeted at crypto exchanges. In Brazil, two major platforms were also forced to shut down their operations following stringent tax compliance policies.

Source: https://chaintimes.com/australian-crypto-exchange-operator-accuses-banks-of-discrimination/

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Pantera Capital’s Big Bitcoin Price Prediction Playing Out Exactly As Forecast, Says Dan Morehead

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Pantera Capital founder and CEO Dan Morehead is doubling down on his bullish 2021 Bitcoin prediction, asserting that the leading crypto asset is still right on track to hit $115,000 by August 2021.

In Pantera’s latest Blockchain Letter, Morehead says that Bitcoin’s price movements, although delayed by a week, are playing out exactly as forecast based on the stock-to-flow projection published last year.

“Bitcoin is exactly on track with the forecast we made in our April letter. Our analysis was based on comparing the reduction in the supply/flow of bitcoin relative to the outstanding stock – at the time of each halving – and the subsequent impact on price.”

According to the projections set by Pantera, Bitcoin’s price lagged by as much as 15 weeks in July 2020. In December, Bitcoin began to catch up with Pantera’s projections and by mid-January, the leading cryptocurrency hit the ninth milestone in Pantera’s forecast after climbing to $38,000.

For the next date, February 15th, 2021, Pantera predicts Bitcoin will trade at $45,268.

Pantera makes its projections based on the Bitcoin halving cycle. Historically, Morehead says Bitcoin prices have surged after each halving, which happens every four years.

After the first halving in 2012, Bitcoin’s supply dwindled by a little over 15% in a span of 446 days as block rewards were halved from 50 to 25 BTC. Subsequently, Bitcoin witnessed a rally of 9,212%.

Following the 2016 halving, Bitcoin rallied by 2,910%.

If Bitcoin follows Pantera’s predicted trajectory, Morehead expects BTC to hit its peak in August 2021 with a price of $115,212, rising over 1,091% after the May 2020 halving.

“I’m not saying I’d bet our life savings that’s definitely going to happen, but I think it’s possible, and we’re right on pace to do that.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Philipp Tur

Source: https://dailyhodl.com/2021/01/18/pantera-capitals-big-bitcoin-price-prediction-playing-out-exactly-as-forecast-says-dan-morehead/

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