Andrew Wolgemuth: Co-founder, Faubion

The Old Grad Story: 

Drew grew up in the Jewelry business, literally right above the showroom. Disappointment with his custom ring experience got him thinking – why can’t the experience follow the Warby Parker model? After a career-ending injury, Drew brought his industry exposure and dissatisfaction with the status quo to the Stanford GSB Ignite experience, which paved the way for Faubion’s inception.

Old Grad Knowledge:

You have to be all in. I was puttering around on this idea for 6 months working on it solo while also working on it at the family business. We decided we’re either going to go all in on this or we’re not. We saw the biggest gains when we decided to go all in.

You can will things into existence. We were so scared when talking to our first investors we went to 3 different casting houses, had them all cast the same ring, and went to 3 more different goldsmiths and diamond setters to ensure the prototypes were satisfactory.

The Faubion Jewelry Pitch

·         Faubion offers a new way to get an engagement ring – as a couple, with the consultation of expert jewelers who can walk them through the process.

·         Couples submit photos they like and receive both 3-D models and customized prototypes within 72 hours, all without the steep deposits charged by competitors.

·         Advantages in 3-D printing, industry context, supplier connections and vertically integrated manufacturing make this possible and differentiate Faubion from their competitors.

·         Faubion is currently investing in a rebranding effort and website overhaul to create a premium customer experience; the company’s new site is set to launch 10/1/2021.

·         Through their novel approach to jewelry shopping and personalized consultation to each customer, Faubion hopes to become the lifelong jeweler for all of their clients, and to expand into more markets.

Charlie Hanna's Venture Capital Perspective

·         Bringing in the industry experience and connections provides Faubion an enormous advantage.

·         The focus on developing a premium brand and superior customer experience is critical in luxury consumer goods markets.

·         Winning over influencers is a significant advantage and should be a focus area on go to market.