I just got off a Zoom webinar where Jeffrey Raider, a founder of both Warby Parker and Harry’s (the shaving company), spoke about his approach to innovation and the growth of his two multi-billion-dollar companies. Notable take-aways follow:

Each company was built digitally but is viewed as branded companies and thus product finds its way into brick-and-mortar.  The reason is simple: that is where a large part of the market resides.  The companies started on-line but the management view is “customer first” and not “digital first.”

Each company was founded based upon perceived need in the market-place.  If you want to start a company, “ask what upsets you” in the consumer experience.  Examples: glasses too expensive due to various mark-ups taken in various steps delivering product; razor blades were far too expensive; waiting for a taxi was aggravating (reference presumably to birth of Uber et al).  (Per the interviewer, Harvard Professor Jeffrey Rayport, founders should fall in love with the problem, not the solution.)

Harry’s was built in some measure by deep involvement with customers to find out what they wanted.  Digital engagement was successful and, for example, when customers were asked for reactions, one email was opened by 50% of recipients and responded to by 10%.

Warby’s was conceived  by Wharton students while still in school.  Not an unusual story, but interesting nonetheless.

Btw, kudos to C Level Community, a company affiliated with the Neptune Advisory Company, for organizing programs with leading corporate presidents and founders; the program with Raider was one of them.