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Welcome to Founder Focus: Your go-to read for sharp, actionable insights from the people building the future. Each week, we’ll tap into real stories, tested strategies, and hard-won lessons from founders who’ve been there.
Jacqueline Tatelman didn’t trust herself to lead State Bags, the backpack brand she co-founded with her husband Scot in 2013, until it almost went under.
For the New York City-based brand’s first two years, Tatelman says she and Scot relied on consulting firms to run “the business side of things.” Tatelman, who has a background in product development, served as the brand’s creative director. Scot led its philanthropic arm, which supports American families in need.
In 2015, they hired a CEO, moved away from the consulting company, and staffed up. State was “starting to grow a little,” Tatelman says, but before long, cracks started to show. The company was operating wholesale-first, which Tatelman says made it overly reliant on retailers and left it without any way to sell excess inventory. Meanwhile, State was contending with a bloated budget. “We have no money,” Tatelman recalls thinking. “Like, if we have a $1,000 day, we're celebrating.”
The co-founders replaced that CEO with the company’s fractional chief financial officer in 2018. Tatelman says this new leader “made a lot of really crucial changes,” like cutting wholesale partnerships that weren’t profitable, sunsetting product lines that weren’t selling, and slowly building up State’s DTC business. But money was still “going like quicksand.”
Two years later, in 2020, that CEO quit, leaving Tatelman to temporarily take over amid a challenging time. “I spent all of Covid in my fuzzy bathrobe,” she says, “doing everything I could to keep the company alive, to maintain our production in China.” State had to furlough its 10 employees and let go of its office space.
Tatelman’s efforts paid off. That fall, State Bags had earned enough money through back-to-school sales for her to hire back its staff and release a line of kids luggage she had designed just before the pandemic. The collection, which became an explosive success, propelled the business to new heights.
It also helped Tatelman realize that she wasn’t ready to hand the reins to another CEO. “Right now, I am the person to lead us,” she says. “I have all of the tools, and I have all of the determination, and I am fully equipped to be our leader. I love being our leader.” |
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| A message from Chase for Business |
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| In 2009, Bill Bronsord transformed his love for the water into Tunaskin, a thriving coastal apparel brand rooted in community and conservation. But after more than a decade in business, that dream was nearly crushed when Hurricane Ian devastated southwest Florida, destroying their Fort Myers Beach location. In this special bonus episode of From the Ground Up in partnership with Chase for Business, Bronsord and Chase Business Banking Director, Michele Grace, share how passion, resilience and the right financial partner can power a business through any challenge. |
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| From Passion to Profit: A Story of Resilience and Rebuilding |
 In 2009, Bill Bronsord transformed his love for the water into Tunaskin, a thriving coastal apparel brand rooted in community and conservation. But after more than a decade in business, that dream was nearly crushed when Hurricane Ian devastated southwest Florida, destroying their Fort Myers Beach location. In this special bonus episode of From the Ground Up in partnership with Chase for Business, Bronsord and Chase Business Banking Director, Michele Grace, share how passion, resilience and the right financial partner can power a business through any challenge. |
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| Under her leadership, State Bags’s revenue has increased by about 1,000 percent since 2020, ranking No. 1,198 on the Inc. 5000 list last year and reaching eight figures this year. In 2021, it raised $2 million in seed round fundraising, according to Tatelman. |
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Last week, we asked readers: What business opportunity did you decline that others thought you were crazy to pass up? How did you know to walk away?
Caitie said: “As a software development agency, it’s not uncommon for potential or existing clients to offer equity in exchange for services. We’ve always said no.
Equity deals like that typically come with unclear expectations, no real decision-making power, and a lot of risk disguised as opportunity. Even with a great term sheet, working with someone as a client is very different than working with someone as a business partner.
Saying no isn't about doubting the ideas or the people behind them. It ultimately comes down to protecting our time, our team, and the business we’ve built.”
Danielle said: “I once turned down the opportunity to manage press for an A-list celebrity’s sold-out tour—something most people would consider a dream project. As iconic and talented as he is, it quickly became clear through early interactions that my team wasn’t going to be treated with the professionalism and respect we expect. No matter how high-profile the opportunity, I won’t compromise my values or the culture I’ve built just to say we worked with a big name.”
Matthew said: “Early on in our first year of business, we had an opportunity to bring on a very large client that would have skyrocketed our sales. The issue is, we were still building our fundamental business foundation and we just weren't ready yet. We even lacked the proper team members to handle that volume.
When I walked away from the opportunity, my investors thought I was crazy. Fast forward two years, I reapproached that same client and presented the case as to why I walked away from it previously. We ended up landing the client. Sometimes it pays to play the waiting game.” |
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| Here’s what else I’m reading at Inc. this week.
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