Launch Pad: Trina Spear, Founder of FIGS

FIGS logo

Scrubs that fit well. Scrubs that flatter your body. Scrubs with antimicrobial fabric, to stop bacteria and infections from spreading. The medical apparel industry is a $10 billion industry in the US alone—so where have scrubs like these been?

That’s what Trina Spear asked herself, and her answer was FIGS, which she calls the “highest quality medical apparel in the world.” FIGS has the potential to turn the medical apparel industry upside down. As she explains: “it’s a commoditized industry that we are de-commoditizing. It’s an unbranded industry that we are branding.”

Listen to Karl and Trina talk about why FIGS is a B-Corp that gives away a set of scrubs to a healthcare provider in need for every set they sell. And just how many meetings it took for Trina to raise their first $2 million in funding. (Spoiler: about 100. Which Karl points out is totally normal, for you entrepreneurs out there who are feeling discouraged about heading out to meeting #43.)

Read more Launch Pad: Trina Spear, Founder of FIGS

8 Lessons I Learned Starting A Business In College

Fernando Rojo, Penn Wharton Entrepreneurship Founder of PATOS

By Fernando Rojo C’18, Founder of PATOS

“Working in a third-world country will be a logistical nightmare.”

“No one will want such bright patterns on shoes.”

“Why aren’t your sales higher already?”

These are a few of the sorts of things people said to me as I started PATOS, a line of modern sneakers made with traditional Peruvian textiles that I’ve spent the last two years bringing to market. The idea for the business came to me during my freshman year at the University of Pennsylvania. I was visiting extended family in Argentina and met an artisan named Rafael at a flea market there. He made these incredible shoes with vibrant textiles. I heard his story and perspective as a talented artisan in a struggling economy, and I was hooked; a few days later, I got on a plane back to the U.S. with 100 pairs of Rafael’s textile-covered shoes and the idea for PATOS: I’d partner with him and other talented artisans across Latin America, building a global brand for their handcrafted, one-of-a-kind sneakers. Read more 8 Lessons I Learned Starting A Business In College

Wharton Network Helps Alumna Grow Startup

Wharton San Francisco alumna Rel Lavizzo-Mourey WG’15 launched her luxury outerwear company called Silver Lining Bespoke during her second year in the EMBA program. We recently caught up with Rel and asked her to tell us about her experiences starting a company in school and how Wharton has helped her since graduation. Here is what she said:

Silver Lining 600x450 Read more Wharton Network Helps Alumna Grow Startup

What We Learned From Our (Successful!) Kickstarter

By Adina Luo W’16 and Molly Liu W’16, Co-founders of Black Box Denim

We’re Black Box Denim: we do custom jeans, hand-made and delivered to your doorstep. For us, the decision to run a Kickstarter campaign was an amalgamation of a lot of considerations. Ultimately, we decided it was the right choice for us: it was an opportunity to validate a market we were not yet sure existed, and we could start building our brand right away. We raised $27,492, meeting our $25,000 goal with 122 backers. The crowdfunding learning curve is a steep one, and through our own campaign, we summarized some key lessons.

Black Box Denim sm Read more What We Learned From Our (Successful!) Kickstarter

If You Weren’t An Entrepreneur, What Would You Be?

By Noah Ready-Campbell W’10, co-founder of Twice

I recently turned 26, and, to celebrate, I took a weekend trip to Sequoia National Park with my mom. We both work a lot—she as a doctor in rural Vermont, and I as the CEO of a startup—so it’d been a few years since we’d spent any time together one-­on-­one, and we were looking forward to the trip. Plus, as she only half-joked, if she was visiting she could make sure I took the weekend off.

Trees sm

Read more If You Weren’t An Entrepreneur, What Would You Be?

Getting Started for Fashion Entrepreneurs: Find a Designer, Manufacturer, and Supplier

Editor’s note: This post was originally published on Thanh’s blog, pthanh.com.

By Thanh Pham C’14, founder of fashion startup Jean & Isola

A little side note to what inspired this post: I was on the Wharton fashion startup trek a few weekends ago (basically a day field trip for MBAs sponsored by the Wharton Entrepreneurship Club) and in between nodding off (it was a long 5 AM bus ride to NYC) and furiously jotting down notes, I started having this strange feeling of déjà vu; I felt like I had already seen my last few sentences somewhere. Sure enough, these were questions and that I had heard, and asked, a few times: when you’re just beginning, how do you find a manufacturer/designer/supplier?

