The Matt King Show – Episode 031: Ryan Duey
Date: September 23, 2025
Guest: Ryan Duey (Co-Founder, Plunge)
Host: Matt King (GoBundance)
Episode Overview
This episode features a deep-dive conversation between Matt King and entrepreneur Ryan Duey, co-founder of Plunge, the brand synonymous with the at-home cold plunge movement. The discussion explores the entrepreneurial journey behind building Plunge, the evolving landscape of wellness technology, the power of community and relationships, and the personal lessons on discomfort, resilience, and authenticity that come from leadership and life.
Key Discussion Points
1. The Reality of Entrepreneurship & Building Momentum
[00:00–02:12]
- Ryan opens up about the emotional discomfort and self-doubt founders face in the early days:
"I feel so ashamed. I feel so incapable. Like, what am I doing? Like, why am I in this business?" (Ryan Duey, 00:00)
- The host reframes this: success is sticking with it through discomfort:
"This right here is where 99% of people tap out. But the 1%, they lean in..." (Matt King, 00:11)
- Ryan emphasizes the founder’s necessity to “do every piece right now,” which leads to outsized returns if you persevere.
"That's what creates the magic of a founder... That's the responsibility, that's the accountability. That's the magic. You get the outsized return on the other side." (Ryan Duey, 00:20)
2. Creating a Category: Cold Plunge’s Origin Story
[02:12–06:16]
- Plunge didn’t set out to create a global business. Early goals were humble (“let's build 20 of these”), but the founders uncovered pent-up demand.
- The cold plunge market was virtually non-existent; most people jerry-rigged chest freezers or bought outrageously expensive units.
- Plunge’s edge: affordable, well-designed units appealing to both men and women, and a commitment to simplicity (product and brand).
"Our competition was a chest freezer... there were a few other companies... we kind of came in at this unique look..." (Ryan Duey, 02:37)
- A pivotal branding move: betting early on the term “cold plunge” rather than “ice bath,” buying thecoldplunge.com for $10, and being first in SEO.
"We built the brand around simplicity—call the thing the thing... Our big early win." (Ryan Duey, 04:40)
3. Shiny Object Syndrome, Focus, and Scaling
[06:16–08:11]
- Plunge experienced rapid growth, forcing strict focus on product excellence at the expense of marketing experimentation, sometimes overspending and diffusing attention.
"We probably overspent in areas we probably weren't as... didn't like focus as much as we needed..." (Ryan Duey, 07:29)
- Staying “category king” meant resisting distractions, sticking to a clear product roadmap, while marketing required refinement and structure as the business scaled.
4. Marketing Evolution: From Relationship-Driven to Transactional
[08:11–13:30]
- Early marketing: highly relational, direct delivery to key influencers (Aubrey Marcus, Andrew Huberman, Tony Hawk), leading to huge organic wins.
"We were playing more of, like, true gifting... and that, I think, is a huge... we'd get 10x returns from a lot of people just from that relationship building." (Ryan Duey, 11:54)
- Relational approach brought success but became unsustainable with scaling; the business had to introduce structure, contracts, deliverables—more transactional but necessary.
- Shift mirrors broader trends: influencer marketing, evolving algorithms, and performance-based content.
"What does work now? And that's kind of our game to figure out..." (Ryan Duey, 13:30)
5. Preserving Authenticity and Core Values
[13:30–17:32]
- Ryan wrestles with maintaining relational authenticity versus the necessary transactional nature of scale.
"It's a constant battle... It's a core thing that I love to do." (Ryan Duey, 13:51)
- As the company grows, time becomes limited for personal touch, but meaningful relationships remain a personal cornerstone.
- Navigating influencer relationships: learning to discern intent (“Are you really into this, or do you just want a free cold plunge?”).
"I'm naturally a very trusting person... but let's just... and I've had to, like, get clarity into how do I ask the right questions..." (Ryan Duey, 16:35)
6. The Service Mindset & Gifting Culture
[17:32–20:26]
- Early “gifting” was inspired by the Burning Man culture of giving without expectation.
- Most rewarding: providing value to those who influenced Ryan, seeing the value return organically.
- Ryan values bluntness and clarity in partnerships—“present to me what you want to do,” leading to successful, mutually beneficial collaborations.
"Those tend to actually end up building into bigger relationships because it's really clear of what they're coming..." (Ryan Duey, 20:26)
7. The Power of Clarity, Efficiency, and the Value of Time
[21:24–27:17]
- Ryan’s approach: clarity and speed in negotiations and business—get a quick yes or no, move efficiently.
"Time is the asset that we're actually up against here." (Ryan Duey, 23:31)
- Time is an underappreciated KPI: “...how well we do something in a window of time I think is like a really important thing for us to reflect on.” (Ryan Duey, 25:14)
- “Gamifying” efficiency internally: Filter Change Championship video.
- Core product value: maximizing health benefits for time invested (cold plunge: 2 min, sauna: 15 min).
8. Personal Wellness Routines, Habit Stacking, and Products
[27:17–33:53]
- Host shares his morning routine: habit stacking with sauna, cold plunge, journaling, and meditation.
“If I’m in there and I’m listening to a good book... I mean, it could go 25, 27 minutes. I haven’t gone over 30.” (Matt King, 29:15)
- Personal testimonies about the very real physiological and cognitive benefits—“when I do the cold and I do the hot, like, I’m sharp, I’m crisp, I’m fired up, I’m ready for the day...” (Matt King, 31:01)
- Ryan notes adherence data, impact on users, and desire for more science and storytelling for the mainstream:
“It's medicine. Like, it's like dude, I don't have my medicine right now.” (Ryan Duey, 32:10)
9. Shared Suffering, Community, and Type 2 Fun
[33:53–41:28]
- Social dynamics: introducing friends, family, kids to the plunge and community.
