Last Week, the pulse of the fashion tech investment scene showed signs that its as strong as ever with FundingPost’s New York Early Stage Angel Breakfast and FashInvest’s 2014 NYC Capital Conference. Pitches, expert panels, and one-on-one interviews with award recipients such as Mona Bijoor, the 2014 Fashion Tech Fashpreneur Awardee is just a short list of what attendees raved about.
Bijoor, Founder & CEO of JOOR the leading global wholesale marketplace connector of brands and retailers – gave a few concise tips to those looking to bring their product to the fashion tech marketplace and helped us to answer the question, What Fashion Tech Investors Really Want?
Your Problem, Your Solution
Know what problem you are solving and have metrics to show how you’re achieving that – for example how fast users are enrolling, revenue, retention, gross transaction value, etc. Mona’s experience within the fashion industry and buying departments for global retailers inspired her to create JOOR, to solve the incredible challenges and time constraints she witnessed throughout her career. Whether it was running showroom appointments or handwriting wholesale orders, Mona recognized an opportunity to develop a technological solution that would reshape the wholesale process.
Choose great leadership that is extremely committed to your product and the consumer base you serve. Choose those that bring energy, to create momentum in your business (energy flow). If possible, find a strong technical lead/developer and brand team (even it is just one person), so as the leader, you have the ability to work your network and set forth vision & direction. Always ask yourself when hiring, would you be my “third person”?
Understand your market’s ecosystem and identify who are your early adopters that are strong enough brands where others will follow soon after.
Started in 2010, Mona bootstrapped JOOR bootstrapped for a year and a half. She ultimately did not look for investors until the company produced revenue. With metrics and revenue to speak to her market, Mona successfully raised both rounds in 6 weeks!
Obtaining an investor is like a marriage…you have to make sure you have the same value system and approach to how you will grow your business. Failing to do your due diligence may be a catastrophic distraction at the time when you be most focused on your business.
Be passionate about your product, have an intense empathy for those you’re serving, and make sure your team does too.
Just some food for thought: Through Q3 of 2014, there has been over $4.4 Billion dollars invested in Fashion Tech businesses!
Click here for a breakdown from FASHINVEST.