Tank Talks
Tank Talks By Ripple Ventures
Adit Gupta of Lula Convenience on How to Fall in Love with the Problem

Adit Gupta of Lula Convenience on How to Fall in Love with the Problem

Episode 132

Startups take longer than anticipated, the average exit takes between 7 and 10 years. Even overnight successes are the product of years of behind-the-scenes work. This is as it should be, but the problem comes if you’re not in love with finding and solving the core problem of your startup (or if the market itself doesn’t actually have that problem).

Our guest today is Adit Gupta, CEO and Co-Founder of Lula Convenience. Adit loves the problem he’s solving but also has advice for other founders on how to find that love as well as a problem that the market wants to solve. Lula Convenience is the operating system for the convenience industry. Their mission is to help stores by providing an all-encompassing platform that connects their stores to the world. Adit also is an alumnus of the RippleX Fellowship.

And we have a news round-up with Anthony Mouchantaf.

About Adit Gupta:
Adit Gupta is co-founder and CEO of Lula Convenience, a verticle-SaaS product disrupting the US convenience retail sector. The Lula Store Platform captured nearly 1% market share within 12 months of product launch. He did his undergrad and is a Doctoral Candidate at Drexel University.

In this episode we discuss:
(01:10) News rundown with Anthony Mouchantaf
(12:28) Adit’s journey to founding Lula Convenience
(13:36) How he became a tennis coach using Youtube
(16:04) What it took to land some of his first internships
(17:57) Lessons he took from his first startup effort
(20:30) Finding the problem you want to solve
(21:29) How the RippleX Fellowship helped Adit focus on Lula
(22:59) The founding of Lula Convenience
(26:22) Why Lula was different than his first startup
(28:18) Early lessons and pivots at Lula
(31:49) The number of SKUs and other issues convenience stores face when focusing on delivery
(32:57) How the business model has evolved
(34:32) Advice to other early-stage founders on defining ICPs
(37:16) Why they decided to rebrand to Lula Convenience
(38:56) How Lula has grown with advice and support from their VC partners
(40:48) What recent challenges have meant for their growth and development
(42:41) Adit’s vision for the next few years of Lula

Fast Favorites:

  1. 🎙- Favorite Podcast: Tank Talks (How I built this)

  2. 📰- Favorite Newsletter /Blog: Nikhil Trivedi (Footwork)

  3. 📲- Favorite Tech Gadget: My air fryer and my electric scooter

  4. 📈- Favorite New Trend: Using ChatGPT for every computational task

  5. 📚- Favorite Book: Never Split the Difference & Hard thing about hard things 

  6. 🤔 - Favorite Life Lesson: Treat people how you want to be treated, Think long term, there’s always creative ways / solutions to problems. 

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Tank Talks
Tank Talks By Ripple Ventures
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups.