Tag Archives: DENYC

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Design Entrepreneurs NYC Mini-MBA program — year 3 and gaining momentum!

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Dr. Joyce Brown, President of FIT, welcoming the new designers! Jeannette Nostra, on the Board of GIII & Morris Goldfarb, President, Chairman & CEO of GIII in the background.

The DENYC just had its kick off weekends with intense all-day sessions (you can set your beach calendar to this — it’s always the first two best weekends of perfect weather of the summer — and these dedicated 32 designers are indoors without windows the whole time) — and guess what?
They love it!

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Christine Helm, Coordinator, Enterprise Center, FIT

Each year the faculty adjust the program to customize it to the class and each year the incoming class is further along in their business at the start than the year before. I co-teach growth strategies (with some marketing thrown in).

This year’s group is great. Every designer has a clearly defined niche and their styles are so appealing! I’ll be mentoring bexnyc.com and lalaandsasi.com.

I’m particularly excited about the first fashion tech designer to participate in DENYC!  A handbag that charges your cell phone!  Wait til you see the rest!   On second thought, don’t wait http://www.designentrepreneursnyc.com/participants.html

Look for pop-up shops featuring the alumni especially as the holidays approach.

Check out the program, it’s current students and alumni, http://blog.fitnyc.edu/denyc/

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Are You A Design Entrepreneur?

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The second (annual I hope) Design Entrepreneurs NYC program came to an amazing finale Thursday evening September 26 with the announcement of two winners of cash awards of 1st place- $25,000 and 2nd place- $10,000. Becca McCharen owner of CHROMAT (chromatgarments.com) placed first in the business plan competition and Vasumathi Soundararajan (an FIT grad!) of Ken Wroy, Inc. (kenwroy.com) came in second (there were only two places). Kudos to the winners!

Design Entrepreneur Winners 2013

L to R: Dr. Joyce F. Brown, President, Fashion Institute of Technology; Vasumathi Soundararajan, Ken Wroy, Inc.; Becca McCharen, Chromat; Jeanette Nostra, President, G-III Apparel Group.

And kudos to the entire 2013 class of Design Entrepreneurs NYC! Everyone is on their way to growing their companies with freshly minted business plans in their possession.  The intensive mini-MBA program started in June with solid weekend-filled classes and then the entrepreneurs spent their summer, under the guidance of mentors,  working hard writing and refining their business plans. After submitting their business plans, the entrepreneurs waited to hear which ones were selected to present – half of the class of 35.  The presentations, in front of industry judges in four different rooms, narrowed down the field to 4 finalists who then presented in front of all the judges and the 2013 class.  Some of the Judges included: Tim Baxter (EVP & GMM, Macy’s), Morris Goldfarb (CEO, G-III Apparel), Ellen Rodriguez (President & CEO, French Connection), Jeffrey Binder (Consultant, Former Divisional Merchandise Manager, Bloomingdales), and Laurence Leeds, Jr. (Chair, Buckingham Capital).  I was privileged to be a moderator for one of the panels.

So the entrepreneurs are off now to grow their businesses and take them in new directions as a result of this experience.  As well as stay in touch with their classmates, faculty, school and judges.

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Double A-Team

The Design Entrepreneurs NYC (http://www.designentrepreneursnyc.com/)  program is in full swing.  One of the programs’ many offerings is an open classroom “mentoring” evening, where designers in the program can swing by and ask questions of instructors who are there for that purpose.  It’s a great and informal way to get multiple opinions, points-of-view and advice on the designers’ company, business plan (which they write as part of the program) etc.

This recent Wednesday evening I was co-mentoring with Shawn Grain Carter, who teaches Fashion Merchandising and Marketing at FIT.  The subject, as often happens, was brought up of designers negotiating with big companies – this could mean, contracts, licenses, royalties, intellectual property, employment, or all of the above.  Many design entrepreneurs do these negotiations alone. Sometimes they feel they have enough knowledge to negotiate well for themselves. Sometimes they don’t know any better. Sometimes they don’t have the money to pay an attorney to go with them to help and advocate for them (and to keep them out of trouble).  We discussed this in class and Shawn and I agreed that an entrepreneur absolutely needs an attorney to accompany them to such negotiation meetings.  Or a business person, like an accountant.  Or both. And Shawn advised everyone, and I agree, that they should have double A’s – an accountant and an attorney.  They both keep you safe in any kind of business negotiation.

It’s a necessity in the fashion business but also in every sector. At the very least, there’s a second pair of ears listening to what’s going on and picking out important points that the entrepreneur might miss. At the very most, your A-team keeps you from making costly, and sometimes business-ending, mistakes. The world is littered with stories of failure because the entrepreneurs couldn’t or wouldn’t bring an attorney or accountant into a crucial negotiation (and, let’s face it, every negotiation when you’re a small business is crucial) with them.

I know you’ve heard me say this before…but repeating it never hurts…always use an attorney and/or accountant in contract reviews, negotiations, any business matter.  The fees you pay your Double A-Team are minor compared with the money they save or help you get in the long run.

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.