GOAT, a sneaker resale marketplace, is now valued at $1.75 billion.
But did you know the founders worked at a creme puff shop less than a decade ago?
This is their amazing story.
Time for a thread 👇👇👇
1) Eddy Lu and Daishin Sugano quickly became friends after meeting at the University of California, Berkeley.
Upon graduation, they decided to become roommates.
Lu began his career as an equity analyst at Lehman Brothers and Sugano hit the start-up scene.
2) In 2007, both Eddy Lu and Daishin Sugano started to grow tired of their jobs - searching for fulfillment instead.
“Every night, when Daishin and I would come home, we would just talk and we’d be like, ‘Let's create a business’.
The duo quit their jobs, deciding to go for it
3) After quitting their jobs in 2007, Eddy Lu and Daishin Sugano spent the next 8 yrs attempting to launch businesses, which ultimately failed:
- 99 cent iPhone apps
- Golf apparel company
- High-end Tea company
My favorite?
They ran a Japanese cream puff store, Beard Papa’s.
4) Everything changed when Daishin Sugano ordered a pair of $400 Air Jordan 5 Grapes off eBay.
When the shoes showed up, they were counterfeit.
Sugano and Lu couldn't believe there was no trusted marketplace for the resale & certification of shoes.
So they decided to build one
5) In 2015, after being "screwed by eBay", Eddy Lu and Daishin Sugano launched GOAT.
The concept is simple, GOAT matches buyers and sellers of shoes - certifying they are authentic, clean, the right size, etc.
With a first movers advantage, the business took off.
6) Fast forward 5 yrs, GOAT is the worlds largest digital sneaker marketplace with over 20M users across 164 countries.
The best part?
They're just getting started.
GOAT now offers apparel and plans to expand internationally to take advantage of a potential $30B market.
7) In addition to offering new product categories and expanding internationally, GOAT has transitioned itself into a legitimate brand.
In 2019, Lakers' Kyle Kuzma signed with GOAT - becoming the first NBA player to ink a sponsorship deal with a sneaker-reselling marketplace.
8) A recent funding round valued GOAT at $1.75 billion, making it the largest resale footwear platform in the world.
At GOAT's current valuation, Eddy Lu and Daishin Sugano are now worth hundreds of millions of dollars.
Not bad for two guys that used to make creme puffs.
9) Eddy Lu and Daishin Sugano are the perfect example of why great entrepreneurs always win.
They quit their jobs, failed at multiple businesses, but still had the courage and conviction in themselves to keep pushing forward.
That's something we can all learn from.
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