How I Built This with Guy Raz – Advice Line with Tony Xu of DoorDash

Release Date: October 2, 2025
Guest: Tony Xu, Co-Founder & CEO, DoorDash

Episode Overview

In this Advice Line episode, Guy Raz is joined by Tony Xu, co-founder and CEO of DoorDash, to answer real entrepreneurs’ questions about growth, expansion, fundraising, product focus, and brand differentiation. Xu shares lessons and frameworks drawn from his own journey scaling DoorDash from a scrappy regional startup to a global logistics leader, emphasizing the importance of founder instinct, calculated risk, and customer-driven branding.

Key Discussion Points and Insights

1. DoorDash’s Evolution and Xu’s Leadership Approach

(03:05–08:01)

• Guy recaps Tony’s DoorDash origin story: working with his mother in restaurants, immigrating to the US, adopting the name Tony from TV inspiration, and turning skepticism into success at Stanford.
• DoorDash scaled from 100 million deliveries (2018) to over 2.5 billion, expanding into grocery, retail, and international markets—operating in 35+ countries and broadening offerings (B2B, white-label services).

“When you and I last spoke seven years ago, we were largely a single product… Today DoorDash is a business with five big areas… we now operate in over 35 countries.”
— Tony Xu, (04:49)

• Xu addresses stress management strategies as a founder:
  • Focus solely on what can be controlled, not competitor resources or moves.
  • Find satisfaction through “high-agency” activities both at work and in life.

“A lot of times when we experience stress, there’s this possible feeling of being overwhelmed where everything is lost… But what allows me to keep going is knowing I’m still in control of the majority of hours I spend doing what I do.”
— Tony Xu, (08:01)

2. Advice to Knifemaker Ron Cormay: Expanding Product Lines vs. Deepening Core Focus

(09:16–19:54)

• Caller: Ron Cormay, CEO & Founder, Steelport Knifeco, Portland, OR
  • High-end, U.S.-made kitchen knives, with recent innovation into cutting boards.
  • Asks when to branch into new products versus sticking to core.

Tony Xu’s Framework for Expansion

• Assess bandwidth: Do you have a single leader who can “own” the new category?
• Assess runway: Can you sustain up-front costs, given required investment?
• Look for product synergy: Do new categories reinforce core sales?
• Embrace risk: “If you’re fully ready, you’re too late.”

“What tends to be the rate limiter is do you have a great single leader who can actually be responsible end-to-end for the next thing… If you’re feeling fully ready, you’re probably too late. There should absolutely be some element of risk.”
— Tony Xu, (12:28)

Guy Raz’s Experimental Approach

• Start with a limited drop for most loyal customers; gauge response before scaling.
• Use the brand’s name breadth (Steelport) as permission to experiment beyond knives.

“Treat it like an experiment… Maybe do a limited drop to the most loyal customers… If it sells out and builds buzz, you know the demand is real.”
— Guy Raz, (16:45)

Ron describes Steelport’s cutting board innovation: steel-reinforced, ultra-thin, two-sided end-grain wood boards—a practical answer to storage and hygiene needs.

3. Advice to Kathryn Shaw: Funding and Scaling a Date-Sweetened Chocolate Brand

(20:48–34:34)

• Caller: Kathryn Shaw, Co-Founder, Spring and Mulberry, Raleigh, NC
  • Date-sweetened dark chocolate bars, focused on health and whole foods.
  • Business has grown 2-3x year-over-year, with mid-seven figures in sales.
  • The challenge: Cash flow strain from rapid scaling—balancing risk, profitability, and funding sources.

Xu’s Milestone-Based Fundraising Philosophy

• Stay true to your goals: “What is the next milestone?” (e.g., national Whole Foods launch)
• Size your capital raise to the immediate next stage; deliver on investor promises.
• Momentum begets leverage: delivering on milestones preserves founder control and attracts better capital.

“You don’t have to think about all of [your big goals] in this next financing milestone… always be able to deliver upon whatever promises you make investors.”
— Tony Xu, (26:22)

Investor Diligence

• Just as investors vet founders, founders should vet investors.
• Ask about investors’ time expectations and talk to founders in their portfolio—especially those whose ventures didn’t succeed.

