How do you start a new beverage company? Inventor Stephen Key interviews Rick Smith, the entrepreneur behind the new beverage line Hy Vida. Rick says 3 percent of beverage companies make it to $10 million. He has 3 SKUs to start.
Hy stands for hydration as well as hydrogen. Vida meaning Spanish for life. His background is in medical imagining and advanced technology, and his experience includes licensing in and out technologies. But, he wanted a field to be creative in that had fewer regulations, meaning it would be quicker and easier to get to market.
He has partnered with longtime beverage industry veterans and PhDs, did equity crowdfunding, filed four patents pending, found copackers, and developed a way to add hydrogen to a standard line/existing infrastructure. The machine is wheeled in, then is broken down into storage. Why even create your own brand?
He says that his new beverage will be attractive to consumers because it contains a powerful antioxidant, that is the hydrogen technology. It neutralizes inflammation in the brain and can help with digestive health, but mainly offers benefits for mental clarity. Where there is fertile ground for beverages is cognition, says Rick. The athletic market is cornered. This is energy juice for office workers. It has the same amount of magnesium added to it as a banana. Rick explains that having zero sugar means its "guilt-free sparkling water." Great benefit statement!
https://hyvida.com/
Great job Rick! Way to get it done! He's in about 1,500 stores now. He describes the challenges and opportunities of venturing your product onto the market, his strategy of scaling up slowly, and more in an interview with licensing expert and author Stephen Key.
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