Old sewing machineRead more Getting Started for Fashion Entrepreneurs: Find a Designer, Manufacturer, and Supplier

Advice to Graduating Entrepreneurs

By Thanh Pham C’14, founder of fashion startup Jean & Isola

For many of us student entrepreneurs, graduation marks an exciting time—the finish line of academia and the beginning of a full-time career in entrepreneurship. Without the time limitations of academic commitments and physical limitations of university, postgraduate life offers the freedom to fully and freely invest our time.

Wharton graduating student2Read more Advice to Graduating Entrepreneurs

Wharton Business Plan Competition Series: Rohan Deuskar, Founder & CEO of Stylitics

BPC 15Yr - BPC Homepage - FINALBy Izzy Park WG’15

Editor’s note: This article was originally published in the Wharton Journal.

This article is a part of a special series on the Wharton Business Plan Competition (WBPC). Stylitics, the grand prize winner of the 2011 WBPC, is on a mission to bring fashion analytics into the digital world – one closet at a time. I caught up with co-founder Rohan Deuskar (WG’11) to find out what’s been keeping him busy. Started in Rohan’s small Brooklyn apartment, Stylitics has raised over $3.2M, grown to 16 people, and helped thousands of fashionistas find their unique styles.

Rohan Deuskar
Rohan Deuskar (WG’11), Founder and CEO of Stylitics

Wharton Journal: Where did you get the idea to start Stylitics?

RD: Stylitics is the confluence of my personal need as a consumer and a major need in the fashion industry.

Stylitics was born from my frustration that although like most people I was spending a decent amount of money and time on buying clothes and deciding what to wear, my closet was still one of the most inefficient parts of my life. I’d wear only 20% of my stuff, I’d forget what I owned, and I’d buy duplicates of clothes I already owned. It struck me that the closet was one of those central experiences in people’s lives that is still completely analog and tied to one physical location. I realized that if you had a digital version of your closet – essentially all your clothing data in one place online – then you could unlock an amazing set of new capabilities. Imagine putting together packing lists on the go, or tracking stats like cost per wear of each item, or getting online outfit advice from your friend or a digital stylist.

And not only would consumers be better off, but with the user’s permission brands and retailers could see what people are wearing and buying in real-time, for the first time. That means better and more personal recommendations, more targeted offers, and better insights.

WJ: How did you meet your co-founder, Zach Davis?

RD: Zach is a friend and colleague from Chicago. We were both early at a mobile startup called Vibes Media. In 2010, he was in Seattle while was I interning at Amazon so we talked a lot about startups. During Sell Weekend I was back in Seattle and shared this concept with him. He got it immediately and began working remotely on it with me on top of his full-time job. Then he quit his job, I turned down my job offer, and the day after my graduation we were working on this full-time in New York!

WJ: Both you and your co-founder didn’t have technical backgrounds – can you tell us how you were able to get your business started?  

RD: While I believe it is absolutely feasible to have two non-technical founders build a technology-based business, you are definitely starting with a lot more risk and at a disadvantage. For the first 2 years, finding good and affordable developers was the most difficult and challenging thing. For our first engineer, we hired a new grad in Iraq who was referred through my cousin at Berkeley. He ended up working with us for 2 years. Our first designer is a stay-at-home mom in Serbia who at the time had very little English but had the right attitude and talent. She is still with us. For our first senior engineer, I went to a Ruby on Rails meetup, made sure to walk back to Center City with the speaker, took him to dinner, and sold him on the vision. He was with us for a couple of years.

If this sounds easy – it was not. We’ve scoured LinkedIn and sent messages to hundreds of developers to get one great one. In fact, to put together the great 9 person engineering team we have now meant going through about 20 contractors and a couple full-timers.

If I can offer a few lessons learned that will make the process easier:

  1. You are responsible for understanding how engineers work, how technology works, and how product development works. This is not someone else’s problem. To hire and manage engineers, you need to know this. You don’t have to learn to code, but you do need to understand the principles and culture of software engineering. It’ll save you and your engineers a lot of grief.
  2. Until you know all the above really well, only consider engineers or contractors who score very high on communication and attitude. Doesn’t matter where in the world they are, or if they are “senior”. If there are red flags about irregular and unprofessional communication, walk away as soon as you can. Nothing is more costly and frustrating than chasing down your engineers for updates.
  3. Pay your engineers from Day 1. Even a little. It works better for everyone that way. There are too many good opportunities for decent engineers for you to show up empty handed. Options don’t count.
  4. Software engineering is a creative endeavor. It is not an assembly line for code. Treat development and developers accordingly.

WJ: When developing the pitch presentation for the competition, what were some of the most important pieces of the narrative?