- Shared suffering (“type 2 fun”) as community glue—like cold plunging, CrossFit, endurance events, and entrepreneurship.
- Importance of having a co-founder—honest, values-based partnership with Mike has been essential to survival and growth:
“The business isn't... here without each of us being in it together... times that he's just beat down, weeks that he's beat and it’s like, I'm good... we can go, we can push...” (Ryan Duey, 39:07)
- Regular “check-ins,” shared values, and communication keep the partnership healthy.
10. Embracing Discomfort, Psychedelics, and Personal Growth
[45:51–51:12]
- Founders must lean into discomfort for growth; Plunge’s core value: “find your edge.”
“Uncomfortable is actually an incredible signal. It's—wow, I'm somewhere I haven't been.” (Ryan Duey, 45:51)
- Psychedelics played a pivotal role in Ryan’s life in showing him the wisdom within discomfort and the value of confronting what one avoids.
“The discomfort is where the wisdom is... there's no better feeling than going through it.” (Ryan Duey, 47:42)
11. Ego, Beliefs, and the Paradox of Foundership
[51:54–58:24]
- Ego is a necessary “lens,” neither good nor bad—it can be harnessed but requires awareness.
- Dueling mindsets: “irrational” belief in one’s ability vs. ruthless self-critique is part of every founder’s journey:
“You have to have some irrational view of yourself that, like, if they can do it, I can do it—and some equally highly humble ways that you are... critical.” (Ryan Duey, 57:01)
- Path from “uncomfortable” beginnings (e.g., being bad at building products, feeling incapable) to trusting in growth and learning by doing.
12. Defining Success, Clarity, and Limitations
[59:29–63:28]
- The host and Ryan discuss the power of clarity of desire (“what do I want?”) as a driver for action and success.
“The real skill is what do I want?” (Ryan Duey, 59:44)
- The “zebra” metaphor: if you can achieve the improbable, what else is possible?
- Mortality and time: Life is finite, make each summer count—Ryan reflects on aging and the loss of friends.
“That number [40] signifies something to me... you're not. Like, this is temporary. This life will end...” (Ryan Duey, 62:29)
- Perspective brings both humility and motivation.
13. Current Challenges and Personal Growth
[63:29–68:52]
- Ryan is preparing to become a father in six weeks, confronting the reality that personal change is ongoing.
- Navigating evolution from founder to CEO; sometimes misses the fast-moving, hands-on founder role.
- Recognizes the benefit of coaching and accountability for personal/professional growth.
- Inspiring one another with new endurance goals; host discusses his “pain cave” approach to a 100-mile race.
“The more comfort we can find in that discomfort, the more possibilities that are created.” (Matt King, 67:27)
- Host expresses gratitude for the impact of Plunge's products on his fitness and family life.
Notable Quotes & Memorable Moments
-
"This right here is where 99% of people tap out. But the 1%, they lean in, they build momentum..."
—Matt King [00:11] -
"That's what creates the magic of a founder... you get the outsized return on the other side."
—Ryan Duey [00:20] -
"We built the brand around simplicity—call the thing the thing...Our big early win."
—Ryan Duey [04:40] -
"We were playing more of, like, true gifting... we'd get 10x returns from a lot of people just from that relationship building."
—Ryan Duey [11:54] -
"Time is the asset that we're actually up against here."
—Ryan Duey [23:31] -
"Cold plunging, arguably, is the best ROI you're ever going to get on your time."
—Ryan Duey [27:17] -
"I have yet to feel like shit after getting out of the sauna and the cold plunge."
—Matt King [29:41] -
"Is this a fad... The impact of cold water, like that is... the amount of data, the testimonies that we see..."
—Ryan Duey [32:10] -
"Type two suffering in community... That's a real secret sauce of human psychology and human connection."
—Ryan Duey [38:40] -
"If you get the clarity, hopefully it accelerates the deal quicker. If not, you get a no a lot quicker. And your mind space can go into the new thing a lot quicker."
—Ryan Duey [23:41] -
"If you're not on your edge, that's not where growth is... uncomfortable is actually an incredible signal."
—Ryan Duey [45:51] -
"You have to have some irrational view of yourself, like 'If they can do it, I can do it,' and some equally highly humble ways that you are ruthless with yourself."
—Ryan Duey [57:01] -
"You got one shot at this whole thing... That's 40 to 60 more summers... So it's like, what else can I do? How do I maximize? Where do I amplify?"
—Ryan Duey [61:07]
Timestamps of Important Segments
- 00:00–02:12: Ryan reflects on founder’s self-doubt and discomfort; host reframes the experience of resilience.
- 02:12–06:16: The origin of Plunge—the garage, early goals, and initial market creation.
- 08:11–13:30: Evolution from relationship-driven marketing to influencer scaling and the necessity of transactional structure.
- 21:24–25:14: The significance of time, clarity, and efficiency in business and product development.
- 27:17–33:53: Daily wellness practices, habit stacking, and the user experience of Plunge and sauna.
- 33:53–41:28: Community, suffering together, and the power of co-founders.
- 45:51–47:42: Embracing discomfort, core values, and the influence of psychedelics on personal growth.
- 51:54–58:24: The paradox of ego and founder beliefs, overcoming imposter syndrome while remaining self-critical.
- 63:29–68:52: New challenges—impending fatherhood—personal development, and gratitude for the journey.
Conclusion
In this episode, listeners are offered a rare, candid look at the journey behind Plunge—a blend of practical business-building advice, personal struggles, mindset shifts, and the search for meaning and community. Ryan Duey and Matt King make clear that the magic of success lies on the other side of discomfort, in both business and life, and that authenticity, clarity, and resilience are crucial to achieving extraordinary outcomes.