True Gault's CEO Discusses Business Strategies for 2018
Pioneer thinking is becoming increasingly critical for brands and retailers - and the desire to innovate may very well continue to be a c...
Are you in New York City this week? If so, stop by our showroom in Midtown for our Sip & Scan event on Friday, January 26th, 9:00am-8:00pm. Indulge in some wine while our Shoe-ologists help you to discover your true fit!
Learn more and RSVP here -> truegault.splashthat.com
See you there!
Not only are we thrilled to be stepping into 2018, but we love what Footwear News had to say about us and our progressive way of thinking:
"This type of progressive thinking — especially in today’s crowded market — may just be key. As Petah Marian, an executive at forecasting firm WGSN, reflected about the current intersection of technology and retail: The year '“2018 will be when consumers begin to expect [high-tech] tools as part of their shopping journey and will have much less tolerance for anything less than a totally seamless consumer experience.”'
Read the full article here 🙌
Thank you for your support of True Gault!
We are honored to be finalists in the venture-capital reality show "Meet The Drapers". Our episode aired on Sunday, December 17th - if you missed it, you can watch it here.
The show encourages people to vote for the brands and we would love your support. Every vote counts and helps us move to the next stage. To vote, simply text TrueGault (one word) to +1 844 683 1288. Feel free to share this with your friends & family! Thank you so much.
With warm wishes,
- Sandra Gault, Founder & CEO of www.truegault.com
We guarantee fit.
If you are not 100% happy we will remake your shoes until you are thrilled.
Our smart, innovative technology and proven business model puts us ahead of competitors.
We’re disrupting the $65 Billion footwear industry in the U.S. with the opportunity to expand into other markets.
Significant traction with thousands of women scanning and buying, with over 30% repeat customers.
Ability to scale globally with our smartphone app and platform.
Opportunity to branch into product extensions (e.g. men's shoes), licensing and white labelling.
1 of 8 companies selected for Google’s Accelerated Growth Program in Q1-Q2 2017 (which helped launch Warby Parker and Casper).
CEO & Founder, Sandra Gault has a background in imaging technology at IBM & Kodak and two successful startups behind her.
The team at True Gault is comprised of seasoned business leaders and advisors.
True Gault is redefining the way women buy shoes. Traditional shoes are one-size-fits-all, but our feet do not conform to this standard. Research shows 95% of people’s left and right feet are not the same size. True Gault embraces this complexity, offering customers an innovative shopping experience and custom shoes fit each unique foot.
TECHNOLOGY & SYSTEMS
We have created our own proprietary fit-formula through 3D scanning to capture individual measurements - all via a smartphone. Using the app, the customer takes three pictures of each foot and a 3D model is generated. Traditional sizing is now irrelevant as the customer has their own unique size. Our backend system handles the order fulfillment, processing, and customer-fit-feedback. This direct-to-consumer experience keeps costs low which we pass on to the consumer via lower-priced, luxury shoes.
With thousands of women’s feet scanned, the app is already aggregating valuable, predictive data and becoming smarter with each usage. The more people who scan, the more refined our algorithm gets, the more accurate the fit, and the happier our customers are.
Our shoes are an affordable luxury (priced between $250-$350) and positioned to appeal to a broad demographic. We guarantee an exceptional, unparalleled fit, with unmatched comfort, and style, delivered to your door in under 4 weeks.
WHERE WE’RE HEADED
We have built a business model around the desire for custom-fitting shoes and have only just scratched the surface of this hyper-growth opportunity. Our next phase will be to increase brand awareness, expand globally, offer an Android version and launch new styles.
The idea emerged as Sandra stood in painful designer heels at a party, realizing that no amount of compliments could make her feel at ease. It was then she vowed that every woman, regardless of age, size, or shape of her feet, deserved a beautiful pair of heels that she could wear all day long, in comfort and confidence. So she channeled her three passions, fashion, business and technology into True Gault.
Sandra has over 20 years of experience in building business, leveraging technologies, and leading teams. Her experience at Kodak and IBM Corporation refined her skills in imaging technology to achieve her vision of customizing high-fashion shoes of the highest quality. She never sets foot anywhere without a pair of her true-fit shoes. To date she has taken over 5,626,290 steps (walked 1,674 miles), in her True Gault shoes.
