POSITION TO RAISE VC
With a badass brand positioned in the “magic” space, it’s time to raise VC. FashInvest founder David Freschman and Comcast Ventures’ Daniel Gulati offered their expert opinions and insight into the fashion tech startup scene. Gulati opened up about what he’s looking for and where he wants to spend his dollars.
Make Sure You’ve Got the Grit
That’s the #1 characteristic Gulati wants in entrepreneurs. “It takes brute force. You have to be able to break boundaries, walk through walls and be creative with solutions.” Grit allows startups to withstand any storm, while those who are only passionate will easily get blown over.
Get Started Now
“It’s never been easier to experiment and cheaper to fail than now. You can really get pretty far with a small check,” Gulati said, referencing readily available and cheap technology. And the best time to do it is now, both agreed. “You don’t know if it will be there tomorrow. And if someone offers you money, just take it. Don’t be hung up on your valuation.”
It’s Not So Much the Pitch, but the Meat Behind it.
Gulati doesn’t pay attention to how polished the slides are or how good the pitch is. “I think some of the best entrepreneurs are introverted and can’t sell. I’m more interested in how awesome the business idea is.” Freschman admitted that he can easily pick out which accelerator a startup has been through, based on their pitch. “There’s a formula behind them all, and the accelerator model should be not so much the pitch, but what’s the meat behind it.”