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For Start-Ups, Cash Is King (Again)
·
Nov 17, 2019
Some are preparing for a potential downturn by cutting spending and raising money earlier than planned. Just as they did ...
Problem
We want to own fewer things that do more for us
As the way we live our lives has evolved, footwear hasn't. The shoes we have today are not versatile enough for the different social occasions we experience, and we end up spending too much money on shoes we barely wear.
After spending hundreds of hours interviewing people about the shoes they own, we found they were tired of:
- Changing shoes throughout the day and keeping shoes under their desks
- Stuffing extra pairs of shoes into their carry on bags because they didn't know which ones they would need for a trip
- Having way too many pairs of shoes (but nothing that went with their outfit)
- Replacing and repairing water damaged shoes
Solution
Wear Glyphs with absolutely anything
Anything? Anything. Pants. Shorts. Dresses. Suits. Birthday Suits.
Our digitally-knit loafer is designed to be the only pair of shoes anyone needs for everyday use. Glyphs were created to fit perfectly into our days and nights. We designed them that way so you can feel good and focus on the important parts of life.
Product
The most versatile shoes on the planet are digitally knit
Knit to Fit
Glyph uppers are knit to stretch perfectly around every foot. The more you wear them, the better they'll fit. 👌
Knit to Drip (Rain Resistant + Machine Washable)
Glyphs are knit with a permeable membrane. Wear them in the rain, throw them into the washing machine. 💧
Knit to Breathe
Glyphs were designed to breathe - each shoe weighs less than a pound. Our insoles have an antimicrobial coating so you can wear them with or without socks. 🍃
Knit to Last
Glyphs are constructed with a proprietary knit pattern to outlast leather. They will take a beating and keep their shape. 💪
Traction
We have sold out three times
Fueled by our loyal customer base, our sales have grown 60% month over month. 35% of our sales have come from word of mouth.
Gross Sales
Press
Customers
We make people's favorite shoes
Glyphs are beloved by minimalists, travelers, and doers. Our customer base is highly desirable and has a median income of over $130,000. Two of our early investors were customers who reached out to us—this was our inspiration for launching a campaign on Republic.
A Net Promoter Score (NPS) measures the likelihood of customers recommending Glyph to their family and friends. Glyph has an NPS of 62—far above the industry benchmark.
Business model
Direct-to-consumer
Glyph currently offers a men's and women's shoe, both priced at $125 a pair. With an efficient customer acquisition strategy and high customer loyalty, our LTV/CAC has been 4.7.
Looping
We have built a supply chain that goes both ways.
Customers can return their Glyphs after they wear out to be recycled and to get a discount on their next pair. Looping lets us do the right thing for the planet while also retaining customers and increasing our LTV.
Market
$456B global footwear market
$93B domestic footwear market
Our entry point: the minimalism community. Consumer interest in minimalism is skyrocketing, and we are perfectly positioned to capture it.
- There has been enormous growth in the versatile shoe category, but incumbents have struggled to offer new technology and environmentally sustainable products
- 1/3 of Americans either identify as minimalists or aspire towards a minimalist lifestyle
Competition
THE minimalism brand, the most versatile products, & constant product iteration
Example Glyph Advertisement:
As one of the largest consumer industries in the world, the the footwear market allows for multiple winners in each category. Our opportunity is to build the definitive minimalism brand.
3 major subsets of competition:
1) Tech community-oriented shoe companies such as Allbirds and Atoms have built brands by selling primarily casual wear to the tech community. While this has been a successful strategy, these companies do not serve customers who are style-conscious and are not focused on serving minimalists.
2) "Mom-oriented" shoe brands such as Tory Burch and Rothys have cultivated highly lucrative customer bases. However, these brands are less appealing to younger working professionals and they develop seasonal offerings as opposed to focusing on more versatile products.
3) Legacy shoe companies including TOMS and Cole Haan have largely stagnant brands and have fallen out of favor. Many of them are owned by financial firms and are primarily focused on cost-cutting and margin improvement.
Our core points of differentiation:
- The definitive minimalism brand
- The most versatile shoe on the planet
- Never-ending product iterations and improvement
Vision and strategy
Be part of a future in which we own fewer things
We are designing a future in which we own fewer things that are more beautiful and better crafted than we ever thought possible.
Minimalism is different for everyone. For some people it is about having one pair of shoes for their day, their weekend, their trip. Glyphs are designed to fit perfectly into each part of our day, so we can be a little more present in each moment.
Your investment in Glyph will allow us to scale Glyph more quickly. We will use the capital you invest in Glyph to reach a broader audience, develop more versatile products and expand into new markets.
While most companies want us to consume as much as possible, Glyph is different. We can help people around the world find freedom through minimalism (and save the planet while we're at it).
Funding
Backed by 500 Startups and Cornell University
We have raised $400k from top growth investors including 500 Startups, Cornell University, and several experienced angel investors with successful exits as founders.
Founders
Founded by two lifelong minimalists
Pranav discovered minimalism as a teenager through his grandfather. He started his career in investment banking at JP Morgan. His passion to understand consumer behavior lead him to work on the tech side of the marketing world where he priced over $200 million in digital advertising spend and consulted on the Facebook ad bidding platform.
Pranav and Alan are both lifelong minimalists and friends. They met at graduate school at Cornell University.
Alan discovered minimalism through Buddhism. He grew up in Hong Kong in an apparel family (near where Glyphs are currently manufactured). Alan is a trained mechanical and materials engineer, and has led rollouts for tech products used by tens of millions of customers.