* Shoe are valued at maximum of $350 per pair. Each investor will be given a 50% discount code (for $500 investment) or a code for number of shoes they are awarded (for $1000 or higher investment). Discount codes will be issued within 12 weeks after crowd funding campaign ends and expire 1 year from date of issuance. Investor can select any shoe from the True Gault collection.
** Includes above perk detail terms. Lifetime discount is assigned to one user and cannot be shared nor combined with other discounts.
*** Includes above perk detail terms. A 30-minute style consultation from True Gault designer or shoeologist can be held in New York City or done remotely. Does not cover travel to New York City or accommodations.
**** Includes above perk details terms, except for the 30-minute style consultation. Dinner valued at $500 total. Does not cover travel to New York City or accommodations.
***** Includes above perk detail terms. True Gault reserves the right to determine the final naming of the shoe.
****** Includes above perk detail terms. Travel value limited to $5,000 total.
A personal thank you from the Founder, Sandra Gault and a shout-out on social media.
50% off a pair of True Gault shoes. *
1 pair of True Gault shoes. *
1 pair of True Gault shoes and 10% lifetime discount.**
2 pairs of True Gault shoes. 10% lifetime discount. A 30-min style consultation from True Gault designer or shoeologist. ***
3 pairs of True Gault shoes. 15% lifetime discount. Dinner in New York City with Founder, Sandra Gault (up to 2 people). ****
5 pairs of True Gault shoes. A 20% lifetime discount. Dinner in New York City with Founder, Sandra Gault (up to 2 people). A shoe named after you or a loved one. *****
All perks at the $50,000 level. Plus design a shoe. Get a trip to Spain to visit the factory and meet the Co-Founder. ******
The use of 3D imaging technology is used to scan women’s feet and create luxury shoes that fit. The process is:
1. Download iPhone app
2. Scan feet
3. Browse and buy
4. Custom-fitted shoes are handmade in Spain
5. Shoes are shipped directly to customer
There is no current Android app. The company is working towards an Android version.
It’s a flat price per pair based on style:
Traditional shoe sizing is not used as 3D scanning technology determines the measurements of both the left and right foot. Shoes are handmade from these individual measurements.
In the event shoes don’t fit, the customer has 30 days to contact customer support. A new pair of shoes will be made at no cost.
The funds will be used to:
1. Increase brand awareness in the USA and beyond
2. Develop an Android application
3. Create new shoe styles
Sandra Gault: Hi. Hi Drapers, and hello. Congratulations. Hi. My name is Sandra Gault and I am the CEO and founder of a high tech fashion company called true Gault. We use 3D imaging technology that we built and we allow women to scan their feet and make beautiful high heeled shoes that are guaranteed to fit and we do it all through your iPhone. Women from anywhere around the world, now have the opportunity to get custom made high heeled shoes that are guaranteed to fit, all for $250 per pair. The market is huge. How many of you love women in high heeled shoes? Yes. How many women out there-
Jess: I love women and I am-
Sandra Gault: Yes and you know how hard it is sometimes walking in high heel shoes. 90% of all women wearing shoes are ill-fitted and in the US alone, it’s a $65 billion shoe industry. 49% of those are women shoes and 90% of all women wearing high heel shoes are wearing the wrong size. We scanned over 2000 women so far and nearly 95% of all those women have different left size and right size feet. This causes a problem. They always have to sacrifice style, comfort for fit. With True Gault, the customer no longer has to do that. We just scan their feet. In fact we don’t even do shoe size, it’s their unique size. Each shoe gets its own serial number and once you scan your feet once with the iPhone, you don’t have to do it again. You just reorder your shoes over and over again. We have 20 different styles and 10 different leathers. We’re currently raising $2.5million to actually help us grow customer acquisition, some out with new models and go and market the product.
Not only in the North America, but around the world. We currently run on an iPhone and we want to use that money to also create an android version of the product. We love our product and more importantly we love our customers. We were talking about earlier about how important it is to talk to customers and really focus on solving a true problem. We are solving an amazing problem with a technology that’s never been delivered in the shoe industry for high heels. Our factory is in Spain and we hand make them in Spain, we deliver them in under four weeks. We built the entire infrastructure so that now we have an actually on-demand direct consumer customized platform that can be used in the future for other products and licensing opportunities but today, we’re actually going to bring these product to the market and as I’ve mentioned, we already have 700 customers with over 1000 pairs of shoes and a 35% repeat rate. Is that good?
