This week on How Success Happens, I spoke with Stephen Lease, the CEO and co-founder of sunglasses brand Goodr. He’s had an amazing career, and I was curious to find out about what inspired him to become an entrepreneur, how selling industrial water treatment systems to golf courses taught him to identify what his core consumer base actually cares about, and how he applied the lessons he learned from his time in corporate America to the founding of Goodr.

You can listen to our full conversation above, and below, I’ve pulled out three key takeaways.

Don’t let sunk cost keep you attached to something that’s not working

When you launch a business and feel confident that it’s a great idea, your loved ones will root for you no matter what. Lease founded five businesses prior to finding success with Goodr, and despite feeling confident in all of them at the outset, it eventually became clear that hope was not a solid strategy when a business was simply not working. At the beginning of his entrepreneurial journey, it was painful to come to terms with folding a company he had invested energy into, but eventually, he got good at starting companies cheaply and identifying quickly whether or not they would be a success.
Timestamp — 8:50-10:30

When you shift your mindset to celebrate the work over the results, the ups and downs of the day-to-day grind become a gift

Lease started Goodr as a side hustle, which meant that he worked round the clock for several years before running the company full-time. He’s often asked how he found the motivation to put in that time, and the only answer he can think of is that he found joy in the day-to-day. As a leader, he wants to inspire his team to take big swings, and sometimes, that means putting a ton of effort into something that fails. However, he assures them that failure is okay so long as you celebrate the work over the results.
Timestamp — 19:40-20:50

You can’t be a master at everything — identify your north star as a brand and double down on it

When Lease and his co-founders launched Goodr, they weren’t sure if it would be a lifestyle brand or an eyewear brand, but after a few years, they took an honest look at the business and realized that eyewear is what it did best. That opened up a world of possibility, but they also needed to identify what their differentiators were as a brand — those differentiators are function, fun, fashion and “‘ffordability.” Honing in on that has given the brand a clear decision matrix as it expands its product offerings, and Lease is confident that with those differentiators top of mind, Goodr will continue creating products that its customers love.
Timestamp — 21:28-23:35

The marketing landscape is on the cusp of a profound transformation, driven by the rapid advancements in artificial intelligence (AI). These new AI marketing tools are poised to revolutionize how companies approach their strategies, structure their organizations and ultimately reach their target markets.

However, amidst this exciting wave of innovation, identity verification will emerge as a critical factor in ensuring the ethical and effective use of AI in marketing.

Related: How to Harness AI for a Competitive Edge in Marketing

AI marketing: A new era of possibilities

AI marketing tools are no longer a futuristic concept but a tangible reality. They offer unprecedented capabilities, from hyper-personalized customer experiences to data-driven campaign optimization. Let’s delve into how these tools are reshaping the marketing landscape:

1. Hyper-personalization: AI algorithms can analyze vast amounts of customer data to deliver tailored messages and product recommendations in real time. Imagine websites dynamically adapting content and offers based on each visitor’s individual preferences and past behavior. This level of personalization can significantly enhance customer engagement and drive conversions.

2. Predictive analytics: AI can predict customer behavior with increasing accuracy, enabling marketers to anticipate needs and proactively offer solutions. This can lead to improved customer satisfaction and retention rates.

3. Campaign optimization: AI-powered tools can analyze campaign performance data in real time, allowing marketers to make data-driven adjustments on the fly. This can significantly improve the effectiveness of marketing campaigns and reduce wasted ad spend.

4. Content creation: AI is increasingly being used to generate marketing content, including ad copy, social media posts, images and even product descriptions. While this can streamline content production, it raises important questions about authenticity and the need for human oversight.

Related: 5 AI Marketing Tools Every Startup Should Know About

Organizational impact and go-to-market strategies

The rise of AI marketing will inevitably impact the structure and operation of marketing organizations:

• New skill sets: Marketing teams will need to acquire new skills in data analysis, AI tool utilization and ethical AI implementation. This may necessitate upskilling or hiring new talent.

• Data-driven culture: Companies will need to foster a data-driven culture within their marketing departments. This involves embracing data-driven decision-making and investing in data infrastructure. This is critical for any size organization and regardless if you’re a hyperscaler or an organization looking to increase EBITDA.

• Collaboration: Marketing teams will need to collaborate closely with data science and IT teams to maximize the benefits of AI marketing tools.

As for go-to-market strategies, companies will need to adapt to the evolving landscape:

• Omnichannel marketing: AI can help create seamless, personalized experiences across multiple channels, from email to social media to in-app messaging.

