We kick off the new year with a conversation with Dev Chopra, the CEO of DAPPA, an Australian-created app that offers a free, simple and accessible AI-assisted personal fashion styling solution with a focus on reducing waste. Read on as we get to learn about the company was able to achieve growth with the help of two investors who believed in the company’s commitment to personal fashion and sustainability.
ISB: How did DAPPA manage to capture the attention of Michael Easson and Adam Geha?
DC: DAPPA was fortunate enough to receive support from Easson and Geha due to a pre-existing relationship. This relationship had been built across many years, with an interest in technology and entrepreneurship uniting them with DAPPA’s vision. We were in regular communication with Adam and Michael as new business ideas and market shifts emerged, with both of them agreeing to back DAPPA in its initial concept in 2022.
ISB: What did you do or what do you think worked for Michael and Adam to eventually invest in your venture?
DC: After accumulating 50 potential users across university campuses and building a slow, very buggy prototype, Adam and Michael were on their way to being convinced of our product. It wasn’t until we showed Adam and Michael an example of the virtual try-on technology in use that really won them over. Our final effort involved developing a photo of Adam Geha, changed from a business suit to a black turtleneck and overcoat, using the same technology we were proposing using. Nothing will beat showing your product/an early product to potential investors.
ISB: Can you share what kind of support and investment they provided for the growth of the business?
DC: Adam and Michael have been incredibly helpful and influential in building DAPPA. Their mentorship and guidance on how we should tackle engaging with retailers and other partnerships has been thought-provoking and enabled us to consider aspects of the business we wouldn’t have otherwise. They provide insight through lessons that can only be learnt with time and I can definitely say we have grown substantially as a business thanks to that insight.
ISB: As you look to further grow your business, do you see yourselves changing your strategy to attract additional investments and what would those changes be, if any?
DC: Given the nascent nature of the Fashion AI industry, part of our current capital-raising strategy always has a component of explaining the potential market that DAPPA can capture. As the business grows and competitors emerge, our strategy will have to shift from talking about the potential market we could capture to the established market that we, and our competitors, play in and how we can differentiate ourselves. Whilst our strategy may change, our commitment to helping users express their best selves never will.
ISB: What would be the most important lesson that any business should take to heart when it comes to finding potential investors?
DC: Building relationships with your potential investors beforehand is the most important piece of advice we could give any aspiring entrepreneurs. Figure out the area of innovation you want to work in, is it deep-tech working with cutting-edge hardware RnD, is it building financial solutions for people everywhere or something in between? Then find the investors who talk about these sectors, invest in these sectors and connect with them. It’s difficult for investors to put their money behind people they don’t know well and in a sector they don’t understand.