Tim: Terrific. Yeah, that’s great. Why don’t you come, pull up a chair, have a seat and we’ll ask you some questions.
Sandra Gault: Great.
Bill: I didn’t understand how the iPhone, the cell phone has anything to do with the shoe.
Sandra Gault: You would think that why would you use a cell phone right? We’re actually geeks in high heels and what we did was we took photogrammetry technology, technology 3D imaging technology and out it in the iPhone. All the consumer has to do is take an eight and a half by 11 inch piece of paper from their printer and they put it on a hard floor and they take their naked foot and they put one foot on the piece of paper and we take three photographs. It's like taking a selfie of your foot on the outside, on the top and on the inside. Then our smart technology behind the scenes actually creates a 3D Image of that specific foot and they do it on their right foot. We do it through the app. It's self-explanatory or they can even have a friend scan themselves.
Tim: Now you guys do it or I can do it for myself. Here I can take off my shoe, here we’ll do this.
Sandra Gault: You want to scan your feet?
Jess: Oh wow.
Tim: Here is a piece of paper.
Sandra Gault: You need a blank piece of paper with nothing on it.
Tim: Here’s my blank piece of paper. Sorry about the smell everyone. My foot almost fits on the paper.
Jess: Oh my gosh. It’s the least glamorous feet of all time.
Sandra Gault: We actually do it this way.
Tim: Which way?
Sandra Gault: We hold it this way and we put your foot ... just backslide.
Tim: We’re just like you are not looking at dad’s foot.
Sandra Gault: Roll your pants up and you lift your pants.
Jess: Are we?
Sandra Gault: Now normally we would do this on a hard wood piece, a hardwood floor-
Tim: Then I got my camera and then I just take a shot?
Sandra Gault: You actually download our app. You download our app first. Our app actually walks you through the process of actually scanning your foot.
Tim: Oh, are you going to do it?
Sandra Gault: I can do it.
Tim: Yeah, let's do it.
Jess: I am embarrassed that we're showing your foot.
Tim: I’m trying to-
Sandra Gault: We actually need to do it on a hardwood floor.
Bill: I want to see you walking in high heels.
Tim: In high heels.
Sandra Gault: You know what’s beautiful is-
Tim: Does it take a while to do or should we just ... you want to do it right now?
Sandra Gault: We need to do it a hardwood floor and a different ... and a nice piece of paper.
Jess: Do it right there.
Tim: What's wrong with this piece of paper?
Sandra Gault: Because it needs to be one piece of paper not a stapled piece of paper. [inaudible 00:12:13] can you go get a piece of paper?
Tim: There we go. This will work.
Sandra Gault: What we have-
Tim: There, perfect.
Jess: We got it, okay.
Sandra Gault: It has to be no paper, no printing. We’ll get you a piece. All right and we need to do it on the hardwood floor. Do we want to move over there and do it?
Jess: No, we'll just do it. He’ll get up and do it-
Tim: I’ll get up and I’ll go-
Bill: Roll up the rug.
Sandra Gault: Let’s just do one foot and then you’ll get an idea of it.
Joti Benson: Is it instantaneous? You’ll-
Tim: Wait, there is a piece of paper with a little bit of a staple in. It still has to be perfect?
Sandra Gault: We want it nice and flat and crisp. Here is why. I have a background in digital imaging. I worked at I.B.M. and Kodak and at Kodak, we did printers.
Tim: You worked at Kodak.
Sandra Gault: Yes.
Tim: Were you there when it collapsed?
Sandra Gault: No. I left further before.
Tim: Oh boy. Good. I’m glad you weren’t there at the time.
Sandra Gault: I was there on the digital side so I knew nothing about traditional film. I was on the camera and ink-jet printing.
Bill: You learned a lot.
Sandra Gault: I learned a lot. I loved Kodak. They had great technology, great people, great products. I started as a product manager and I graduated as a general manager of ink-jet printing paper. That was an industry that-
Jess: She's led a great team.
