The Retail X Series Podcast

This bonus episode of the Retail X Series podcast features Meha Agrawal, founder and CEO of Silk + Sonder, a self-care membership experience for modern women that makes daily and proactive mental wellness easy and fun from the comfort of women's homes. Meha has raised over $4m in capital to date, with the most recent seed round being led by Redpoint Ventures. Meha shares her secrets to writing great cold emails - ones that have resulted in investments from her early investors. Topics:- Example of a successful cold email outreach during Meha's preseed round- When and why you should use a cold email versus a warm introduction to an investor- The seven key elements of every well-written cold email- Thinking through how an investor will "fit" with your values, your cap table- How many cold emails to send out during a fundraising round- Writing great cold emails for hiring and other purposes- Why cold emails get responses - and even if they don't "convert," how they can lead to other thingsMusic by Eino Toivanen, kongano.com Edited by Deven Shah

"Simplicity is king." Think of this episode of the Retail X Series podcast as your "Cap Tables 101" class. This episode features attorney Allison Cooper, Corporate Partner at Fenwick & West.  Allison talks through the importance of keeping your cap table organized even at the earliest stages, how to manage dilution, best  practices for option pools and more. If you're a founder who has ever had questions about your cap table, or want to plan ahead for future fundraising rounds, don't miss this informative episode. Topics:- How early you should be thinking about your cap table- How much of the company founding teams should own after early fundraising rounds- What a typical early stage cap table should have on it- Why good recordkeeping is critical- How dilution works and how to think about future dilution for the founders - What standard option pools look like - How many fundraising rounds can you have before a priced round and why this matters- Examples of clean and messy cap tables- When 409A valuations should be done and why they matter- SAFEs and notes - how they typically convert in a priced round- Common cap table mistakes for early stage foundersMusic by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast features Kate Anderson, VP of Revenue Operations at IFundWomen.  Kate goes through the critical steps founders need to take to successfully run a rewards-based crowdfunding campaign.  She also shares some resources to help founders get started. This episode is a can't-miss for any founder considering a crowdfunding campaign on any platform.  Topics:- The difference between equity and rewards-based crowdfunding- At what stage and for what type of businesses is crowdfunding most appropriate for- Key preparation before commencing a campaign: honing the pitch, evangelizing your business, and building a network- What to do if you don't have a network (spoiler: you do!)- How to set crowdfunding rewards - and be creative about it- What you need to do once the campaign is launched to keep the momentum going- Best times to launch a campaign and how much you can or should raise- How COVID has positively affected crowdfunding- The number one mistake founders make early onResources Kate mentions:Intro webinar and e-courseWorkshopsMusic by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast features the story of Janji, and how co-founder & CEO Dave Spandorfer built this DTC startup in a saturated market, while focusing on profitability, and not multiple venture capital fundraising rounds. Dave shares his take on what he and his co-founder did well, and how being scrappy helped build Janji to EBITDA positive.  This episode is a must-listen if you're a founder in the early stages of building a DTC brand. Topics:- How to think about brand differentiation, even within a crowded market- Building community through membership and creating rabid fans- How your brand vision can align with your fundraising strategy- Creative and scrappy ways to use your strengths in early customer acquisition- How wholesaling allows you to finance you business, increase volumes and more- Dealing with unforeseen events (like COVID), and how they can affect the path to profitability- Why raising capital once  you're on a path to profitability can be the right strategy- The importance of aligning your company vision with the rest of your lifeNote: You can reach Dave at dave@janji.com. Music by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast covers the branding and marketing building blocks for successfully launching your DTC startup, from creating the brand identity to pricing to launch tactics and more. Sara Adams Slywka, Co-founder & CMO of Nestig, shares her experiences in being scrappy, some do's and don'ts and some of the hard choices she had to make in launching  her brand in 2020.  This episode is a great listen, particularly for early stage founders who are building and launching their DTC brand before raising much funding. Topics:- Alternatives to hiring a pricey branding firm - and other ways to create your brand- Hacks for creating enough visual and branding assets, especially when money is tight- The reflective questions to ask yourself when identifying the key elements of your brand- Thinking through pricing of your product in relationship to your brand- How to make your launch splashy - even on a budget and during COVID- How influencers, partnerships and social media can contribute to a successful launch- Fundraising pre-launch, and how to make those dollars stretch- Why you should trust yourself in your brand journeyMusic by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast features is all about the do's and don'ts when pitching a venture capitalist. Mac Conwell, Managing Partner at RareBreed Ventures, talks about what VCs are looking for, what you should ask a VC in your first meeting and demystifies what "traction" really means at the early stages. If you're a founder about to pitch your first VC, don't miss this episode! Topics:- What early rounds look like right now - preseed, seed and seed plus- Why investors look for a startup to have the pathway to becoming a unicorn- Which early "metrics" are important to VCs- What traction can look  like at preseed, and some unique ways founders have shown traction- How the first meeting with a VC should go- What questions founders should be asking VCs in the first meeting- How to think about valuation at the early stage (hint: it's more art than science)- Why raising (or trying to raise) too early  doesn't workFollow Mac on Twitter @MacConwellMusic by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast features an in-depth conversation about how to create a great pitch deck, particularly aimed at preseed and seed stage companies. Jenny Fielding, Manager Director of Techstars and General Partner of The Fund, talks about how to build a deck and why the elements of the deck are so important. Jenny has seen thousands upon thousands of decks, both good and bad,  and her advice is a must-listen for founders that are about to start their fundraising process. Topics:- Why a pitch deck is important- How conveying your vision and story is more important than educating an investor - Why flow matters - and how to kick off your deck with your biggest strengths- How to include your "secret sauce" without giving away confidential info- Why all decks (B2B, DTC) must have a customer acquisition/go-to-market slide- Why you shouldn't include an exit slide or estimated valuation in your deck- How to make your deck look "pretty" without spending a lot (or any) money- How not to make these common deck mistakesNote: Jenny mentions some easy/free tools for making a beautiful deck even if you have no design skills. They are: Beautifully, Canva and Keynote.Music by Eino Toivanen, kongano.com Edited by Deven Shah

