ChanceMe flowchart

1) Defining the problem you’re solving:

Problem: People spend time viewing all clothing products (both online and in brick and mortar) in order to pick only a few they're interested in buying, and hard to find clothes of high quality (both design and material) at cheap price. Designers, especially small lines, risk their money on producing what people may not want and buy.

We are going to build a website that let fashion designers upload their designs. Then the designs will be ""Liked"" and rated (only 2 designs a time, randomly). When designs reach a threshold ""Like""s and grade, the designer can start letting people pre-order at a cheap price. Pre-order provides the initial fund for production, help reach the minimum quantity, and lower the average cost of their products, giving them advantage to sell to other places.

For consumers, first it's fun to see fresh designs and decide what to be produced. Second, they only need to view the products they ""Liked"" before and third. Third they can buy very unique clothes (designers wouldn't produce too many) at a cheap price!

See a flowchart here:

2) What differentiates your company

We allow people (consumers) to initial the whole clothing production process, to lead the trend instead of following it, to Let People Decide What They Wear.

3) Articulate what motivates you to devote the next X years of your life to this company and problem.

We tried out something else this summer and faced many problems as we start our own line. We really want to solve the problems we faced and our idea is unconventional and FUN! It could be a revolution in the way products are made (let people decide the what to produce) if successful, which excites us every single day!

4) A list of your top 4-5 competitors, big or small:
a. Threadless: They make t-shirts. And it's not a marketplace.
b. SketchStreet: Their idea is the same as our original one. They launch competitions, designers submit designs, they manufacture them and sell them. Their problem is it's not consumer focused and the price is too high to attract consumers.http://www.sketchstreet.com/
c. Sew Love: Similar to SketchStreet. SF based. Use environmental friendly material. http://www.sewlove.co/
d. Polyvore: people ""Like"" good designs. Users use pictures of clothes from other websites and they don't sell them directly.
e. Fab: They have great and special clothes designed by not so well-known designers.

4) Do your homework on investors and determine your short list of firms you'll pitch to, Why them?
a. Y Combinator: it invested in Shoptiques.com (Fashion) and helped the founder Olga find technical co-founders.
b. Bain Capital Ventures: It gave Rent the Runway (fashion) the seed fund.
c. Greylock Partners, Andreessen Horowitz, Highland Capital, SV Angers
They all funded fashion start-ups.


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