Sandra Gault: Yes, yes.
Jess: He likes that.
Tim: Yes if you’ve operated a business before that would be great.
Sandra Gault: I did. When I was at Kodak they were promoting women. They said, “Hey we want you to do this ink-jet printing paper.” I said okay. They said it's only six million in revenue and eight million in negative earnings so it's not making any money. When I left the business four and a half years later, it was a $65 million business with $20 million in profit and now it's over $300 million for Kodak.
Bill: How much do you want my check for?
Sandra Gault: Thank you.
Tim: I like tailoring. Now there are a lot of people going after shoes for women and high heels. How do you rise above the noise? How do you get everybody to tell each other, “Hey, this is the only way to go for shoes?”
Sandra Gault: Because what we found is even though we're making beautiful high heel shoes using 3D Imaging technology, because of the experience of our customers, they actually refer other people. They talk about the product. It becomes social and I want it because I'm a geek in high heels and I love fashion, I love technology and I love business. I combine those three together, but what I ended up building was a community of really smart women. They tell other women. Most of us walk down the street and when somebody comes up to us and says, “Hey, where did you get those shoes?” That's a huge compliment. What do they do when they're wearing true Gault shoes, they pull out the app and they say, “I did this through my own iPhone? I did it myself.” They feel empowered and one customer basically said to us because I actually talked to every one of our customers, they said, “It's an investment in me. I'm investing in myself and when I'm in a pair of beautiful high heeled shoes that feel good, I feel confident and I'm also not going to get bad feet like my mother, who was walking around in high heeled shoes.”
Jess: I have a couple of questions. You make these shoes.
Sandra Gault: Yes.
Jess: Do you make one style of shoe with the similar height or how many different types of shoes do you make?
Sandra Gault: First of all we make ... all of our patterns are done digitally. We adjust it to the feet. We currently have 20 styles and most of the styles come in either two inch or four inch and each style you can apply up to 20 different leathers. I can get this shoe for example in a beautiful black pattern or I could get it in a bright red suede. It's my choice.
Jess: How long does it take to get a shoe to my doorstep, because I assume you are not manufacturing in the US. Are you?
Sandra Gault: No. We're manufacturing in Spain in Alicante, Spain, which is the epicenter of the best quality of high heeled shoes. When you place your order through the iPhone, we quote four weeks but we usually deliver under three.
Jess: Then how are you going to be the best? He got on this topic but the best in this industry? There are a million shoes. I see a new shoe company every week, every other week but in this realm, how are you going to stand out above the noise? Do you have a media partner, do you have an interesting new unique e-com strategy, because I think you need something really well thought out as far as a roll-out strategy.
Sandra Gault: We do. Both on the technology side and also on the marketing side. Let's talk about the technology side-
Jess: No, let's talk about the marketing side. Let’s talk about ... I want people who are going to buy these.
Sandra Gault: We know our customers right down to the zip code level. Out of the 3300 area codes or counties in the U.S, our target market which is 30 to 55 women, who have four year degrees, they're making 4100,000 or more, they're C.E.O.'s of their households, they usually have kids and they're only in 110 counties in the U.S. The way we go after it is we have been nominated in part of the Google accelerator growth program. Google is actually helping us get off the ground with our ad campaigns. We're also doing a lot of social media and we're doing affiliate and content marketing, but on top of that we have found that this is extremely repeatable. About35% of our own customers, repeat 35% of the time. They also refer 21% of the time. We are going to actually have customers helping us sell this product.
Tim: Has anybody bought one? Bought a pair of shoes yet?
Jess: Yes. She said 700.
Sandra Gault: Yes. We have 700-
Tim: 700 people, what does that add up to for revenue for you?
Sandra Gault: We have about $300,000 in revenue so far. The other thing that we're going to be doing-
Bill: That’s how many shoes?
Sandra Gault: It's about a thousand pairs of shoes.
Joti Benson: The last question I have is, do the buyers find the shoes really comfortable?
Sandra Gault: Yes, extremely.
Joti Benson: How comfortable is it? The claim ... your science claim is that these shoes are much more comfortable because you can custom make for their size and the women who are buying it, they are vouching for it?