Welcome to Season 2 of the Retail X Series Podcast! This episode of the Retail X Series podcast features an in-depth conversation about choosing an accelerator or incubator program, featuring the Managing Director of New York Fashion Tech Lab, Jackie Trebilcock. Jackie gives her tips and advice to founders trying to understand what criteria they should use to evaluate programs, how the process work and even how to take advantage of program resources. For founders who are considering to NYFTL, or any other program, don't miss this episode. Topics:- What these sorts of programs look for from startup applicants- How being virtual has affected timelines since the start of COVID- What questions founders should ask a program that they are considering applying to- Why founder/program "fit" matters- How to leverage mentors in a program - and track that- Why demo days exist - and can they help you fundraise- Why program alumni networks can be important- How to compare and think about programs that take equity versus those that are fee-based- Jackie's best advice for founders considering applying to an incubator or acceleratorMusic by Eino Toivanen, kongano.com Edited by Deven Shah

This episode of the Retail X Series podcast features an in-depth conversation about offline sales strategies for DTC brands including pop-ups, wholesale and bricks & mortar, with Kirk Keel, Co-founder & Co-CEO of Stantt, a menswear brand. Kirk talks about how Stantt built up their wholesale business to over 400 stores, including specialty stores and Nordstrom, while also running pop-ups and their online channel. For founders who want to crack the wholesale code, this is a can't-miss episode.   Topics:- Why and when Stantt started focusing on offline channels for growth- The pros and cons of pop-ups and how to some locations work better than others- Testing mall versus urban pop-up experiences and how they're different- Networking to get the right contacts at department stores to build a relationship- Testing wholesale with larger chains like Nordstrom and the keys to making that test successful- Working with salespeople at wholesale to make your brand a success- Optimizing time and effort at trade shows to gain more wholesale accounts- How wholesale has been affected during COVID and how Stantt is working to support wholesale partners- What the bricks and mortar world and consumer preference might look like in the futureMusic by Eino Toivanen, kongano.com  Edited by Deven Shah

“Understand your customer like a friend.” This episode of the Retail X Series podcast is an in-depth conversation about fundraising and building a business with Elana Reinholtz, Founder & CEO of Bird + Stone, a cause-based jewelry company. Elana talks about her building her brand, how she built it starting with an Etsy shop and how she stays in touch with her customers. She also shares resources and tools that have helped her along the way.Topics:- Getting initial insights from early sales and testing in a scrappy way- Finding ways to understand your early customers at launch and beyond- Running partnerships with complementary brands as an acquisition strategy- Paid advertising: what worked and what didn't in the early days- Building and launching products based on early customer insights - Thinking through PR and press including DIY versus using agencies- Figuring out how and which influencers could work for your brand- Measuring metrics like CAC and LTVResources Elana Mentions:- Women Entrepreneurship NYC and the WE Fund (offers debt financing)- Dojo Mojo – CRM software system- Shogun – Tool for landing pages, works with Shopify- Hotjar – Heatmapping tool - Facebook Insights – Tool for paid Facebook insightsMusic by Eino Toivanen, kongano.com  Edited by Deven Shah

