Success Story: Protein Bar Entrepreneur Stands Out in a Competitive Market
Interview with Will Nitze, Founder and CEO of IQBAR
Will Nitze, the founder and CEO of IQBAR, believes that success in a competitive market involves identifying uncompetitive niches. His flagship protein bar, launched seven years ago with a $75,000 Kickstarter campaign, is plant-based, low-sugar, and clearly labeled. Today, IQBAR has expanded to include IQMIX for hydration and IQJOE for coffee, all promoting brain health without overlapping in competition.
Key Points from the Interview
Eric Bandholz: Can you give us a brief overview of IQBAR?
Will Nitze: IQBAR is known for our nutritional bars, as well as IQMIX for hydration and IQJOE for instant coffee. With 55% of our revenue coming from wholesale channels and the rest from direct-to-consumer sales, we have raised nearly $10 million since our inception.
Bandholz: How do you differentiate yourselves in a crowded market?
Nitze: By focusing on plant-based protein, low sugar, and clean labels, we’ve found a less competitive yet lucrative niche within the protein bar market. Our emphasis on brain health, inspired by personal passion and customer feedback, sets us apart from traditional competitors.
Bandholz: How do you maintain a lean team while scaling your business?
Nitze: Recognizing my weaknesses in hiring, I lean on trusted advisors and agencies for specialized tasks. Maintaining close relationships with all team members and external partners, along with flexible agency contracts and performance-based incentives, helps us stay efficient.
Bandholz: What is your approach to wholesale strategy?
Nitze: We believe in an omnichannel approach, leveraging digital-first credibility to secure brick-and-mortar retail partnerships. Working with quick-paying retailers and strategic brokers has been key to our wholesale success.
Bandholz: How did you overcome manufacturing challenges?
Nitze: Finding the right co-packer for scalability was a process, but essential for our growth. Quality control disruptions were inevitable, but once we found a partner capable of handling high volumes, our production capabilities expanded significantly.
Frequently Asked Questions
1. How did IQBAR start?
IQBAR began with a successful $75,000 Kickstarter campaign seven years ago, focusing on plant-based, low-sugar protein bars.
2. What sets IQBAR apart from competitors?
IQBAR differentiates itself by emphasizing brain health, offering products that complement each other without direct competition.
3. How does IQBAR manage a lean team?
By recognizing weaknesses, leveraging external agencies, and maintaining close relationships with all team members and partners.
4. What is IQBAR’s wholesale strategy?
IQBAR employs an omnichannel approach, prioritizing quick-paying retailers and strategic brokers for retail growth.
5. How did IQBAR overcome manufacturing challenges?
Through a rigorous process of finding the right co-packer for scalability, despite initial quality control disruptions.