Sandra Gault: Yes. Since 90% of all women walking around have a different sized left foot and right foot, they're always sacrificing and so they always feel uncomfortable. With our shoes, our true Gault shoes, they actually feel like an extension of your foot. When a woman actually has-
Joti Benson: by the way I love the name True Gault.
Sandra Gault: Thank you.
Bill: Gault is your name, right?
Sandra Gault: Yes, it's my last name.
Jess: I love the name.
Sandra Gault: It's true to you and true grit. That has a nice feel to it. It also is unisex because this technology we can make men shoes.
Joti Benson: Your primary ... the science that you are going to explain to someone is that because left and right feet are different size you’re going to make shoes based on what the feet size are?
Sandra Gault: Yes.
Joti Benson: Can you make it, take it to the next level which is based on the height of the heel and maybe even the strength of the heel, everything you can get.
Sandra Gault: Yes. We also do material science so it's also material science. We not only do the bio-mechanics of the foot, but we think about the material science, the padding, the cut of the material, the shape of your foot, the style that you bought. How do we actually get out there? When women wear our shoes, many of them don't go back to other brands. They'll come back and re-buy and they love the product. We also will start doing things like bringing in industry experts to the industry, into the business. I'm really proud to say and I think I can say it on camera but Nina Garcia is joining our company.
Bill: If I talk to nine, ten people, how many of those ten that were wearing high heels, would say they are uncomfortable?
Sandra Gault: About 90% of them.
Bill: That's what I thought you would say.
Sandra Gault: Then I would ask you to ask those women, what would they think about this product, in True Gault, and they always hands down say, “This is amazing.” Many of them say, “Why didn't this happen years ago?” Then they go, “Oh, it's because a woman started it.”
Tim: I like the way you said [inaudible 00:20:15].
Jess: I love it.
Tim: I've been waiting patiently for my paper and my-
Jess: We've all been waiting patiently because it smells lovely.
Tim: Yeah. I think it's [crosstalk 00:20:26]
Sandra Gault: He actually has good looking feet.
Bill: We're going to have to go before we suit him up. Thank you.
Sandra Gault: I will make him a pair of high heels shoes.
Bill: Thanks very much.
Tim: I can put my shoe-
Sandra Gault: No you got to just do the ... we need the piece of paper.
Tim: Where is the paper?
Speaker 6: Come on now. You can come out with the paper.
Jess: Perfect. Let’s put it on the wood.
Tim: Put it on the wood and then I'll go over there.
Sandra Gault: Just have him sit down.
Tim: I need to stay a little low. I’ll bring a chair around. [crosstalk 00:20:50]
Sandra Gault: We’re going to start with your right foot. You have your left foot. Let's start with your right foot.
Tim: Okay, good.
Jess: Does anyone want to go-
Tim: That's even worse.
Sandra Gault: You're going to-
Tim: The right foot’s not nearly as attractive.
Sandra Gault: We're going to just ... and we're going to just push your foot back.
Bill: If you think the left, what is it? [crosstalk 00:21:11].
Sandra Gault: You download our app. You download our ... are we ready? Hang on. Let me just get this going here.
Tim: My yoga teacher would say that I have not stretched my toes enough.
Sandra Gault: You download our app, you register and then you say-
Speaker 7: Can you pause? Can you pause or one second and let him get over your … Can you actually scoot a little bit to your right? Just a little bit.
Sandra Gault: You download our app.
Jess: Just take it off [inaudible 00:21:56].
Speaker 6: That’s what I said but he can’t. I don’t know why. It’s okay. He’ll get it from here.
Speaker 7: Yeah, I got a good angle here.
Tim: There is the foot.
Sandra Gault: Now, you download our app, register, you put your piece of paper that you pulled out of the printer on a hard floor like this and then you just line up the guide and when it turns green, boom, just take a picture. Then we move over and we take the top. We make it green. See how the guide turns green. You could do this yourself.
Bill: How is he going to do that? He’s going to have to-
Tim: You’ll have to reach way over.
Sandra Gault: Or you can have a friend do it.
Tim: It’s like a selfie stick without it.
Sandra Gault: Yeah, exactly or you can have a friend do it and you just ...
Tim: I am having a friend do it.
Sandra Gault: Yes. If you could just move your left foot out of the way and then you just take your picture and then you’re done.
