From bankruptcy to breakthroughs, discover Brad Pedersen's resilient journey in business and sustainability

In the latest episode of Business Matters, presented by Valley First, a division of First West Credit Union, host Rob Cupello welcomes guest Brad Pedersen, an award-winning entrepreneur who has left his mark on both the toy industry and the environmental sustainability sector.

Pedersen has always had entrepreneurial spirit and this innate drive for innovation became the cornerstone of his remarkable journey.

After reading an article about a new flying toy, Pedersen reached out to its manufacturer, eventually transforming this venture into one of the largest toy distribution businesses in Canada.

Despite the initial success, Pedersen's company faced a rapid expansion that led to a crash in 2006, resulting in bankruptcy. Reflecting on this challenging period, he openly discusses the struggles.

“Struggles are actually what is important to build your strength,” he says.

Pedersen's key takeaway from failure is that "you only become a failure when you get knocked down and stay down."

However, despite this challenge Pedersen embarked on a new venture and went on to became the founding partner of Tech 4 Kids in 2009. This enterprise rapidly grew on a global scale, reaching revenues exceeding $60 million and operating in over 60 countries

Tech 4 Kids later merged with another toy company which exists today under the name Basic Fun, a manufacturer of many iconic brands including Tonka, Mashems, and Care Bears which has been incredibly successful.

Transitioning from the toy industry to environmental sustainability, Pedersen co-founded Pela with Jeremy Lang and Matt Bertulli.

Pela is celebrated as the creator of the world's first compostable phone case. The cases, manufactured in Kelowna, circulate globally and return to the planet responsibly at the end of their life cycle.

Furthering his commitment to environmental innovation, Pedersen introduced Lomi, the world's first smart waste device. Lomi transforms organic waste into a regenerative soil supplement while users sleep, a sustainable approach to waste management.

In addition to his successful businesses, Pedersen has also authored a book titled Startup Santa. This book delves into his journey including both successes and failures and also offers lessons to inspire and guide people on their own entrepreneurial enterprises. His book can be purchased here.

A fundamental takeaway from Pedersen's experiences is the importance of steering clear from setting unattainable standards for ourselves and instead, relishing life to its fullest.

“If we hold ourselves to a perfect standard, we will never get to a place where we are actually progressing in a meaningful way,” he shares.

With an optimistic outlook, Pedersen eagerly anticipates a bright future for Pela and Lomi, signaling continued innovation and success on the horizon.

To learn more about Pedersen’s transformative journey, characterized by triumphs and setbacks, listen to the complete episode. Or check out the episode on Youtube, Apple Podacasts and Spotify.