Three Startups, One Big Pivot and the Power of Changing Your Mind

“Find things that you’re passionate about and go and work on those.”In this episode, Michael Fox shares the story behind Fable and the journey that brought him to the world of mushrooms, food innovation, and purpose-driven business. We talk about entrepreneurship, the lessons he’s learnt across his three startups, failure, changing your mind as you learn, and how life experiences can quietly reshape what you care about and the work you want to do. We also talk about burnout, family, nature, gratitude, and what he values now.Episode highlightsMichael’s upbringing across small mining towns in Australia and the entrepreneurial instinct that showed up earlyThe lessons he’s learnt across three startups and how each business shaped the nextFailure, burnout, and what it takes to start againHow his father’s cancer diagnosis changed the way he thought about food, health, and the wider food systemWhy changing your mind as you learn can be a strengthThe story behind Fable and why mushrooms became the foundation of the businessWhat makes shiitake mushrooms so interesting from a flavour, nutrition, and processing perspectiveThe difference between mushrooms and mycelium, and why that mattersMichael’s thoughts on fibre, vitamin D, protein, and the health potential of mushroomsRaising money again and building with more discipline the second time aroundFamily life, nature, gratitude, and what matters most to him nowChapters00:01:56 Michael introduces Fable and explains the company’s mushroom-based product00:02:49 Growing up in Australia and early entrepreneurial instincts00:05:17 What a bountiful life means to Michael00:05:40 Advice for his 25-year-old self00:06:10 Why passion for the product matters in business00:07:01 His three startups and lessons from building consumer businesses00:08:33 The original idea behind Shoes of Prey and what it taught him00:13:27 Burnout, stress, and perspective during difficult seasons00:15:43 How food, health, ethics, and the environment reshaped his thinking00:18:02 Changing your mind as you learn00:19:07 Why trying to convert people did not work, and what does00:24:29 Why mushrooms00:28:00 Shiitake stems, supply chains, and how Fable thinks about production00:31:45 Mycelium vs mushrooms00:36:13 Fibre, protein, calories, and vitamin D00:40:16 Mushroom foraging tours and the Zac Efron Netflix feature00:42:43 Fable’s restaurant and meal kit partnerships00:44:11 Building a business that feels more aligned00:45:39 Product-market fit, raising less capital, and building differently00:48:05 Raising money and starting again after failure00:52:40 Moving from the Sunshine Coast to Brooklyn00:55:28 Nature, city life, and staying connected to what mattersGuest bioMichael Fox is the co-founder of Fable, a food company creating mushroom-based products designed to help people eat less meat. Before starting Fable, he built earlier consumer businesses including Shoes of Prey and Sneaking Duck. In this conversation, he shares what those experiences taught him about entrepreneurship, customers, product-market fit, and starting again. Michael grew up in Australia, studied at the University of Queensland, and now lives in Brooklyn, where he moved to help grow Fable in the US market.https://www.fablefood.co/linkedin.com/in/michaelfox1About the Bountifull PodcastThe Bountifull Podcast explores what it means to live a bountiful life through conversations on personal growth, happiness, emotional wellbeing, resilience, health, creativity, and meaningful work. Hosted by Sian Simpson, each episode features interesting people from diverse backgrounds sharing real stories, practical insights, and life lessons to help us live with more joy, purpose, and connection.https://bountifullworld.com/