The founder and CEO of IDLife is reinventing the vitamin industry.
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5 min read
In this ongoing series, we share advice, tips, and insights from real entrepreneurs who run business battles on a daily basis. (The answers have been edited and compressed for the sake of clarity.)
Who are you and what is that to you?
My name is Logan Stout and I am the founder and CEO of IDLife. IDLife stands for "individually designed life" because we believe that the uniqueness of each individual should be appreciated and that their individual nutritional needs are as unique as they are. We have a full line of high quality lifestyle products that offer real solutions for weight loss, sleep, child nutrition, fitness, skin care and more.
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What was your inspiration for this product? What was your "aha moment"?
Have you ever sat in a doctor's office with your spouse and learned that you can never have children? My wife and I have … several times. Feeling helpless and hopeless is something no one ever needs to experience. Fortunately, we found a specialist who explained to us why we are having problems. In short, we've learned that humans are not designed to consume endless amounts of processed foods, fast foods, chemical food enhancers, artificial colors, or other counterfeit ingredients that are so prevalent in our grocery stores and restaurants. We were shocked because my wife and I thought we were healthy. With nothing to lose, we took the advice and eliminated all of the junk from our diet. What happened? We now have two perfectly healthy twins. From the most emotional struggle of my life, a passion was born to build a company dedicated to providing real products with real ingredients that help people achieve real results. Our mess became a passionate message to help people make life better.
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What makes your company different from others in the same room?
A 130 pound woman shouldn't be taking the same thing as a 225 pound man. Simply put, a size doesn't fit anyone. IDLife really does that differently. We'll all look back and laugh at that we've ever taken multivitamins that weren't tailored to our needs. In other words, we are today's version of streaming on demand. We are Netflix and the rest of the vitamin world is like blockbusters.
What was the biggest lesson you learned in making and marketing this product?
A confused customer doesn't buy. Keep it simple A simple message and processes lead to simple answers. We keep the message simple, but what we do is extremely complex. Combining thousands of independent, peer-reviewed clinical trials, prescription and over-the-counter drugs, third-party symptomology and disease history data, and self-reported medical history information into a technology that instantly runs thousands of algorithms is not an easy thing to say either or explain. That was the biggest hurdle we had to overcome.
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What does the word "entrepreneur" mean to you?
Someone who can find a way to make things happen in a world where most people just look back and ask, "What happened?" A person who sees things can be done when most people say they cannot be done. An entrepreneur is not just a dreamer, he does the job! Remember, you don't get what you want in life, you get what you deserve in life! That's an entrepreneur.
What advice would you give other entrepreneurs about fundraising?
When you are raising money out there, you simply find that you don't know what you don't know. You will likely fall short of your projections and therefore you will likely need more money than you really thought. The key is not to raise desperate or "bad" money. You want good partners who don't necessarily want to invest in your company. You want partners who can weather the storm. You want partners who believe in the vision. That understands that there will be ups and downs and will still have your back. You want strategic smart money that ideally allows investors to add value to what they are trying to achieve. Sometimes you just want a silent investor to support your business. It depends on the company and what you want to achieve.
Which quality do you most depend on when making decisions?
I believe that "Individuals play the game, but teams win championships." I am very strong in working together, everyone has a voice, there is no bad idea because it could spark the imagination of a good idea. Ultimately, when the collaborative process is over and it's time to make a final decision, I always ask myself a simple question: "What's best for people?" I believe in purpose and people above all else. I believe if you have the right purpose and take care of the people, the profits will take care of themselves.