Laura Modi set out to build a better infant formula.

Then she got an unexpected visit from the FDA.

What followed was nearly two years of setbacks: a product recall, a frustrating search for a manufacturer, and the constant fear that the company would run out of money before it ever 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:

10:52 – The emotional experience that revealed a massive business opportunity

20:44 – Laura learns about the two companies that had a lock on U.S. formula

23:27 – Quitting Airbnb, starting Bobbie while pregnant, risking her savings

34:12 – Pitching 64 investors—and the brutal feedback that fueled her to keep going

45:24 – The FDA shuts the company down after two weeks

56:34 – Building a community while waiting nearly two years for approval

1:03:01 – Launch day, and selling out faster than expected

1:07:49 – Why Laura shut off new customer orders during the infant formula shortage

1:11:02 – Buying her own manufacturing plant to control Bobbie's future

1:14:09 – 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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Today's callers: Bob in Chicago looks to promote his cabbage-based muscle and joint rub beyond the walls of his orthopedic practice. Then Abby in Dallas wonders whether her popular social media livestreams are a sustainable way to market her trendy phone cases. And Henry in Charlotte wants to turn his mouth rinse for coffee drinkers into a mainstream oral care brand.

Plus, Bobbi shares what drove her to found her new company—Jones Road—at the age of 62.

Thank you to the founders of Cabbage Labs, AbbyRose, and Tannin Oral Care for being a part of our show.

If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.

And be sure to listen to Bobbi Brown Cosmetics’ founding story as told by Bobbi on the show in 2018.

This episode was produced by Sam Paulson with music by Ramtin Arablouei. It was edited by Andrea Bruce. Our audio engineer was Cena Loffredo.

You can follow HIBT on X & Instagram and sign up for Guy’s free newsletter at guyraz.com or on Substack.

What do you do when the family business you've spent decades building... gets bought out from under you?

That’s what happened to Nima and Salma Fotovat.

Devastated, the family rebuilt a new company from the ground up. This time they set out with a new idea: build an allergen-free, organic snack brand not just for kids, but their parents.

Their new brand: MadeGood.

Today, the Canadian brand’s parent company does hundreds of millions of dollars in sales. But getting there meant rebuilding from scratch, fixing 200,000 mislabeled snack bars by hand, and turning a family of co-packers into branding experts.

What you'll learn:

• How owning manufacturing can be a competitive edge
• How they grew a national brand with almost no marketing.
• Why it can be a winning strategy to say "yes" before you know how
• Introducing new products: the tension between research and emotion
• The mindset that can help you rebuild after a devastating setback

Timestamps:

6:05 - Growing up in Iran during wartime, and emigrating to Canada

11:55 - Their dad’s new business: “Why are North Americans not eating nougat?”

19:25 - Building the family’s first snack bar brand—and losing it overnight

34:20 - The next business: going all in on healthier school snacks

42:30 - Fixing a 200,000-bar production error with alcohol wipes

48:30 - Landing MadeGood’s first retail store

51:10 - The 100-mile radius marketing strategy

56:50 - The lure of new products: from human treats to dog treats

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