https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6 Made with charisma en-us 2022-02-23 16:10:43 UTC 2023-03-02 06:03:03 UTC hello@padlet.com kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2062901769 Factor: Entrepreneurship 
Freshly out of college, Katrina Lake had an idea of why are people going to department stores to shop? And why do stores waste space with carrying all sizes on the shop floor? So Katrina came up with the idea of separating stores 50/50. 50% of the store as a “museum” and the other 50% as a warehouse holding all of the sizes so you can use your “magical wand” and select the styles you like and sizes you want where you are met with all of those products in the changing room instead of having to walk around searching and carrying what you want to try.]]> 2022-02-23 16:12:57 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2062901769 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2066617388 Factor: Entrepreneurship
Katrina would bring a box into meetings with laminated cards. Her company was still 100% an idea until she met Steve Anderson. On Valentine’s Day her company received a term sheet from Steve Anderson (investor) term sheet worth $1/2 million. “Now go talk to other angel investors and try to find others to join the round”. She bought wholesale with half of the money from Steve Anderson. This way she could have the inventory available for when her company started and people bought the monthly subscription, she would be able to send out the clothes.]]> 2022-02-25 16:14:00 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2066617388 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069673225 Factor: Land
She received the term sheet in February, in April it funded, in May she graduated, and in June she moved out to San Francisco into 1100 square feet. She initially thought that it was crucial for them to run the business from New York City because that’s where all of the fashion is in the Country, but she realized there are tons of companies and brands in the Bay Area. She also realized that because it was a heavily tech based company it would be best to be run out in California where technology is used more than somewhere like New York.]]> 2022-02-28 15:14:26 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069673225 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069689835 Factor: Labor
Katrina looked to hire employees who would have a higher understanding and expertise with technology as she went to school for more of a business and entrepreneur background so she found it was necessary to hire data scientists and engineers. She also had to look at hiring other positions in order to make the rest of the company function at the cleanest rate. As well as hiring the technology based employees, Katrina also hired multiple Stylists in 2012 and overall managers.

]]> 2022-02-28 15:22:44 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069689835 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069718420 Factor: Labor
Along with hiring employees she also had to part ways with her initial Co-Founder as they were having disagreements about the direction to take the company in. Erin Flynn (initial Co-Founder) made a complaint in 2012 that Lake was trying to force her out of the company. The complaint states that Lake tried to force Flynn out of the company after Flynn had her lawyer talk to Lake about rumored changes at Stitch Fix. The case was settled out of court for an unknown amount of money in 2014. Flynn is not mentioned in almost any company records, while Lake has taken on the role of Stitch Fix's lone CEO. ]]> 2022-02-28 15:36:07 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069718420 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069789298 Factor: Capital
The process of actually shipping out the orders and making everything flow as smoothly as possible is still and always will be changing for the better, but in 2011 Katrina started to figure out how she wanted to attack the actual selling and shipping portion of the business. They start by sending out a survey where the customer answers different questions in order for Stitch Fix to create a unique portfolio for each customer. This portfolio is then used to search and find the warehouse for styles that would fit and interest the customer. Then they have to have someone in the warehouse find the item and put it into a box and ship to the customer. The customer then gets the package with the desired styles and sizes and if they don’t enjoy the clothes they can send them back at no additional cost.]]> 2022-02-28 16:10:11 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069789298 kwmasser25 https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069819619 Factor: Labor
Stitch fix now has over 5000 employees across the board. The business is run with a “hybrid” technique, where the stylists and algorithm work together to create the styles and looks for the customer. The algorithm can tell what color, size, style you would like or prefer from the way you answered the questioners. There are more than 3000 stylists employed at Stitch Fix, they are mall important and although they do the same job, they each have their own flare and touch to the pieces chosen for the customers. ]]> 2022-02-28 16:25:21 UTC https://padlet.com/kwmasser25/kbjtlr6gqpkjpnf6/wish/2069819619