Kate, this was such a thoughtful--and graceful--response to Phia's theft. Phoebe and and Sophi'a actions were wrong (and illegal--and should be charged as such!), but I applaud you for taking a step back to critiquing the larger system at play here. Bravo to holding true to your vision and values. I know it's not always easy, but that differentiation is everything in a sea of businesses selling out.
Respect for speaking the truth and being constructive, but standing firm at the same time. Love what you are building with Beni.
Supporting founders who are in the trenches to solve problems is important. My hope is that the industry would fund and value builders with commercial viability vs. hype or even access to a founder's network.
The impact of what happened with Phia will unfortunately affect those who don't happen to have a last name that would open up the doors and pockets because fashion tech founders will be questioned. Having experts do their due diligence before funding is key.
To my eye, the key to unlocking better recommendations is knowing more about the customer than they think they know about themselves. Past purchase behavior is not a solid indicator for what a person should wear. AI can help with fit, size, style, price point, etc. The right color, however, is the next frontier, and I think men are more open to recommendations in that realm.
“Why not fund us instead of copying us” - great question - and I think prof G broke it down pretty simplistically in his pod this week as the Bloomberg new news this week surfaced showing that the founders’ intentions looked pretty clear insofar as illegal cookie stuffing is concerned …
You should take a listen - fascinating that even when you’re the daughter of one of the wealthiest people on the planet - rather than funding and helping someone else build something that already exists, this need to be a founder overrules it. Fascinating take, and now that I’ve read the slack messages (brilliant reporting Olivia Solon and Bloomberg team), I think I agree and it paints a very jarring picture of where we are at in the world of entrepreneurship and people’s motivations to build (rather than just use your wealth to help others who are already building with actual novel ideas …).
You’ve just earned yourself a Beni fan, and hopefully lots more too. Keep building. And hoping the DoJ can appropriately investigate and if appropriate prosecute against these crimes. It would certainly send a message, and the right one…. Let’s see.
Love Prof G and will definitely take a listen. I think it boils down to wanting to create a name for oneself as a founder vs. a funder. The perception that being a founder is sexy and glamorous even though it's a grind.
Another interesting point is funding older founders aka over 30s/40s who have experience vs. what silicon valley and tech has normally taken a liking to funding younger founders without the experience. Older doesn't mean outdated in tech it means coming at it from a different POV.
Absolutely - competition is expected and in so many ways validating of the idea. My frustration is that they distorted the idea and became a distraction from the problem that needs to be solved.
Kate - thanks for sharing. I was so surprised by how high their valuation was in such a period of time because I did try their app and it was clearly not as good as Beni. It was actually hard to use and quite slow. Maybe eventually it got better but I wouldn’t know because I quickly deleted it and never looked back. 🤷🏻♀️
I’m a huge and loyal fan of Beni, telling every single person I meet about it. You know what they say: build a product people love. And you did that.
You’re an inspiration to anyone working in sustainable fashion / circularity.
Kate - thanks for sharing. I was so surprised by how high their valuation was in such a period of time because I did try their app and it was clearly not as good as Beni. It was actually hard to use and quite slow. Maybe eventually it got better but I wouldn’t know because I quickly deleted it and never looked back. 🤷🏻♀️
I’m a huge and loyal fan of Beni, telling every single person I meet about it. You know what they say: build a product people love. And you did that.
You’re an inspiration to anyone working in sustainable fashion / circularity.
BENI forever!!! So grateful to you all for making it easy to look for second hand options, first 🫡😍
Kate, this was such a thoughtful--and graceful--response to Phia's theft. Phoebe and and Sophi'a actions were wrong (and illegal--and should be charged as such!), but I applaud you for taking a step back to critiquing the larger system at play here. Bravo to holding true to your vision and values. I know it's not always easy, but that differentiation is everything in a sea of businesses selling out.
Respect for speaking the truth and being constructive, but standing firm at the same time. Love what you are building with Beni.
Supporting founders who are in the trenches to solve problems is important. My hope is that the industry would fund and value builders with commercial viability vs. hype or even access to a founder's network.
The impact of what happened with Phia will unfortunately affect those who don't happen to have a last name that would open up the doors and pockets because fashion tech founders will be questioned. Having experts do their due diligence before funding is key.
Keep on keeping on Kate and Beni!
❤️ Let’s Team Up!
Less stuff, better choices 👏
To my eye, the key to unlocking better recommendations is knowing more about the customer than they think they know about themselves. Past purchase behavior is not a solid indicator for what a person should wear. AI can help with fit, size, style, price point, etc. The right color, however, is the next frontier, and I think men are more open to recommendations in that realm.
This is why we created Style Alchemist.. real help from real people. High touch high tech. 💫🌹
“Why not fund us instead of copying us” - great question - and I think prof G broke it down pretty simplistically in his pod this week as the Bloomberg new news this week surfaced showing that the founders’ intentions looked pretty clear insofar as illegal cookie stuffing is concerned …
You should take a listen - fascinating that even when you’re the daughter of one of the wealthiest people on the planet - rather than funding and helping someone else build something that already exists, this need to be a founder overrules it. Fascinating take, and now that I’ve read the slack messages (brilliant reporting Olivia Solon and Bloomberg team), I think I agree and it paints a very jarring picture of where we are at in the world of entrepreneurship and people’s motivations to build (rather than just use your wealth to help others who are already building with actual novel ideas …).
You’ve just earned yourself a Beni fan, and hopefully lots more too. Keep building. And hoping the DoJ can appropriately investigate and if appropriate prosecute against these crimes. It would certainly send a message, and the right one…. Let’s see.
Love Prof G and will definitely take a listen. I think it boils down to wanting to create a name for oneself as a founder vs. a funder. The perception that being a founder is sexy and glamorous even though it's a grind.
Another interesting point is funding older founders aka over 30s/40s who have experience vs. what silicon valley and tech has normally taken a liking to funding younger founders without the experience. Older doesn't mean outdated in tech it means coming at it from a different POV.
PS: having others copy your startup… it’s so frustrating… and unfortunately extremely common place
Absolutely - competition is expected and in so many ways validating of the idea. My frustration is that they distorted the idea and became a distraction from the problem that needs to be solved.
#beniforlife 😂
Kate - thanks for sharing. I was so surprised by how high their valuation was in such a period of time because I did try their app and it was clearly not as good as Beni. It was actually hard to use and quite slow. Maybe eventually it got better but I wouldn’t know because I quickly deleted it and never looked back. 🤷🏻♀️
I’m a huge and loyal fan of Beni, telling every single person I meet about it. You know what they say: build a product people love. And you did that.
You’re an inspiration to anyone working in sustainable fashion / circularity.
Well said!! The system is built to reward consumption and more consumption
Kate - thanks for sharing. I was so surprised by how high their valuation was in such a period of time because I did try their app and it was clearly not as good as Beni. It was actually hard to use and quite slow. Maybe eventually it got better but I wouldn’t know because I quickly deleted it and never looked back. 🤷🏻♀️
I’m a huge and loyal fan of Beni, telling every single person I meet about it. You know what they say: build a product people love. And you did that.
You’re an inspiration to anyone working in sustainable fashion / circularity.
Beni queen 💚
So nicely put, Kate!