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Lew Frankfort, chairman and former CEO of Coach Inc., has invested in a lot of successful companies. One question he urges founders and brands to ask themselves is: How is your product different from another brand's in your category? In this conversation with Jason Wachob, the Founder and CEO of mindbodygreen, Lew shares four other questions to help define your brand and why he thinks it's never OK to drink your own Kool-Aid.
A native New Yorker, Lew established himself as a successful leader at Coach Inc., where he worked for more than 30 years, taking the brand from $5 million in sales to more than $6 billion. Among other points mentioned in the video, one key to his success was the ability to design a product that appealed to markets that weren't being served. Since leaving Coach, he's created Benvolio Group LLC for venture investing, has joined the board at WeWork, and has become a chairman of Flywheel, and an investor and partner in mindbodygreen.