“Investors are looking for a reason to say no.” This can't-miss episode of the Retail X Series podcast is an in-depth conversation about fundraising and building a business with Melanie Elturk, CEO of Haute Hijab, talking all about her brand, how she built it and how she's raised multiple rounds of outside capital. Melanie shares her story of how she took her side hustle to a growing brand, raised funding, the lessons she learned and more. Topics:- How a founder with little fundraising knowledge approached fundraising- How Melanie ultimately got her first check (from a VC!), and ultimately closed a pre-seed round- Creating FOMO in a fundraising process – even at pre-seed- How to educate investors on a category they don't know much about- Why debt wasn't an option for this startup- How a monthly stakeholder newsletter can be helpful in fundraising – especially early on- How a seed round can be different than a pre-seed round- Why VC advice and ideas aren't necessarily ones you should take- Dividing and conquering with your co-founder during a fundraise- Valuation mistakes you can make in the early rounds and how to avoid them- The importance of your own mental health during fundraising – and dealing with the “no's”Music by Eino Toivanen, kongano.com  Edited by Deven Shah 

“Brand is your point of view and marketing is its extroverted cousin.” This episode of the Retail X Series podcast is an in-depth interview with Carolyn Rush, formerly of Worn, a brand agency, and now Head of Brand & Strategy at Robyn, talking about all things branding. Carolyn shares her take on early stage brands, how to think about branding at the earliest stages of a company and some tips and advice on how think about the evolution of your brand.  Topics:- The definition of a brand and how it's different from marketing- The first steps to take when you're thinking about your brand- Doing research and thinking about brand strategy as the foundation for your brand- Changing your name and brand mid-stream- When hiring an agency makes sense – or even freelancers- Spending on branding versus building your product- Living your brand internally in your company culture - A tool to start thinking about your brand (see below) Resources:Carolyn mentions this framework as a place to start thinking through your brand: https://docs.google.com/document/d/1fm9aH1tXqJDWeJXaCAJZqmiqmsFQn36C5PTdxrbHcTY/edit?ts=5eac583e Music by Eino Toivanen, kongano.com  Edited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with the two co-founders of Mobley, a DTC furniture rental startup. Daniel Ramirez-Yunque and Aditya Khilnani share their experiences about fundraising at the pre-seed and seed stage for their company, with tips and advice for early stage founders.  Topics:- Timing and traction that is right for a pre-seed or seed round- Figuring out how much to raise- Honing your list to find the right investors for your round- How your founder friends can help you in a fundraise -Pitching as co-founders and improving your pitch over time- Handling the “no's” from investors - The tough questions from investors and how to handle them- Fundraising on notes/SAFEs vs. preferred equity Music by Eino Toivanen, kongano.com  Edited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Meghan Cross Breeden all about fundraising at the earliest stages. Meghan shares her tips and advice about fundraising at the pre-seed and seed stage. Topics:- The definition of pre-seed vs. seed fundraise- Valuation rules of thumb- What it means to be a venture-backable company- Thinking through if a lead is necessary for an early stage fundraising round- Pitfalls to watch for you in the market slide in your pitch deck- Structures that are trending right now (convertible debt, SAFE, equity) and some pitfalls to watch out for- What does the current environment means for founders raising during these unprecedented times?Resources:Meghan mentioned this article by Ed Zimmerman of Lowenstein Sandler:When The Music Stops: SAFEs & Convertible Notes Give VCs Massive Price ProtectionNote: Apologies for the sound on this episode, which was recorded during NY's shelter-in-place order via a very shaky wifi connection.Music by Eino Toivanen, kongano.com  Edited by Deven Shah 

This episode of the Retail X Series podcast is an in-depth interview with Irene Ryabaya, Co-founder of WarmIntro. Irene shares her experiences growing B2B sales for her company, from her very first pilot customer to today - and all the lessons she's learned along the way.  Topics:- How to get that critical first pilot customer. - Why enterprise customers might not be a good target for a startup in the early days.- Why qualifying leads is so important in the sales process.- How to think about paid vs. unpaid pilots.- How experimenting with pricing for early stage B2B software companies is challenging and ever-changing. - Pitching your company to customers virtually in these uncertain times. - Building your sales process and how the founder's role in sales continues – for quite some time. - Advice for founders looking to make that first B2B sale.  Resources Irene mentioned in this episode:- Five Ways to Build a $100 Million Business Music by Eino Toivanen, kongano.com  Edited by Deven Shah

