Founded in 2011 by Katrina Lake, Stitch Fix reinvented the retail space; in 2017, Lake became the youngest female CEO ever to take her company public, and since then, the online personal styling service has continued to grow rapidly. covid-19 headlined Before dominating the headlines and shutting down the company, we spoke with the founder about fundraising, finding a mentor, and more. While the future of business in general, and fashion in particular, will surely look different after this craze subsides, Lake's ability to innovate and pivot (see below!) ) has proven that she is more than ready to lead the way for up-and-coming female founders.

Marie Claire When we surveyed our readers, 78% did not have a mentor. How do you choose one?

Katrina Lake: There is a misconception that a mentor must be someone who is directly related to your career or someone who is in the job you want. The best mentors are those who don't have a horse in that ring. It is really important to find someone who has a slightly less direct connection to your job and has no vested interest in your growth path. Such a person will help you have the right conversation with your boss.

[pullquote align='center'] In the beginning, you don't have a business yet. [/pullquote]

MC: How do you navigate relationships when the boundaries between work and personal life are blurred?

KL: My co-founder Erin Flynn and I parted ways really early in the business. It was one of the hardest things I ever went through. It was almost impossible not to feel like a divorce. The reality is that as business evolves and changes, people's goals evolve and change as well. Those decisions are difficult for me personally, but I have to consider what is right for the business.

MC: What advice would you give to early stage founders looking to raise capital?

KL: When you are starting out, you don't have a business yet, all you have is yourself and your idea. You are not selling a business model or a plan. You are selling yourself as an entrepreneur and your probability of success. Selling yourself requires grit. It's hustle, energy, and a deep-seated belief that you have a solution to a problem. It's cold-calling people, messaging them on LinkedIn, and meeting 10 people who are pretty hard to reach and make them think your idea is a good one. All of these things show investors that you can be a successful entrepreneur.

MC: How do you convince non-target venture capitalists?

KL: After all, venture capitalists are capitalists. If a venture capitalist can find a way to make a lot of money, that is one leverage to get them excited. This is an area I've tried to spend more time on; Stitch Fix has been profitable since 2014. We have great economics now and can draw great economics in the future. So perhaps we can appeal to the capitalist element of venture capitalists. That is my strategy. My hope is that Stitch Fix will be an example of them opening their minds to the fact that what they were hesitant to do might actually work.

MC: What would you say to those who are afraid to change the direction of their company?

KL: Pivots should be based on insight and truth. Not changing is the worst thing you can do. Change creates growth and destruction. Change is what makes us take the next step.

This article originally appeared in the May 2020 issue of Marie Claire.

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