Since launching Penguin CBD in 2019, Deep Patel has shown a capacity for astute entrepreneurial decisions. Penguin carved out a unique space in the cannabidiol market. While the brand is well-regarded for its high-quality CBD oils, the minimalist, no-nonsense packaging sparked plenty of online buzz. For Patel, it’s not just about looking good; he is primarily interested in creating a stellar product. Penguin’s dedication to transparency is reflected in its production process: Each batch is independently tested in a third-party lab, with results proudly published on the brand’s website. Simple, clear, and honest.
Patel’s approach is far from traditional, especially when it comes to funding. Instead of courting big-name investors, he’s a proud bootstrapper, preferring to avoid venture capital in order to keep control of his businesses. By doing so, Patel was able to steer Penguin’s ship without the interference of demanding investors. And rather than throwing money at flashy ads, he relies on well-thought-out social media campaigns and organic word-of-mouth to build his brand’s credibility.
For Patel, the best business ideas stem from personal frustrations. He is, after all, a consumer first. His journey into CBD started when he found it to be a game-changer for his own sleep issues. “Millions sought CBD products, but reliable suppliers were scarce,” Patel explains. At 22, with no outside funding, he turned Penguin into a seven-figure business and secured an all-cash acquisition offer from Verma Farms in 2021. Flush with cash, he dove into his next entrepreneurial adventure.
That adventure was Blu Atlas, a skincare brand that directly addresses the frustration many men feel about the lack of natural, health-conscious options. Patel identified a gap in the market and set out to fill it, offering quality products with a focus on sustainability and results. Blu Atlas launched in 2022 and quickly gained momentum, racking up six-figure sales within its first month.
By 2023, Blu Atlas was listed in Similarweb’s Digital 100 report as one of the top 10 fastest-growing sites in the Beauty & Cosmetics sector, with an impressive 167.1% year-over-year traffic growth. Patel’s enthusiasm was evident. “This was a once-in-a-lifetime opportunity,” he told me. “Blu Atlas was the next L’Oréal of men’s skincare.”
As his brand scaled, Patel was adamant about maintaining Blu Atlas’ integrity. “Many multinational corporations wanted in,” he says, “but they didn’t understand the core principles Blu Atlas stood for.” He eventually found the perfect partner in Foundry Brands, a $100 million holding platform focused on evolving men’s personal care. They acquired Blu Atlas for an undisclosed eight-figure sum, recognising its potential to hit $100 million in sales.
Patel grew up in Macon, Georgia, and his entrepreneurial drive was evident from an early age. At 12, he flipped rare coins on eBay and made his first $2,000. By 16, he’d published a book, A Paperboy’s Fable, about his discovery of entrepreneurship, securing a deal with Post Hill Press. By 17, he was consulting for billion-dollar firms like Kearney.
These early successes were enough to convince Patel to drop out of the University of San Diego on his first day of class. But despite his early wins, the sale of Blu Atlas didn’t feel like a true victory. For Patel, the next challenge was already on his mind: Ulo.
Ulo is Patel’s latest venture, aimed at setting a new standard in hair loss care. By focusing on long-term health and offering alternatives that reduce the risk of hormonal side effects, Ulo promises comfort, transparency, and innovation. True to his bootstrapping ethos, Patel is once again building Ulo from the ground up, though he acknowledges it may need significant investment before launch.
Patel’s unconventional approach to entrepreneurship has made him a poster child for aspiring business moguls. His playbook is simple: Avoid large capital investments, keep control, and build brands that last. “Large capital investments often increase the risk of overspending and failure,” he says. This philosophy has served him well, as all of his companies have evolved into sustainable, thriving businesses.
As Patel turns his attention to the future, it’s clear that his journey is far from over. One thing’s for sure—whatever comes next, Deep Patel will continue to let his companies do the talking.
