Podcast Summary: "You Might Also Like: The Unshakeables"

Host: Ben Walter
Guest: Don Haney, Founder of Nerdwax
Release Date: April 8, 2025

1. Introduction

Ben Walter welcomes listeners to "The Unshakeables," a segment of Chase for Business and Ruby Studio from iHeartMedia, focusing on the pivotal moments small business owners face and how they navigate crises. Today's episode features Don Haney, the founder of Nerdwax, a Nashville-based company specializing in anti-slip wax products for eyeglasses inspired by surf wax.

2. Don Haney's Background

Don Haney shares his journey prior to founding Nerdwax, highlighting his career as a touring audio engineer. He worked with notable artists and bands, including Miley Cyrus, the Jonas Brothers, and Keith Urban. This extensive touring exposed him to a recurring problem: his glasses would constantly slide down his nose due to sweat during outdoor concerts and festivals.

[02:26] Don Haney: "I wanted something that wouldn't change the look or feel of my glasses. I just realized like, hey, if I could make something that would be hydrophobic, so it would block the sweat on your glasses and would stick to your nose pads."

3. The Birth of Nerdwax

Frustrated with existing solutions like hooks, bands, and straps, Don sought to create a product that maintained the aesthetic of his glasses while preventing them from slipping. Drawing inspiration from surf wax used to increase friction on surfboards, he experimented with various formulations over three years. His persistence paid off when he developed a cosmetic-grade wax that combined beeswax, coconut oil, and gum rosin.

[05:17] Don Haney: "The first time I actually tried this, I scratched the glasses... I was going to have to actually formulate something with your skin in mind."

4. Challenges in Manufacturing

After perfecting the formula, Don faced his first major hurdle: packaging. Initially using lip balm tubes proved problematic as the wax would break the tubes, making them unusable.

[08:37] Don Haney: "All 5,000 units come off the line, and they're just broken."

Despite these setbacks, Don and his wife managed to rectify the issue for subsequent orders. However, the financial strain of producing labeled packaging led Don to seek additional funding.

5. Shark Tank Exposure

In 2014, inspired by his work with Dave Ramsey and researching Kickstarter campaigns, Don launched a Kickstarter for Nerdwax, aiming to raise $5,000 for labels. The campaign exceeded expectations, raising over $60,000 in 30 days. This success paved the way for an appearance on Shark Tank, which significantly boosted Nerdwax's visibility and sales.

[07:35] Ben Walter: "Don set a goal of raising $5,000 to produce the labels of his dreams."

On Shark Tank, Don prepared extensively, even producing a year's worth of inventory in anticipation of a successful pitch. The episode aired, leading to a surge in orders—4,000 units in a single day and 1,000 more the next day.

[13:36] Don Haney: "It was absolutely because of Shark Tank."

6. Scaling the Business

Pedaling through initial success, Don transitioned Nerdwax from a home-based operation to an industrial space. However, finding a reliable manufacturer remained a challenge until a breakthrough occurred when an expert offered a custom-made filling machine, drastically reducing production time from three days with six people to four hours with just two.

[15:13] Don Haney: "He saw you on Shark Tank. Would you like me to build you a machine?"

This advancement allowed Nerdwax to scale efficiently, solidifying its presence in the market.

7. Setbacks: Tornado and COVID-19

The business faced severe setbacks when a tornado hit Don's neighborhood in Nashville in March 2020, followed by the onset of the COVID-19 pandemic. These events disrupted operations and sales, compelling Don to reassess his business model.

[16:32] Ben Walter: "Tornado and Covid aside, the shark tank gods smiled on Don again."

Amidst these challenges, Don innovated by leveraging Nerdwax as a solution for mask-wearing during the pandemic, leading to the creation of Fogblock, an anti-fog product that quickly gained popularity.