In this episode, Rachel Wexler talks about the nitty gritty of fundraising. Think of this episode as your "Fundraising 101" class, all about how to raise outside capital in a pre-seed or early stage round. Topics:- How angels evaluate companies at the earliest stages- What entrepreneurs should be prepared with at pre-seed, including team, traction/metrics, financial model, etc.- What makes a good and compelling pitch deck- Ranges of valuations, dilution and structures at pre-seed- Running a pre-seed fundraising process- How and where to find angel investors- Rachel's critical advice to founders Music by Eino Toivanen, kongano.comEdited by Deven Shah

"Panic doesn't help.” This can't-miss episode (recorded on 3/24/20 in the midst of New York's lockdown) features Mona Bijoor, entrepreneur, investor, best-selling author and startup advisor, talking about what startups should be doing right now in the current uncertain environment to make their businesses stronger, as well as fundraising advice and more. Topics:- How angel investors think about their startup investments in context of other opportunities- How angel investors think about investing in this uncertain time- How founders should think about their businesses right now “amass power”- Key thought exercises founders should be doing right now- Why “recession-proof” businesses will matter even more In this episode, Mona mentions her book, Startups and Downs: The Secrets of Resilient Entrepreneurs. You can find it HERE.Note: Apologies for some of the sound quality issues in this episode due to overloaded wifi circuits.Music by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Del Johnson, Principal at Backstage Capital. Del shares his thoughts and advice for early stage founders raising outside capital, including how the VC process works, how to be best prepared to raise money and what he looks for in the investments he makes. This is a must-listen episode if you're raising for the first time. For more of Del's thoughts on VC and fundraising, follow him on Twitter @DelJohnsonVC. Topics:- How to be prepared to raise early stage capital- What VCs look for in early stage investments- How the VC process works - Why traditional venture capitalists can miss great opportunities- And moreMusic by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Meha Agrawal, Founder & CEO of Silk + Sonder. Meha shares her experiences with bootstrapping her company to get to product/market fit before raising her first round of outside capital. She has great tips for founders that have physical subscription products and are looking to build enough traction to fundraise. Topics:- Finding product/market fit in the early days - Getting to the first few customers utilizing your network- Reaching profitability early- Listening to your customers to find out who they are and what they want- Raising capital based on early traction- And moreMusic by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Meg He, Co-founder of Aday. Meg shares her experiences with getting her early customers for her apparel brand, especially before there was a lot of money to spend on customer acquisition. She has great advice for early stage DTC founders who are looking for the best ways to acquire early customers.Topics:- The best channels for customer acquisition at the early stages- Building an email list before you launch- Considering offline channels like press, pop-ups, showrooms and more- Finding success in paid channels/social- Measuring early customer acquisition efforts and scaling them- The metrics that matterMusic by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Jacquelyn Ward, Co-founder of Our Story Bridal.  Jacquelyn shares her experiences with bootstrapping her company to profitability before raising the first round of outside capital. She has great advice for founders in the DTC space and those that have bricks and mortar presences. Topics:- Early stage sources of cash- Bootstrapping in creative ways- Reaching profitability early in the business' life cycle- Taking small risks and iterating- Getting to good, not perfect in the early days- And moreMusic by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Leigh Sevin, Co-founder of Endear. Leigh shares her experiences growing B2B sales for her company, from her very first pilot customer to today - and all the lessons she's learned along the way.Topics:- How to get the critical first enterprise pilot customer. - How to convert a pilot into a contract. - How to price product for B2B software companies at the early stages. - Building and managing the sales pipeline once that first customer is in place. - Growth hacking strategies/PR for retail tech and B2B companies. - Advice for founders looking to make that first B2B sale. Music by Eino Toivanen, kongano.comEdited by Deven Shah

This episode of the Retail X Series podcast is an in-depth interview with Amanda Patterson, CEO of The Call List. Amanda shares her experiences and thoughts in growing B2B sales for her company, from her first enterprise customer to today - and all the lessons she's learned along the way.Topics:- How to get the critical first enterprise pilot customer- How to convert a pilot into a contract- How to price product for B2B software companies at the early stages- Building and managing the sales pipeline once that first customer is in place- Growth hacking strategies/PR for retail tech and B2B companies- Advice for founders looking to make that first B2B saleResources Amanda shared in this episode:- Monarq Incubator - Copper for managing sales pipelines- NY Fashion Tech Lab incubator- NYC Media Lab with HavasMusic by Eino Toivanen, kongano.com