“Time is one of those things here that is almost always against the entrepreneur… Ask for examples of founders who did not make it in their portfolio and ask to call three or four of them.”
— Tony Xu, (30:47)

Additional Practical Suggestions

• Consider non-equity financing (lines of credit, PO financing) for cash flow crunches rather than burning equity.
• Package innovation idea: smaller, trial-friendly chocolate squares could create up-sell and “gateway” product opportunities.

“A bag of just squares that you could down the road sell at Costco… that’s really where you start to see big, you know, large scale growth.”
— Guy Raz, (32:07)

Encouragement for Entrepreneurial Gut

• Both Xu and Raz stress trusting founder instincts, especially for first-time entrepreneurs navigating uncharted territory.

“A lot of times your gut probably already knows the answer.”
— Tony Xu, (33:51)

4. Advice to Yori Gabay: Standing Out in Ethical Meat Delivery

(35:52–45:12)

• Caller: Yori Gabay, Route 22 Meats, Stamford, CT
  • DTC grass-fed and grass-finished meats from small family farms with full traceability.
  • Founder’s challenge: competing with bigger, well-funded brands that can outspend, and educating consumers about real standards.

Tony Xu’s Playbook for Brand Differentiation

• Obsess over initial core customer and make the product truly exceptional (taste, quality, authenticity).
• Build terminology and standards in partnership with customers—create a “movement” or community-driven label (since USDA labeling is ambiguous).
• Powerful storytelling is key, but it must originate from the real experiences and feedback of early adopters.

“It’s always best to tell the story from the customer’s perspective versus our perspective because it’s a lot more natural…”
— Tony Xu, (41:30)

• Sustain early word-of-mouth: don’t dilute brand for mass market until the core is self-sustaining.

Guy Raz’s Media Tactics

• Targeted, mission-driven podcast interviews and community events can have outsized impact (“much better than thousands spent on Facebook ads”).

“A one or two well placed podcast interviews, right? Or, you know, or even a public talk at a library or something… could have a really significant impact, because it’s your business, the kind of business that grows through word of mouth.”
— Guy Raz, (45:02)

5. Xu’s Reflections for Founders

(47:46–49:24)

• If he could talk to his earlier self, Xu would stress that founders usually know their own answers; document thinking for honest debate and trust developed instincts.

“A lot of times the founders know the answers to the questions that they’re seeking help on… Trusting my own instincts, writing things down so I wasn’t delusional… I would just put extra emphasis on.”
— Tony Xu, (48:07)

• The founder’s journey is communal; struggles and breakthroughs are universal even across wildly different industries.

Notable Quotes & Memorable Moments

• On expansion risk:
  “If you’re feeling fully ready, you’re probably too late. There should absolutely be some element of risk.” (12:28, Tony Xu)

• On gut and external expertise:
  “There’s always this desire to seek the expert opinion… Sometimes that helps. But a lot of times your gut already knows the answer.” (33:51, Tony Xu)

• On storytelling and brand-building:
  “It’s always best to tell the story from the customer’s perspective versus our perspective…” (41:30, Tony Xu)

• On founder self-belief:
  “Other people…who created great products were no different from any of the founders who are calling into your show… Trusting my own instincts, writing things down…” (48:07, Tony Xu)

Timestamps for Important Segments

• DoorDash’s current vision and growth: 04:49
• Stress management for entrepreneurs: 08:01
• Advice to Steelport Knifeco (product expansion): 12:28
• Advice to Spring and Mulberry (fundraising & risk): 26:22
• Investor due diligence: 30:47
• Brand focus for Route 22 Meats (differentiation & education): 41:30
• Media strategy for niche brands: 45:02
• Xu’s founder advice and self-reflection: 48:07

Episode Tone

Friendly, practical, empathetic, and encouraging. Both Tony Xu and Guy Raz approach each founder’s question with respect for their journey and a focus on actionable, grounded advice rooted in real entrepreneurial experience.

For listeners seeking strategic and deeply relatable insights into scaling brands, staying true to mission, and trusting their entrepreneurial instincts, this episode is a can’t-miss.