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Perseverance Over Speed: Creating a New Category with Impinj's Chris Diorio

In this episode of Founded & Funded, Madrona Managing Director Tim Porter and Venture Partner Patrick Ennis host Chris Diorio, co-founder and CEO of ‪@impinj‬, the pioneer and world leader in RFID technology. Patrick and Chris have known each other for more than 24 years — since Madrona and ARCH Venture Partners co-led Impinj's first round of financing in the summer of 2000. In this episode, these three reminisce about old times and share some fun stories while diving into what it takes to truly launch a new category — and the patience required by both entrepreneurs and investors when doing so. They also discuss developing new speculative technology, navigating channel partner relationships, making it through an IPO during uncertain times, and how Impinj became the least known $4.6 billion public company in Seattle. This is a must-listen for any entrepreneurs out there. Full Transcript: https://www.madrona.com/perseverance-... 00:00 Introduction  02:01 Creating a category, early days of Impinj  03:22 Pivot to RFID 04:40 Struggles and Breakthroughs 05:45 Product-Market Fit Wilderness 08:50 Principles and Company Culture 13:01 Struggles with RFID Standards  14:27 Surviving and Thriving  15:11 Adoption and Scaling Challenges 18:01 End Customer Scenarios and Partnerships 20:52 Financing Strategy 23:27 Patrick Meeting Morris Chang: A Career Highlight 24:50 Remembering Tom Alberg's Influence 27:55 The Art of Hiring and Mentorship 33:13 The Journey to IPO 36:42 Strategic Partnerships and Investments  37:01 Company Principles and Future Outlook 38:35 Balancing Work and Life