8. Product Expansion: Jinkies

In response to dwindling sales post-mask mandates and the impact of Apple's iOS 14 update on digital marketing, Don diversified Nerdwax's product line. He introduced Jinkies, a line of microfiber cloths with playful designs inspired by nerd culture. Social media's shift to video content in 2022 played a crucial role in the successful relaunch of these products, resulting in a significant uptick in sales and online following.

[21:08] Don Haney: "With video and Instagram reels, you could actually see that... it was just like a weird colored cloth."

Jinkies became a substantial part of Nerdwax's business, showcasing Don's ability to adapt and innovate.

9. Lessons Learned

Throughout the episode, both Ben Walter and Kathleen Griffith discuss critical lessons from Don's journey:

• Crowdfunding's Dual Role: Kickstarter not only provided necessary funds but also validated product-market fit.

  [11:13] Kathleen Griffith: "I think it's a great way to test the waters and see if it works."

• Balancing Inventory: Don's experiences highlight the delicate balance between having enough inventory to meet demand without overcommitting resources.

  [23:48] Kathleen Griffith: "There's really no rulebook around it."

• Diversifying Revenue Streams: Dependence on a single product or marketing channel can be risky. Building a loyal customer base and investing in brand equity are essential for long-term sustainability.

  [27:16] Ben Walter: "You have to nurture that funnel and you have to plant the seeds to finish the analogy on your own ground."

• Adapting to Market Changes: Technological shifts, such as changes in social media algorithms, can dramatically impact sales. Flexibility and diversification are key to navigating such changes.

  [18:46] Don Haney: "We go from a 3 to 5 ROAS to a 0.8 ROAS."

Don emphasizes the importance of both working hard and working smart, likening them to pedals on a bicycle that drive business growth.

[30:38] Don Haney: "Work harder. Work smarter. And I see those two things as like pedals on your bicycle."

10. Conclusion

Don Haney's story is a testament to resilience, innovation, and the importance of adaptability in entrepreneurship. From overcoming manufacturing challenges to navigating unexpected crises, Don's journey with Nerdwax and Jinkies exemplifies the essence of being "Unshakeable." His focus on building a brand that resonates with a passionate niche while maintaining operational flexibility has ensured sustained success despite numerous obstacles.

[28:46] Don Haney: "Nerdwax has gone up in relation to all of the other products that we've launched. But it's what I intended for it to be initially, which was just a good core product that you put on the market and just sells itself."

Ben Walter and Kathleen Griffith commend Don's ability to balance business ambitions with personal fulfillment, highlighting the importance of knowing one's "why" in entrepreneurial endeavors.

[34:16] Kathleen Griffith: "It's holding steady. He's got a hero product that's doing consistently well... he's so lovable."

Key Takeaways:

• Persistence is crucial in overcoming product development and manufacturing hurdles.
• Crowdfunding can serve as both a financial tool and a market validation method.
• Diversification in product offerings and marketing strategies can mitigate risks associated with market fluctuations.
• Building a loyal customer base and investing in brand equity fosters long-term sustainability.
• Adaptability to technological and market changes is essential for continued growth.

Notable Quotes:

• Don Haney [03:33]: "Surfers use wax on their boards in the water to give them extra friction. I wonder if I could make the same thing but make a cosmetic grade so that your glasses wouldn't slide in your nose."
• Ben Walter [10:48]: "Crowdfunding... gives you essentially not free but discounted marketing and it gives you advanced cash flow for your manufacturing process."
• Don Haney [30:38]: "Work harder. Work smarter. And I see those two things as like pedals on your bicycle."

Closing Remarks: Ben Walter wraps up the episode by celebrating Don Haney's achievements and the vibrant, positive culture within Nerdwax's operations. He encourages listeners to reflect on their own business journeys and the importance of maintaining balance between ambition and personal fulfillment.

For Listeners: If you enjoyed this episode, please rate and review it. Stay tuned for next week's "Unshakeables," where we'll hear from another inspiring entrepreneur navigating the challenges of building a resilient business.