Fireside chat with the CEO of men’s fashion
Date: March 1, 2016
Name: Fireside chat with the CEO of men’s fashion
Presenter: Drew Green
Successful entrepreneur journey can reveal many successful traits. When entrepreneurs follow their traits, they can expand their vision beyond their expectation. TiE Vancouver Organization invites Drew Green, the CEO of Indochino, to share his entrepreneurial journey and his valuable business lessons. In this presentation, entrepreneurs will discover Drew Green’s success mindset. Moreover, Drew Green will explain his definition of becoming a successful entrepreneur.
Drew Green is the CEO of Indochino, one of the largest made to measure menswear brands on the market. In the market, Green earns the title of “Iconic Internet Entrepreneur”. He is also the Founder of SHOP.ca. With over many years of experience in online retail industry, Green establishes many strong relationships. His leadership impacts in many well-known corporations, such as Flonetwork, and DoubleClick. He is also the Founder of Katapult Internet, a holding company that operates over 20 companies in web and retails. Green is also the member of Scarborough Hospital Foundation.
Fireside chat with Drew Green
Green considers himself as a proud Canadian. In his childhood, he lived in Scarborough, Ontario and raised by a single parent. Green mentions his family never had a lot of money. Even though his family moved over 17 times, there was sustainability. As a kid, Green always wanted to start his own business. Green explains his first business involved around measuring fences for apartment building, but due to a lack of business planning, his first business failed.
Green developed the passion to help others when he discovered there was no funding going through the Scarborough Hospital. Until that moment, he set a focus to make Scarborough the 2nd biggest city in the world.
Athletics played a big role in his school years. Green established the importance of building relationship. He had the chance to come to University of British Columbia, but he selected University of York to take care of his mother. He sold his personal training business during his post education school year.
“In business, relationship is the most rewarding”
In his path of entrepreneurship, Green never thinks there is a difference between working in Startup and working with corporation. Green believes in any career path, people are leading their own path, which defines his definition of entrepreneurship. There are two things Green look for in his path of entrepreneurship: learning and being terrified. Green believes in any journey, entrepreneurs need to be challenged all the time to grow.
Green is always searching for valuable partners. In every circumstance, entrepreneurs should always find someone to work with. Green believes every success takes more than one person.
Green had the privilege to see the world outside of Scarborough because he had no debt after selling all his businesses. He traveled to Australia and lived there for one year. He met a girl who worked at Singapore and had the opportunity to experience different cultures in different countries.
Learning is the most important element in Green’s journey. The biggest adventure is to seek out and learn from others. Green started a software business related to email marketing. He agreed the tradeoff on equity for the employment opportunity. When the market crashed, the business got acquired by other company.
Green never thought about outdoing himself. He loved Canada and always wanted to come back. This was one of the reasons he founded SHOP.ca. During that stage of his life, he was overwhelmed with work and personal responsibilities.
Green indicates there is so much change in the online retail space. However, Canada is still in the early stage. Green anticipates the online retail space will grow significantly in Canada.
During the first year of SHOP.ca, Green needed to drive from Toronto to United States for 8 hours every week. The work was tough, but within 2 to 5 years later, SHOP.ca raised over 80 million dollars. Green believes in any business, it takes massive focus. However, the offset is that entrepreneurs will eventually lose attention to family. Green made the decision to give up his CEO role when he turned 40.
Green’s passion is in business. It is something he loves to do. He loves to help other entrepreneurs to build their businesses. Green believes as successful entrepreneurs, they need to provide unique experience to new and old customers. Vancouver is the capital of business in North America and Vancouver is filled with talents.
“Any success comes from the team, and Vancouver can find the team you need”
Currently, Indochino has reshaped the management. The major external challenge Indochino is facing is the cost of living in Vancouver. As a part of CEO’s responsibility, Green needs to take care of his team.
Green mentions the secret behind Indochino’s success is the ability to provide personal style in global scale. With the help of the current CFO, the executive team is able to build a 5 year strategic plan. By taking advantage of raising strategic capital, Indochio is able to lower the cost of fabric.
Green once believed when entrepreneurs gain enough success, they will not reach out to mentor as much because they might change the current procedure. That is a mistake Green made because mentor is a great way to enhance business applications.
Green is looking for long term transformational opportunities. Green trusts more in personal connection because with personal connections, he is able to see others grow. Passion is important. Green’s passion is to build business with people and this passion can go across everything. Green looks at the future of 2016 and anticipates there will be many companies build in Vancouver and target other countries.
Green suggests entrepreneurs to set goals. Green states 8 out of 10 entrepreneurs do not set goals for themselves. Green always set goals and he always review them every day to ensure he is on track. Goals need to have rhythm and transparency.
“Review, change, and update. Ensure I set goals high enough”
Now, a majority of decision making evolves around his kids and family. Green believes that is his legacy. There are 3 kinds of inspiration from Green.
- Develop journey inspires Green
- Work for great people inspires Green
- Create wonderful experience inspires Green
When it comes to managing balance life for entrepreneurs, Green believes self-realization is important. Green wants entrepreneurs to know that they do have a choice. They will always find the way.
Green does not considered himself as a transformational entrepreneur. He believes transformational comes from the team by work the best out of them. Green is not a big fan of the power of networking events. He rather wants organic referrals from his personal connections.
To get his team on the same page, Green inspires teams by central mission. He paints a big picture that includes everyone in the team. Green wants entrepreneurs to know that just because they feel success, it does not justify them to force others to work like them. Moreover, it is important not to burn people out.
When it comes to settle down ideas, Green suggests entrepreneurs not to overdo the due diligent. Many entrepreneurs will over analyze the idea. Sometimes entrepreneurs need to burn the rope and find the right team. Sometimes people will say no to ideas, but it could be a test for entrepreneurs so do not be blind.
“Choose your conversation wisely because not everyone wants you succeed”
There is no regret from Green’s entrepreneur’s journey. In fact, he made a lot of failures over his journey, but it is a part of journey that makes his success today.