Roy and Ryan Seiders grew up with an infatuation with being outside. By the time they graduated, they were both entrepreneurs in the outdoors industry. Ryan had a fishing rod company and Roy built boats...
One of Roy’s boat designs called for a spot in the bow (that’s the front, I think) for a cooler. He wanted fishermen to stand on it while they cast their lines. The idea was great, but there was one problem: the coolers weren’t strong enough. The lids would cave right in under their weight. Not ideal. In short, the coolers of old were messing with the brothers' fishing experience. So, they made their own.
Roy and Ryan wanted a cooler that wouldn’t break—something that could withstand the brutality of mother nature. The brothers took a trip to Thailand, found a manufacturer that could make what they wanted, and came back to America to dive into the cooler business. But what to name it? Ah, yes. YETI, the ice monster.
They didn’t just make their coolers strong, they made them indestructible. Certified by the IGBC (Interagency Grizzly Bear Committee), YETIs are officially bear-proof. Yes, they tested it and yes, there’s a video on YouTube. They sold the first coolers for $300 to die-hard outdoorsy people. The price point was a bit steeper than some Styrofoam cooler down at Walmart but, you get what you pay for.
YETI didn't try to satisfy the masses. They found their unique customer base and focused on them. They gave the people what they wanted, and now they have a cult-like following. I’m sure you’ll see some hairy-chested dads fighting over a pink $800 YETI V Series next black Friday.
**Here's more resources to learn more: their website, this video by CNBC.
**Read more FS Stories here.
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