Tim: We can do one foot. One foot is perfect.
Sandra Gault: You're done.
Tim: I'm done and now I'm going to have a high heel.
Sandra Gault: We’ll make a pair of high heeled shoes to fit your feet.
Tim: You only have one foot left.
Sandra Gault: We would do the other foot. Do you want to do the other foot?
Tim: No, it’s okay.
Sandra Gault: I didn’t know if you wanted to do the other foot. We can do the other foot.
Tim: I think we're good.
Sandra Gault: You sure?
Tim: Yeah. I think we're good.
Sandra Gault: Great.
Speaker 6: Actually what I think ... I think it would be funny if we could do the other foot and then later we see you got high heels.
Tim: Okay. Let’s do the other foot.
Sandra Gault: All right. Let’s do that. Sounds good.
Tim: let me redo that then. Then let's do the other foot.
Sandra Gault: Now we're going to do the other foot.
Tim: Why did we start with the right? Just because that’s-
Sandra Gault: That’s I'm right handed and I decided to do that.
Bill: I’m glad she’s not selling underwear.
Sandra Gault: Really? Custom under ware.
Sandra Gault: Hang on.
Tim: Anybody have a toe nail clippers?
Sandra Gault: We'll give you a free pedicure if you buy a pair of shoes. How does that sound? I think you need one.
Bill: You don’t think so.
Jess: 100% he needs one.
Tim: look at those.
Jess: I really hope the cameras are just far enough away.
Tim: Looks the nails of a puma.
Sandra Gault: Now what we do is we do two. I’m going to do the right again because it's new technology, so we’re going to just do it one more time because we want to get your actual measurements in.
Joti Benson: Your nails are going to crash her app.
Jess: Joti, what do you think about those ... Yeah, what do you think about his feet?
Tim: How would this app do on app dynamics? Do you think this app will do well?
Joti Benson: I think your nails are going to crash and that’s ... we have to help her fix that.
Tim: I'm pretty sure this is the largest foot they’ve had on the ... how many have you sold?
Sandra Gault: We have sold over a thousand pairs.
Tim: 600? Oh a thousand pairs.
Sandra Gault: We have 700 customers and if you could just move your left foot out of the way. Yes we have done two transgenders.
Jess: That would be plus size shoes probably.
Sandra Gault: Yeah that would be a male as a female.
Tim: Now we do the left foot again.
Sandra Gault: Yes. I just have to take three more pictures.
Tim: Usually this is about when the app crashes. Most demos crash about right here.
Sandra Gault: Hopefully not. I don't think so.
Joti Benson: She’s doing great so far then.
Jess: I’m really excited.
Tim: That has a hilarious demo story about when ... it was a Xerox competitor and they put a $100 bill on it. Not only the $100 bill but the entire thing-
Sandra Gault: Can you move your right foot out of the way?
Tim: -it on fire.
Bill: Xerox machine-
Sandra Gault: Really?
Bill: All blew up. It turned into flame.
Joti Benson: That’s a cool demo. Really cool demos have to crash at some point-
Tim: Are we good?
Sandra Gault: Yeah, we're good. Go on in.
Tim: I’ll give you a credit card and we’ll buy a pair of high heels. You know how that goes. Here you can have your ... Unless you want that sit.
Jess: I love it, okay. Good. I can't wait to see his high heels. I feel like I should try some on but we can do that in a minute.
Sandra Gault: Great.
Tim: Let's do that another time.
Sandra Gault: Sounds good.
Tim: Why would you want these?
Jess: Yeah, right. I don't know, I don't know. I’m so happy that we just went through that for your feet.
Sandra Gault: That’s going to be my story about demoing. You had the $100 bill on the copier, I’ve got your son being photographed on T.V..
Jess: So funny.
Bill: Those are going to be very famous feet.
Sandra Gault: Yes, they will be beautiful.
Bill: Someday they’re going to be beautiful but right now they're very famous.
Tim: You’re raising $2.5 million, what's the evaluation?
Sandra Gault: The valuation right now is $8.5 million.
Bill: $8.5 and have you raised $2.5 already?
Sandra Gault: Not yet, no, but I have already previously raised over $2 million and we use that to build the technology, the factory, put in an awesome team and now we're ready to go-
Bill: You have the system going.