• Customer journey mapping: AI can help map the customer journey more effectively, identifying pain points and opportunities for optimization.

• Transparency and trust: As AI becomes more prevalent in marketing, companies will need to be transparent about their use of AI and ensure customer trust.

Related: AI Is Considered the “Wild West” — Here’s How Marketers Can Rein It In and Ensure Ethical Use

The critical role of identity verification

Identity verification will play a crucial role in ensuring the ethical and effective use of AI in marketing. Here’s why:

• Data accuracy: AI relies heavily on data. Accurate identity verification ensures that the data being fed into AI algorithms is reliable, preventing biased or discriminatory outcomes.

• Regulatory compliance: Many regions have strict data protection, age verification and privacy regulations. AI ensures that marketing practices adhere to data protection regulations, such as GDPR or CCPA, by accurately verifying identities and managing consent. This reduces the risk of legal penalties and enhances consumer trust.

• Preventing fraud: Inaccurate or fraudulent data can lead to misdirected marketing efforts, wasted resources and even reputational damage. Identity verification helps mitigate these risks.

• Building trust: Customers are more likely to trust brands that prioritize their privacy and security. Robust identity verification practices can strengthen this trust.

The road ahead

The future of marketing is undoubtedly AI-powered. Embracing AI marketing tools can unlock new levels of personalization, efficiency and effectiveness. However, it’s imperative for companies to prioritize identity verification to ensure the ethical and responsible use of these powerful technologies.

As AI continues to evolve, the marketing landscape will undoubtedly undergo further transformations. Companies that adapt to these changes and harness the power of AI will be well-positioned to thrive in the years ahead.

Back when Nvidia was a smaller industry player, AMD almost bought it. According to insiders, Nvidia CEO Jensen Huang had a deal-breaking condition that prevented the merger: He wanted to be CEO of the joint company.

Former AMD engineer Hemant Mohapatra shared a behind-the-scenes look into why an AMD-Nvidia alliance never came to fruition in a series of Friday posts on X. Mohapatra worked at AMD for over six years before eventually moving into venture capital.

He wrote that AMD “should have acquired Nvidia — and we tried,” but Huang “clearly thought very long term and was building his ‘Apple strategy'” of locking in users.

Related: Nvidia Long-Term Employees ‘Semi-Retired’ Multimillionaires

“He refused to sell unless he was made the joint company’s CEO to align with this strategy,” Mohapatra wrote. “AMD blinked and our future trajectories splintered forever.”

But clearly, someone at AMD saw the future. We just saw it partially. We should have acquired Nvidia – and we tried. Nvidia – for those who remember – was mostly a “niche” CPU for hardcore gamers and they went hard on CUDA and AMD was a big believer in OpenGL. Developers…

— Hemant Mohapatra (@MohapatraHemant) July 5, 2024

Current AMD engineer Phil Park confirmed Mohapatra’s account on Friday, writing, “I’ve never met Hemant, and though there are a few things where I have a different opinion, the anecdote about Jensen wanting to be CEO is true.”

Related: Is It Too Late To Buy Nvidia? Ex-Morgan Stanley VP Weighs In

A 2012 Forbes article further confirms the possible Nvidia-AMD merger and gives it more of a concrete time frame.

According to the piece, Nvidia almost became part of AMD in 2006 as AMD tried to get ahead of Intel by adding a graphics arm. After Huang wanted to be CEO of the combined tech company, AMD acquired Nvidia’s rival ATI for $5.4 billion in July 2006 instead.

At the time of writing, Nvidia’s $3.1 trillion market cap is over ten times more than AMD’s $288 billion.

Related: Elon Musk Praises Nvidia CEO Jensen Huang’s Leadership Style

Nvidia “stuck to their guns, and the market came to them eventually when AI took off,” Mohapatra wrote. “Most give up, Jensen just kept going harder.”

^{Nvidia CEO Jensen Huang in June 2024. SAM YEH/AFP via Getty Images}

Nvidia has been making graphics chips for more than 30 years and started working towards AI and deep learning in 2006.

The multi-year, multi-billion dollar effort gave Nvidia a head start in the AI race: Nvidia’s chips are now the brains of OpenAI’s ChatGPT.

Nvidia also has over 80% of the AI chip market, though competition is intensifying as some of its biggest tech clients focus on making chips in-house.

Related: Nvidia CEO Jensen Huang Reveals His Competition Strategy