Oodie founder Davie Fogarty on how to start a business: Entreprenur worth $500 million reveals what he’d do if he had $1k
The Australian founder of weighted blanket and hoodie brand The Oodie has shared exactly what he would do with a $1,000 investment if he was to start a new brand tomorrow.
Davie Fogarty, 28, founded what has since become an international success story after multiple failed business attempts in his early 20s, using his ability to learn quickly from those mistakes to generate what is now a $500 million network of companies.
The Adelaide born and bred youngster described himself as “mischievous” at school with little desire to excel at university, so he launched straight into the business world instead.
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On Tuesday August 28, Davie will appear as one of the youngest-ever judges on Shark Tank alongside a host of new talent to inspire others on their business journeys.
“I didn’t have the discipline or passion for university so I pursued business instead. My biggest failure was actually launching a cafe selling rolls. I realised then that I needed to embark on a learning journey,” Davie told 7Life.
“Then I stumbled onto weighted blankets and got my first taste of success. I had $500 and one great idea. It was all about learning, perseverance and understanding social media at the time. There are so many ways to connect with customers. I try to de-mystify the process, learn one thing and scale it up.”
After four years of steamrolling Oodie to success, Davie made the decision to hire a CEO and step back from the project to pursue other exciting opportunities. He is still involved in the problem-solving and creative process where needed though.
Oodie has brought in more than 8.1 million units in sales to date, landing Davie a coveted spot on the AFR Young Rich List in 2021.
Now the focus for the brand is on expanding its categories.
They’ve considered ski gear, aromatherapy in the home, slippers and footwear, bath ranges and more, with a special draw of attention paid to international trade, which is still growing.
He might have started with $500 in his back pocket five years ago but Davie says you need very little outlay at the start to launch a successful business.
“Investment doesn’t sell everything. There are a select few brands that require investment. Mentorship is a different story though. All of the Sharks [on Shark Tank] have walked the path that they’re about to walk. Passing on the information is the true value,” he said.
“We can teach someone not to spend money on silly things. If I had $1,000 now I’d focus on finding the product first. Too many people spend too much money trying to find the product.
“Drop shipping has a lot of risk involved with it so I like to invent a product, touch it, make sure it provides value and there is a great delivery time. You can do that for under $1,000.”
“If you’ve only got that amount of money, sell someone else’s product too. As soon as you can sell their product you’ll have more money to invest in your own products. Learn on other people’s dime.”