Sandra Gault: -to push, yeah. It starts going then.
Tim: Who put the $2million in?
Sandra Gault: Our lead investor is Cayuga Venture Fund and they're out of Ithaca. They’re associated with Cornell University and Joanne Wilson.
Jess: I love her.
Sandra Gault: Yeah and several actually, the rest of ours are angel investors and guess who they are. They are customers.
Bill: That’s a good crowd fund. [crosstalk 00:27:22]. Let’s ask the crowd.
Jess: What do you think? True Gault. Thumbs up, thumbs down or do you want to fund her? You can, right now. What did we all think about True Gault?
Tim: I liked her very much and I like the fact that she was trying to ... she was putting two things together. Her knowledge of fashion and her knowledge after checking that nine out of ten women have uncomfortable feet wearing high heels. Combination and trying to solve that problem which would be big time and the word will get out very fast I think. I'm totally behind her.
Bill: I think she was great. I like that she named her company after herself and because then she's really committed. She's in there all the way.
Jess: Sounds like someone I know.
Bill: Yeah there is. Meet the Drapers, Draper Associates, Draper University.
Tim: I'm not sure after we do this program we’ll feel the same way.
Bill: But we’re committed, we’re in there and so is she and I like that. I don't know if the problem is as big as she says it is.
Tim: I think we have check around.
Bill: We’ll have to do some checks on go check with nine or ten women and find out how uncomfortable their shoes are.
Jess: I think they’re pretty uncomfortable.
Bill: Having a limited number of fashions is also going to be a little bit of a challenge because I know that women have such a huge pile of different options when they talk about their shoes.
Jess: She said she had 20, 20 different designs that you iterate on. Technically they are 40.
Bill: Is that enough? Will you be satisfied with 20 designs? This was probably not one-0
Tim: If they’re good, I will-
Jess: 40 including the second for height. The second height so she has two heights, 20-
Joti Benson: You don’t want to [inaudible 00:29:21] with too many options also. For me I thought the problem that nine out of ten women have uncomfortable high heels, that I totally believe in and I really like her commitment and passion. My doubt is still around the ... does her solution really solve the problem? The answer that I heard which I really liked was that 33% of the buyers are buying again. They won’t buy again if it didn’t solve the problem so that's why I feel pretty [inaudible 00:29:49] about-
Tim: I think once they've got your foot size, they've got you and that is the magic in consumer, because once you own the customer, they'll just keep coming back. They've got your foot size, they took the pictures of both of my feet on both sides-
Joti Benson: She proved that her app works. If her app works for your feet it will work for everything else.
Bill: I’m looking forward to seeing what kinds of shoe she sends me. This big boots.
Jess: It’s funny. I wanted to let you guys all talk about I was curious what you all thought about this business but I have ... first of all as a founder, she was incredible. I thought she is going to make this thing happen but I have so many concerns. I see so many of these companies pretty regularly. I saw one last week that's doing the exact same thing and she has no media plan. She has no ... whether it be celebrity endorsements or some kind of seeding this online, you're competing with enormous brands these days in this space.
Tim: Yeah but wait. Nobody I know. Do you know anybody that's trying to make them more comfortable?
Jess: Yes, yes. Every woman is trying ... everyone is trying to crack this code. Nobody wants to wear uncomfortable shoes. There's an incredible company called Tieks that built an enormous these ballet flats and they're really smart. They sell one design really, really well and they sell it in all different sizes and all different colors but because it's one design, it's simple, it's at a high price point and they have great engagement. They've done the best job creating an online engaged audience. She has no plan to get these shoes out there in that way and then-
Bill: She was counting on a lot of word of mouth.
Jess: Word of mouth but how do you compete with Chanel and-
Bill: That they could explain that this is how I do.
Jess: -Tory Burch and all of these other incredible fashion brands? You're competing with enormous names. I do believe it's a multi-million, many multi-million billion dollar industry. I actually think it's bigger than whatever she said, but you have to be ...you have to have a major marketing plan. I thought she was incredible and I like the idea that you're going after ... it was unique that she's saying everyone's shoes are different sizes but I don't see anything game changing here that I haven't seen before.
Bill: The virality of the shoes where I say those are nice shoes and you say, “Yeah I got them on True Gault,” that becomes a viral component.
