Armoire Virtual Closet Startup Pitch
In 2017, I worked with a group to create a startup business plan from scratch. Our group first began by bringing a few ideas to the table, having interviewed different audiences before deciding what to focus on. We agreed to create a business around a virtual fashion assistant app because we thought there would be high demand in the millennial demographic with rising purchasing power. Online clothing purchases are becoming more popular but fit and color are often not what consumers expect. With high reverse logistics costs, brands and consumers could both save money if they were able to better collaborate on clothing and fit. We conducted a Qualtrics survey to find out more and create our problem statement.
We then set out to collect market information and interview our target demographic:
We addressed key attributes of our market, channels to market, conversion assumptions, app monetization, and what it would take to build out the minimum viable product (MVP).
To prepare for Demo Day, we estimated the income statement, balance sheet, and cash flow statement so we could have a rough ballpark to show investors.
Below is our final executive summary and a highlight of our pitch deck:
In the meantime, we brainstormed and created mockups of the app itself. Below is a video walkthrough of our app prototype:
