Location:
boston, Massachusetts 02115,
United States
Founded in: 2009 Stage: 1.0 (formal launch) Number of employees: 1-5 Completed funding: Self-Funded Profitable year: already profitable Investor names: Eric Yohay Short URL:http://vator.tv/c/c79
Profile creation: September 14, 2008 Last updated: November 16, 2009
Categories
Business to Consumer, Internet Web 2.0, Lifestyle and Travel, Online Retail
Swim against the tide Startup/business
Massachusetts,
United States
http://www.finroo.com
Finroo is a high-end apparel
company enabling fashion conscious consumers to purchase limited edition
clothing designed by a worldwide network of graphic artists. Our online platform gives consumers
access to thousands of designs and enables artists to increase visibility and
sell their work as wearable art.
The custom online apparel
market is in its early stage with little differentiation between competitors. With Finroo’s limited edition branding,
high quality products and top tier artists, customers will see no reason to
spend their money elsewhere. Recognizing the importance of branding
and buzz, Finroo has already demonstrated its appeal to influence leaders in
its target market with articles in internet publications like Thrillist (300K
monthly hits), Clothingwire and T shirt Magazine (8k monthly hits
each). Our first product is a limited edition Bamboo shirt which has its actual number of print inside the shirt.
Finroo allows artists to upload artwork for
consumers to purchase. Once a consumer purchases
a product, a $4 commission is given to the artists, $1 is written off to the
charity and the remainder is our profit minus our COGS. All products
are made to order and we print on demand.
Our go to market strategy has been targeting
two groups, artists and consumers. Artists are given all the
tools for self promotion and consumers are targeted through:
1) Blog/PR/newsletters buzz – Finroo has
seen a positive ROI in any newsletter mention and positive traffic and sales
from blog referrals. We are
currently contacting Bloggers to work in paid advertising and contest
sponsoring.
2) Affiliate resellers – Finroo
has seen a spike in traffic as we use our affiliate program. Incentives and tools are in place to make this a profitable sales arm.
3) Artists self promotion – In
addition to purse amount given to artists as a form of compensation, we update
and educate our talent pool weekly.
4) Accessing targeted
demographics through the use of collaborations and promotions – By creating
targeted co-marketed events, we have seen an influx of users as well as sales.
Today’s custom online apparel market can be broken into two
categories, Category Killers and Ongoing design competitions.
Category Killers – CafePress, zazzle, redbubble, spreadshirt. These
companies use new printing technologies to be able to print on demand but by
allowing all categories and artist levels and lacking social collaboration,
consumers have to go through countless pages to find something they would
purchase.
Ongoing design competitions – Threadless, Popdeck, desired hearts, design by
humans. These companies almost always sell out of their top products but
by only utilizing the top 1% they miss 99% of their user submissions.
Finroo is different
By combining the printing technologies of the category killers and social media
display system of the ongoing design competition plus an incentive model for
selling out SKUs, Finroo capitalizes on the best of both worlds. This
provides an immense value for our artists (inputs) and customers (outputs)
resulting in one thing: profits
Eric Yohay, President - Prior to Finroo, Eric
launched Orecovery an asset recovery management company specializing in
assisting distribution companies with their stressed assets.It is there where he worked on “getting
product paid for and shipped” as well as learning and testing the fundamentals
of e-commerce.
Christopher Curwen, Director of Artist
relations - Blake Curwen has an award winning business development background,
with additional experience as a consultant and project manager. He has worked in
telecom, logistic, and medical devices, and plans to become an E-commerce
guru... All in due time.
Kevin Sandhu, Head Operations Manager - Kevin
is a recent MBA graduate from Babson College, who has strong skills in
marketing, sales and operations. He believes his skill set and interest in
urban fashion combined with Finroo’s offerings will lead to success.
Our technology is embedded in the structure and
design of our website. We give users an unmatched user experience,
optimized through an open feedback loop during our beta launch. Automatically updating itself every hour, our
real-time ranking system organizes each item by hits, votes, and purchases
(with the highest in purchases), and the higher you are ranked in all three
categories the better exposure on the site you are given. This crowd sourcing methodology will give the
absolute best products the exposure they deserve. It will weed out bad products and because
everything is on a limited edition basis, the lists will always refresh itself. Buyers won’t have to search for products that
are masterpieces; they have everything right at their buying fingertips.
Finroo brands its products with two distinctive
features. All products are of high quality merchandise,
and every product that leaves our company will be labeled with the actual number
in its limited edition cycle. We protect
this brand through touch (the feel of our products), sight (the quality of our
designs), and sound (the noise we make through the efforts of all interested
parties {Our worldwide network of artists, members, and team})
My finroo T-shirts are easily the best t-shirts I own. Not only are they the most affordable given the material that the artwork is printed on, they are by far the most comforable and the only t-shirts that get hung up in my closet. I get endless compliments every time I wear my finroo t-shirts on the quality, artwork and most importantly, the idea of Finroo as a company.