Jess: It becomes totally but not if you’re competing with like Kim Kardashian’s shoe brand.
Jess: Not if you're competing with even like Chanel's shoes. She's at a price point that's probably somewhere Nordstrom, something like that. Unless ... I think she's also going to have to sell at major retailers in order to get it out in front of people. She hasn't even thought about.
Joti Benson: She’ll have to partner with some major guns because she can bring her technology to the distribution channel of some gun and to maybe ... I like that she is ... she said she is talking to Nina Garcia and her joining the company right?
Jess: That could be incredible. That might change everything.
Joti Benson: Something like that but she needs a brand because for women ... I know my wife. She would not wear ... she would wear uncomfortable shoes if they are fashionable and high brand. It's a brand as important than comfort. That's unfortunately that’s-
Bill: She might also take that technology and start thinking about either licensing it or using it for athletic shoes, for other types of shoes, because now she's got my feet in there and I'm sort of thinking, yeah, nice that she'll send me some high heels but I think I might want some running shoes or some-
Jess: You don’t want high heels?
Tim: I hope not.
Bill: I wear them very rarely but it'll be nice to have a pair. I'm not quite sure what I'll do with them.
Tim: [inaudible 00:33:44]
Jess: I think she’s a winner. As a human and a founder, she's a winner.
Bill: Good. Now it's up to you, see what you think.
Jess: What do you think?
Bill: Are we going to ... No. Now we’re going to-
Jess: Do you want to vote? Vote, invest, up, down?
Bill: No. They've already done that. Now we do the up/down thing.
Jess: Thumbs up, thumbs down, thumbs all around. I think I’m going to give her
Tim: I'm going to give her an up. Are you up or down with that one?
Bill: I'm right between up and medium. I’m at a three quarters-
Jess: That’s not even a level.
Bill: It’s a new level.
Jess: You are up, down or sideways.
Bill: I created a new level.
I am investing because this is a long awaited product -- high heel shoes that feel good. I spent my last party in pain with designer shoes unable to really enjoy myself. I am also thrilled with the women founders.Tena ZaraInvested 3 days ago
Innovative conceptMitesh KapadiaInvested 4 days ago
I am very interested in fashion being customized to individuals. I am already in process of funding a Fashion startup. I see lot of synergies between both, this would give me a great portfolio on customizable fashion industry.Marimuthu PonnambalamInvested 4 days ago
I believe in this product. I keep coming back to see how it's doing and I'm a friend of the Drapers.Sequoia BlodgettInvested 9 days ago
Woman can't leave without the shoe.Vishal PatelInvested 9 days ago
great potential for growth and acquisition of technologyChristophe MatersInvested 12 days ago
The concept is truly innovative and it seems to be on its way for world acceptance.Jorge GarciaInvested 19 days ago
I believe in the concept of True Gault and expect this to be a good investment.Peter GilbodyInvested 19 days ago
Matt said it was an exciting company!Anne BrownInvested 23 days ago
Excellent idea, truly comfortable shoes at a reasonable price will always be in demand, especially if they also look attractive.Jane RobertsInvested 26 days ago
I beleive this is the future of clothing. I already sell custom wetsuits inmy dive shop. This is a natural extension of where the world needs to go. Bespoke and functionalByron KayInvested 26 days ago
women buy a lot of shoes.BRIAN HARBURNInvested 26 days ago
I believe the company will do well in the futureTianen LiuInvested 27 days ago
The idea sound pretty interesting>tony chaiInvested 29 days ago
it solves a big problem for women, I hear a lot of complain from ladies regarding their shoes are not comfortable, this product realy take care of that problemBM BabuInvested about 1 month ago
Love shoes. Believe in quick quality and precise product ($100)Orezi EsievoInvested about 1 month ago
I like the control the company can have over this niche and inventory, its potential for scalability and expansion into other areas with its proprietary technology and the combination of Saas with a tangible product.Daniel FaberInvested about 1 month ago
I invested because of advice from my investment advisor.Mark ChewInvested about 1 month ago
I thought this was a very good business rationalePaul RileyInvested about 1 month ago
I invested because I believe the product and company have great promise.Carl WorkmanInvested about 1 month ago
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