From Wall Street to solving sleep woes with Betta Sleep

Pictured above: Richard Norris.

Investment banker turned entrepreneur Richard Norris has turned personal frustrations into global business solutions. His latest venture, Betta Sleep, tackles snoring head-on.

Richard Norris is no stranger to solving problems – both in the boardroom and beyond. After a career as a management consultant, which inspired an MBA at the University of Virginia, Richard turned to investment banking, which included stints on Wall Street with Morgan Stanley and Deutsche Bank. He later returned to New Zealand to take on senior strategic roles in the corporate world. But it’s his entrepreneurial ventures that have brought him the greatest satisfaction.

“I’ve always solved problems that I’ve had,” says Richard. “Where I couldn’t find a product that did what I needed or that just wasn’t doing its job well enough, I’ve gone down the rabbit hole to create my own solutions.”

His first business success, Rapid Dry Towels, started with a simple frustration: Car drying towels that didn’t work efficiently. “I hated chamois as a child,” he recalls. “I realised I spent more time wringing them out than drying the car.”

The result was a groundbreaking product designed to dry a car with zero wringing – a first in the industry. Today, Rapid Dry Towels is a global business with warehouses across five countries and partnerships with brands like Porsche and Shelby American.

But Richard’s latest venture, Betta Sleep, tackles a deeply personal and pressing issue: Snoring.

“I was a terrible snorer, and it was getting worse as I got older,” he shares. “During a family holiday, I read a book called Breath by James Nestor that had a chapter on mouth taping. I wondered if taping my mouth shut could help reduce my snoring.”

Richard’s initial attempts – using sellotape and then medical tape – highlighted the need for a better product. Over 18 months of development, he created Betta Sleep mouth tape, designed to be hypoallergenic, flexible, breathable, and with just the right adhesive strength. “I’m customer number one,” says Richard. “If it wasn’t good enough for me, I wouldn’t put it out there.”

Betta Sleep has already attracted a loyal customer base. “We offer a money-back guarantee, but we’ve had zero returns,” he notes. “Interestingly, 80 percent of our purchasers are women, but we suspect many are buying it for the men in their lives.”

Lessons from the corporate world

Richard credits his corporate background for shaping his entrepreneurial journey, and success with Betta Sleep. “Consulting taught me how to break down a problem into its individual parts and communicate solutions simply,” he explains. “Investment banking honed my ability to turn complex issues into opportunities and emphasised the importance of personal connection. There’s nothing like picking up the phone to solve a problem.”

These lessons have been invaluable as Richard navigates industries as diverse as automotive care and health products. His approach to learning is refreshingly straightforward: “Sometimes not knowing much about an industry is a strength because you’re not constrained by what’s been considered impossible.”

Building empathy into product development

Developing a product as personal as mouth tape required a deep understanding of customer needs. “This is something people are going to use on their bodies, so safety was paramount,” Richard says. The tape’s adhesive – a critical component – was meticulously tested to ensure it’s strong enough to stay on but gentle enough to remove without irritation.

Richard’s hands-on approach extends to customer interactions. “If someone has an issue, I’ll pick up the phone and call them. They’re often shocked that the founder is on the line, but it’s the best way to create a lifelong customer.”

Richard sees immense potential for growth in the sleep and health sector. “There are definitely adjacent products we can add,” he says. “But the mouth tape will always be our hero product because it’s something that can help so many people.”

As he continues to expand Betta Sleep’s reach – starting with pharmacies across New Zealand and Australia – Richard reflects on the journey so far. “It’s incredibly satisfying to create something that not only solves a personal problem but helps others sleep better and, in some cases, restores harmony to their relationships.”

Advice for aspiring entrepreneurs

For those looking to turn a niche problem into a viable business, Richard’s advice is clear: “Find a problem you can’t solve with existing products, and ensure the market is large enough to sustain a profitable business. But be prepared – marketing costs more than you expect, and social media success is harder to come by now.”

He also stresses the value of learning from others. “Seek out people who have done it before. Many successful entrepreneurs are willing to share their scars – and those often hold the best insights.”

Whether it’s designing a towel for car enthusiasts or a tape to help couples sleep peacefully, Richard’s journey underscores the power of problem-solving and persistence. “At the end of the day, I back myself. If I need a product, chances are others do too. And that’s where the magic begins.”