RD: I think you have to sell the big vision and then solve the big roadblocks. The judges are coming in cold and watching critically, but they are also there for the love of business and bold ideas. Hook them early. Our pitch started with “There’s a massive gap in fashion. Unlike nearly every other major industry, there is no billion dollar analytics company in fashion.” We then explained why we thought that was the case, why that had to change given market forces, and what our plan was for becoming that company.

Then you have to anticipate and answer the questions that will inevitably spring up. One trend I’ve noticed while judging business plans is that teams leave a lot of obvious questions unanswered. The audience will think of those difficult questions so you might as well address them. You don’t need the perfect solution, but you do have to show you have thought about realistic solutions to the big problems.

And finally, I think any pilots/tests/proofs of concept that you do will go a long way. We did a very low tech pilot to prove that people were willing to share their outfits in detail for a small incentive. Rather than saying – “we believe it will work” we were able to say “given our test with 250 people, we believe we can get 25,000 people to do this, which becomes one of the largest fashion panels in the world.”

WJ: Can you tell us how the trajectory of Stylitics changed after winning the competition?

RD: I’m not sure if the trajectory changed so much as the number of opportunities increased. We met a few judges who made intros to people who made intros to other people …and so on down the chain until we met the angel investors who led our early rounds and continue to be great supporters.

Actually, the most important impact was that it kicked off a “spiral of success” (do they still teach that?).  It solidified in our company the confidence that we can dream big and actually achieve unlikely goals, even as a tiny startup.  I have no doubt that luck was a big ingredient in winning the competition, but we also felt like winners. Feeling like winners and expecting to win has a powerful impact on culture. It gives you the confidence to attempt things that are out of your league. If we succeed, it reinforces our confidence. If we fail, we think “we know we can succeed, so let’s figure out why we failed this time and fix it.” vs. “Well, of course we failed. We’re just a startup. Let’s stick to what’s manageable today.” In fact, as part of their daily status email, each Stylitics employee lists any big wins they had the previous day.

WJ: How has Stylitics been able to keep up with the latest technology trends and keep competitors away?

RD: We were a little late to building on mobile, which now has about 4X the activity as web. We could have been quicker there. Besides that, we tend to be ahead of the curve with the technology and concepts we use, especially in the fashion industry. We tend to have a bias for innovation, so our challenge is making sure that we don’t get too far ahead of the market without testing what clients and consumers actually want.

We tend not to worry about competitors too much. We’re really competing with our own shortcomings and with the status quo in the fashion industry. What we’re doing is hard and the opportunity is huge, so good luck to all – for now

WJ: You’ve managed to successfully navigate a great entrepreneurial career at Wharton and onwards. Looking back, what was the most memorable experience at Wharton? (aside from winning the competition of course)

RD: Well, I would not call it “a great entrepreneurial career” yet…someday, hopefully!

A memorable experience:

When I arrived at Wharton, I was on crutches with a broken ankle. While I was hobbling by the river one morning, I saw these beautiful, streamlined boats go by with the rowers in perfect sync and wondered what kind of discipline and training it must take to be one of those people. It seemed unreachably far.

Fast forward a year and I was stepping out of a Wharton Crew novice team boat after an intense race at the Dad Vail Regatta where we won the silver medal. I owe 95% of that experience to my Wharton/Penn classmates. My coaches, team captains, teammates were mostly students and all volunteers. Many had raced at top undergrad programs, but would train with the novice team (their classmates) in the freezing rain at 6 a.m. so we could get better. The next year, we second-years tried to pay it forward, by spending hours each week organizing, practicing, and coaching. There is something really special at Wharton that calls on people to help each other achieve their personal goals.

WJ: Any professors or courses you’d recommend?

RD: Prof. Kartik Hosanagar was one of my favorites. I also loved the advanced communications class on speaking with the press. Classes on corporate taxes, managing people, and financing were helpful post-Wharton.

WJ: Best thing about being an entrepreneur?  

RD: You get to dedicate your entire mind to creating something good and useful in the world and you get to see others take up your cause as you grow.  And if you’re lucky, someone will hand you millions of dollars to pursue your dream. That still blows my mind.

WJ: What’s next for Stylitics?

RD: Today Stylitics has the largest digital closet platform, with over 100,000 closets via word-of-mouth. We expect to cross 500,000 this year, but hopefully 1 million. Starting later this year, our users will be able to sync their purchases instantly to their closet from major retailers.

On the analytics side, I believe we can have 50 of the top 100 retailers using our insights dashboard by the end of the year.

