Max Rhodes, CEO of Faire, and Anu Hariharan from YC discuss Faire's journey, from idea inception to product/market fit. Topics include changes in SMBs, try before you buy model, scaling challenges, calming stress, and strategic hiring for growth.
Max Rhodes explains the journey from exploring various startup ideas to launching FAIR, focusing on revolutionizing local retail.
FAIR alleviates local retailers' inventory risk by offering a consignment-based wholesale model, fostering a mutually beneficial system for retailers and suppliers.
Deep dives
Early Days of FAIR - Finding the Right Idea
Max Rhodes shares the journey of early days at FAIR, highlighting the struggle of exploring different startup ideas before landing on the notion of revolutionizing local retail. The pivotal moment arose when they abandoned the concept of selling dental drills to focus on solving the challenges faced by local retailers, leading to the birth of FAIR.
Solving Inventory Risk in Local Retail
Max describes the critical issue faced by local retailers – inventory risk when introducing new products. By understanding retailers' fear of investing in new products without guaranteed sales, FAIR sought to alleviate this risk through a consignment-based model akin to a wholesale version of Amazon. This model allowed retailers to access a broader range of products with reduced financial risks, fostering a mutually beneficial system.
Unveiling the Wholesale Marketplace - FAIR's Mission
FAIR emerges as a wholesale marketplace connecting small retailers with craft brands and manufacturers, facilitating an online shift from traditional face-to-face interactions. By implementing a consignment-based approach and offering free returns to mitigate inventory risks, FAIR revolutionizes the wholesale experience, providing retailers the opportunity to access a diverse assortment of products efficiently.
Envisioning the Future of Local Retail with FAIR
Max's vision for FAIR extends beyond a mere commercial platform to reviving local retail communities. By leveraging technology to empower small businesses, FAIR aims to level the playing field against industry giants like Amazon, fostering a resurgence in shop-local sentiments. With a profound belief in the community-driven essence of retail, FAIR strives to redefine the narrative of localized commerce with a tech-enabled, customer-centric approach.
Max Rhodes is the cofounder and CEO of Faire. Faire helps retailers find and buy unique wholesale merchandise for their stores. They were in the Winter 2017 batch of YC.