Laura Modi set out to build a better infant formula. What followed was years of setbacks: a crippling dispute with the FDA, a frustrating search for a manufacturer, and the constant fear that the company would run out of money before it reached customers. But today, Bobbie generates over $100 million a year and has captured nearly 4% of the U.S. infant formula market by challenging one of the most protected industries in America. In this conversation, Laura explains how she made it through—and why many of the moments that looked like disasters ultimately built a better company, and made her a better entrepreneur. You'll learn: Why Laura left a great job to launch one of the most heavily regulated products in America How she spent nearly $200,000 of her own savings before raising outside capital How 64 investor pitches helped her tell a better story How a public apology changed the trajectory of the company Why Bobbie turned away thousands of customers during its fastest period of growth Why Laura moved to Washington, D.C., and how she thinks about federal oversight Timestamps: 10:52 – The emotional experience that revealed a massive business opportunity 20:44 – Laura learns about the two companies that had a lock on U.S. formula 23:27 – Quitting Airbnb, starting Bobbie while pregnant, risking her savings 34:12 – Pitching 64 investors—and the brutal feedback that fueled her to keep going 45:24 – The FDA shuts the company down after two weeks 56:34 – Building a community while waiting nearly two years for approval 1:03:01 – Launch day, and selling out faster than expected 1:07:49 – Why Laura shut off new customer orders during the infant formula shortage 1:11:02 – Buying her own manufacturing plant to control Bobbie's future 1:14:09 – Navigating Washington, regulation, and building a mission-driven brand This episode was researched and produced by Alex Cheng with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineer was Robert Rodriguez.  Follow How I Built This: Instagram → @howibuiltthis X → @HowIBuiltThis Facebook → How I Built This Follow Guy Raz: Instagram → @guy.raz Youtube → guy_raz X → @guyraz Substack → guyraz.substack.com Website → guyraz.com Learn more about your ad choices. Visit podcastchoices.com/adchoices