Stylitics logo

We’d love support from the Wharton/Penn community. You can download the Stylitics app on iPhone and Android, and use it to track your outfits, chat with stylists, and take your closet on the go! More details at www.stylitics.com/mobile.

Izzy Park picBio: Izzy Park WG’15 a Vice President of the Wharton Design Club and a regular contributor to the Wharton Journal. Before Wharton, she was part of Deloitte’s Innovation+Growth team and served in the Office of the CTO, bringing new digital products and services to market.

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5 Reasons Women Make The Best Entrepreneurs

By Emelyn Northway WG’13 and Dorie Golkin WG’13, co-founders of Of Mercer

We are women entrepreneurs. As such, we’re part of a small (but growing!) group. We’re members of the Wharton MBA class of 2013, a class with not only the highest percentage of women (45%) in Wharton history, but also the highest number of students pursuing their own startups (7.4%). Clearly, change is happening, and we’re proud to be part of it. Our startup, Of Mercer, makes affordable, stylish workwear for women. We like to think we’re helping other women succeed in business through great style.

Stereotypes about women, and women entrepreneurs, abound. We often pride ourselves on breaking out of them. But today, we’re going to embrace them, and show you why women may just make the best entrepreneurs:

Stereotype #1: Women Don’t Take Risks

We are risk averse. So how did two people who don’t take risks start a business?  We did enough testing and research to get to a point where the decision to start Of Mercer no longer felt risky. Months before our November launch, we introduced a beta line of dresses to test fit, style, color, etc. Had we produced a full-line based on our initial designs (which at the time we thought were stellar), we would be sitting on a lot of unsold inventory. By taking our time, testing our products, and analyzing our data, we better understood the preferences of our customers.

Stereotype #2: Women Take Things Personally

When a dress that we worked so hard to perfect doesn’t work out for somebody, we take it to heart.  It would be easy to try to keep our egos intact by assuming the problem was with the customer, not the dress. But that’s not going to make our product better, and it’s definitely not good customer service. Instead we accept the feedback because it enables us to constantly improve our product, and better serve our customers.

Stereotype #3: Women Stop To Ask For Directions

You can get where you’re going a whole lot faster if you stop and ask for directions. Before starting Of Mercer, neither of us had experience in fashion or retail (besides being avid consumers).  So we talked to everyone we possibly could, admitting we were novices.  Doing so gave us free reign to ask all the questions that we wanted, without judgment, and as a result, to get up to speed on the industry as fast as possible.  And the sooner you can get those “stupid” questions out of the way, the less likely you are to actually look stupid later on when someone is judging you.

Stereotype #4: Women Love To Talk

As entrepreneurs navigating a new industry, networking is our best friend, and it’s a lot easier when you like to talk.  Being willing to talk to anyone about our business (or about theirs), opens up unexpected business and learning opportunities. Being honest and up front about what we need help with, not only gives others the opportunity to help out (thank you very much, Adam Grant’s Give & Take), but also opens up communication channels to create deeper, more involved relationships.

Stereotype #5: Women Are Obsessed With Relationships

Many women report being more satisfied with their jobs when they have strong relationships with coworkers and feel liked and supported. While this applies to co-workers, it also applies to vendors, developers, and anyone else with whom you work.  We tend to view those relationships as long-term, not just as transactional.  Seeing them as people who don’t just work “for you” because you are paying them, but as part of your team, helps develop trusting working relationships.

***

Okay, so we’re kidding around when we say that women make “the best” entrepreneurs. But while the percentage of Venture Capital funding going to women-led businesses has plenty of room for improvement (it was 13% in 2013), it is growing (up 20% over 2012). With the huge success of a number of recent female-founded startups—think Rent the Runway, Spanx, Birchbox—we expect this number to continue to grow, and for good reason.  According to research cited in this Forbes article, VC firms that invest in women-led businesses performed better than all men-led businesses.  Further, women-led private technology companies are more capital-efficient, achieving 35% higher return on investment.

We hope to see more and more women choosing to become entrepreneurs in the near future. And if you need some fabulous yet businesslike clothes for that VC meeting, we encourage you to check out Of Mercer.

Emelyn and Dorie - smallerBio: Dorie Golkin and Emelyn Northway, both WG’13, co-founded Of Mercer, a direct-to-consumer brand of stylish, affordable women’s workwear.  Dorie graduated from Princeton University with a degree in Civil Engineering. Prior to Wharton she was a strategy consultant at Deloitte.

Emelyn graduated from Cornell University with degrees in Economics and Psychology. Prior to Wharton she worked as an analyst at Bank of America and later as an associate at Liberty Partners. They both love residing in New York but miss their go-to restaurants in Philadelphia.