June 25, 2024 • 23min

Rapid Response: Slutty Vegan wants to be the next Shake Shack, with founder Pinky Cole

Masters of Scale

Pinky Cole is the founder of Slutty Vegan, a vegan fast food chain that has grown into a $100 million brand. In this episode, Cole discusses her unconventional approach to building a vegan restaurant empire, the challenges of scaling, and how she's using her platform for social impact. As a Black woman founder in a difficult industry, Cole offers insights into navigating growth, fundraising, and staying true to her mission.

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Key Takeaways

Slutty Vegan has grown into a $100 million brand by creating a fun, inclusive experience around vegan fast food, not just focusing on the food itself
70% of Slutty Vegan customers are not vegan - the brand aims to shift mindsets and make vegan food more appealing to meat eaters
Scaling a vegan fast food chain is challenging - Pinky Cole has had to make data-driven decisions and go "back to square one" at times to sustain growth
Cole sees Slutty Vegan as more than just a restaurant - it's a platform to foster community, entrepreneurship, and give back
As a Black woman founder, Cole feels responsibility to succeed and be a role model for other entrepreneurs and communities
Getting investor funding was emotional for Cole - she cried when $25 million hit her account, realizing the magnitude of what she had built
The vegan restaurant industry is struggling, creating pressure on Slutty Vegan to continue thriving as others close

Introduction

Pinky Cole is the founder of Slutty Vegan, a vegan fast food chain that has grown into a $100 million brand. In this episode, Cole discusses her unconventional approach to building a vegan restaurant empire, the challenges of scaling, and how she's using her platform for social impact. As a Black woman founder in a difficult industry, Cole offers insights into navigating growth, fundraising, and staying true to her mission.

Topics Discussed

Building Slutty Vegan's Brand and Experience (02:14)

Cole explains that Slutty Vegan isn't just about the food - it's about creating an experience that appeals to both vegans and non-vegans:

70% of customers are not vegan - the goal is to shift mindsets about plant-based food
The brand aims to make veganism "fun, cool, sexy and racy"
Cole wants people to feel "safe" trying vegan food and see it as a "pleasant surprise"

"I wanted to create something that could meet people where they are," Cole says. By making vegan food more approachable and exciting, she hopes to change the narrative around plant-based eating.

Challenges of Scaling a Vegan Fast Food Chain (05:20)

Cole is candid about the difficulties of growing Slutty Vegan:

The vegan restaurant space is "very hard" with many competitors closing
As a pioneer, Cole has to "carve out a lane that virtually doesn't exist"
Some locations do well while others struggle - data-driven decisions are now key
Cole had to "go back to square one" after stepping away to have children

"I have to make data driven decisions in order to scale this company so that we can continue to sustain," Cole explains. She's had to evolve from running on passion and gut instinct to a more strategic approach.

Using Business as a Platform for Social Impact (07:49)

Cole sees Slutty Vegan as more than just a restaurant chain:

Has given millions in entrepreneurial resources to HBCU graduates
Paid rent for local business owners and college tuition for students
Provided life insurance for low-income Black men

"Burgers and fries - that's just a vessel," Cole says. The business allows her to engage with communities and help bridge wealth gaps.

Navigating Growth as a Black Woman Founder (18:40)

Cole reflects on the unique pressures and responsibilities she faces:

Getting to her current level of success was "easy" compared to staying there
Feels obligation to be a role model for other Black women entrepreneurs
High visibility means even small missteps can become news

"I have an obligation as a woman, as a black woman, to show up in a way that is a reflection of the people who look like me," Cole explains. This drives her to operate with excellence in all areas.

Learning from Investor Danny Meyer (19:51)

Cole shares a key lesson from Shake Shack founder Danny Meyer:

After not getting a desired Forbes cover, Cole went on an angry "rant"
Meyer calmly expressed disappointment, which deeply affected Cole
Taught her a new way to handle not getting what she wants

"He gave me a sense of wisdom that I never got from anybody else," Cole says. This changed her approach to difficult situations.

Emotional Impact of Fundraising (21:30)

Cole describes crying when $25 million in funding hit her bank account:

Grew up in a single parent household, father in prison
Never imagined creating a brand of this magnitude
Realized she needed to give up equity to grow - "10% of a watermelon is greater than 100% of a grape"

"I've never been in that situation before. Who would have thought that you'd be crying over getting money?" Cole says. It was a life-changing moment that shifted her perspective on business growth.

Current Stakes and Challenges (23:06)

Cole discusses the pressure Slutty Vegan faces in the current market:

Many vegan restaurants are closing, creating uncertainty
Feels responsibility to continue growing and creating opportunities
Determined not to "lose" or become a cautionary tale

"What's at stake is that I will not lose. I will continue to grow, I will continue to thrive, I will continue to create opportunity for other people," Cole declares. She's committed to overcoming industry challenges and sustaining Slutty Vegan's success.

Conclusion

Pinky Cole's journey with Slutty Vegan demonstrates an unconventional but effective approach to building a mission-driven business. By focusing on creating a fun, inclusive experience around vegan food, she's been able to attract a broad customer base and grow rapidly. However, Cole is also candid about the challenges of scaling, particularly in the difficult vegan restaurant space.

As a Black woman founder, Cole feels added pressure to succeed and be a role model. She's leveraging her platform not just for business growth, but to give back to communities and support other entrepreneurs. While the road ahead is uncertain, Cole remains determined to overcome industry challenges and continue Slutty Vegan's growth trajectory.

Cole's story offers valuable insights for other founders, particularly those from underrepresented backgrounds or in challenging industries. Her ability to balance passion with data-driven decision making, learn from setbacks, and maintain a strong sense of purpose provides a compelling model for mission-driven entrepreneurship.