An Interview With Fotis Georgiadis
Surround yourself with organized and talented people. Thankfully, I have been doing this for a while now because I recognize my strengths and weaknesses.
As a part of our series called “Making Something From Nothing”, I had the pleasure of interviewing Nicole Alexander Dunlea.
Nicole is the Founder & CEO of Ivy Alexander, a luxury accessories company that launched with it’s flagship product, handbag hooks so your handbags and other personal items never have to sit on the floor. Nicole is an attorney and an adjunct professor teaching among other things, Legal Ethics. She sits on many charitable boards and has recently founded the Ivy Alexander Foundation, dedicated to supporting organizations and initiatives that foster equity for women and girls.
Ivy Alexander will be launching more products in the upcoming months and proceeds from Ivy Alexander sales go towards the Ivy Alexander Foundation.
Thank you so much for doing this with us! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your “childhood backstory”?
I was fortunate enough to have spent a ton of time with my grandparents when I was younger. I actually named the brand after my grandmother, Ivy who was from England. She taught me how to sew and how to make a great cup of tea but more importantly, she had a career at a time when women were not a staple in the workforce. My mom also had a career. She was emphatic that I get the best education so I would never have to be dependent on someone else for income. My whole family encouraged me to be independent and to work hard. I’m not sure that they loved it when I moved from Southern California to the east coast for law school but in the end, they were very proud.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
“Everything is negotiable.” One of my bosses taught me this and it is true. For instance, just because a price is listed for a product or an advertisement, or a sponsorship, doesn’t mean that the price is set in stone, particularly when a sales associate needs to make a quota. Heck, we have all been car shopping and know the drill. But I think the art of negotiation is very important for a person looking to start their own business. For instance, I was having a hard time justifying the contract price for one of our photographers. So I picked up the phone and asked if we could work out something closer to my price range. She was very amenable. We worked together to adjust a few elements et voila! The price point was reasonable and the pictures were stunning. I continue to be grateful for the kind people who have helped me along the way.
Is there a particular book, podcast, or film that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
JOY starring Jennifer Lawrence. Joy Mangano threw herself into her business. She struggled at first, then found success, then struggled, and ultimately succeeded in building an empire. After doing so, she supported and sponsored other inventors paving the way for their success. Starting a business has its ups and downs and you need to roll with the waves and have faith. A lot of hard work helps too. Her dedication to helping others also resonated with me.
Ok super. Let’s now shift to the main part of our discussion. There is no shortage of good ideas out there. Many people have good ideas all the time. But people seem to struggle in taking a good idea and translating it into an actual business. Can you share a few ideas from your experience about how to overcome this challenge?
Prior to the launch of Ivy Alexander, I lost my grandparents and my parents within a two-year period. It was devastating. As part of the estate process, I was going through my parents’ things and found a large cardboard box with the words, “Nick’s Box of Broken Dreams” scrawled across it in black marker. In the box, I found unpublished books my father (Nick) had written, architectural drawings for buildings that hadn’t been built, and patents for products that never made it to a store shelf. It hit me like a ton of bricks. My dad was brilliant. I was heartbroken that this box even existed and I vowed I would never have a similar one. So I started to keep a list of my ideas while doing my day job and one day, I had a little epiphany. Midway through the pandemic, when restaurants started to open for outside dining, I brought a random purse hook with me because I couldn’t fathom leaving my bag on the ground. Strangers kept approaching me asking about the hook and where they could get one. The thought occurred to me that now more than ever, people would want a product like this to keep their belongings off the ground. And what if I made a better, more stylish version? Even better, what if I marketed the hell out of the product so that people knew that something like this existed? And then Ivy Alexander was born. Sometimes you have to take an educated leap and have confidence in yourself. Don’t end up with a box of broken dreams.
Often when people think of a new idea, they dismiss it saying someone else must have thought of it before. How would you recommend that someone go about researching whether or not their idea has already been created?
Just because a product may already be in existence, doesn’t mean you can’t improve upon it so long as you are not infringing on any patent. A deep dive on the internet will usually yield results. There are also search engines developed for patent and trademark applications.
For the benefit of our readers, can you outline the steps one has to go through, from when they think of the idea, until it finally lands in a customer’s hands? In particular, we’d love to hear about how to file a patent, how to source a good manufacturer, and how to find a retailer to distribute it.
First, you need to do some research to see if the product actually exists elsewhere. If it does, can you make it better? Then you need to look at your funding and realistically create a budget you can stick to. Then, you should probably set up an LLC for the company’s brand and/ or an umbrella company so that you can also do the necessary tax filings. But before you select a name, do some more research to ensure that you will not be infringing on any copyrights. Assuming this is a “no”, you will need to file your own application for copyright protection. Because I am an attorney, I did some of this on my own. I also have a gaggle of fabulous attorney girlfriends who filled in the gaps.
Next, comes the website. You will need to purchase URLs that can be linked to your website. Even if you are not conducting eCommerce, this is still a good idea. You will also need to have a website developer on hand or you can develop one on your own using the vast resources online.
Now, you will need to find a manufacturer if you are not going to make the products yourself. You can also do this research online and there are platforms where you can send out an RFQ (Request for Qualification) to potential vendors. You will also need to determine how the products will be fulfilled once ordered. That brings me to packaging, which in the luxury business is “très important”. Oftentimes, packaging can be very expensive, adding costs to the bottom line.
Once you link the product to the website, you need a strategic plan for launch and you better have a killer social media component of this plan. That is critical. Next, you have to spread the word and consider hiring a PR/marketing consultant to help you meander your way through this new media world. It is constantly evolving and as a business owner, you have to keep evolving too.
What are your “5 Things I Wish Someone Told Me When I First Started Leading My Company” and why?
- Don’t expect overnight success. I really believed that once we launched, I could immediately expand the company. But it takes time, patience and a willingness to be flexible and make changes when necessary.
- Networking is everything. There are no coincidences. You never know who is going to lead you to your next product, next vendor, or next fruitful connection.
- Surround yourself with organized and talented people. Thankfully, I have been doing this for a while now because I recognize my strengths and weaknesses.
- Delegate to those organized and talented people. You cannot do it all and when you spread the wealth, you can do more and do so more efficiently.
- Don’t just sell the product, sell yourself. I am still learning this. Consumers want a story and they want to buy into a brand. Thus, if you let them know more about you, a brand bond is created. I used to think that including pictures of me with my product was egotistical. I was wrong.
Let’s imagine that a reader reading this interview has an idea for a product that they would like to invent. What are the first few steps that you would recommend that they take?
Research, research, and more research to see if the idea is already in existence and as I have said before ask yourself whether you can create a better version. Then do a survey of your friends and family about the idea. Is this something that would be appealing to them? Be careful though. You might need a form Non-Disclosure Agreement in hand. You don’t want someone stealing your ideas. (Not that your friends and family would but you get the gist.)
These are just the beginning steps you should consider before you go to the next level.
There are many invention development consultants. Would you recommend that a person with a new idea hire such a consultant, or should they try to strike out on their own?
I think consultants can be very helpful, particularly when you are learning your way. I would just be mindful of the price and find a consultant through a reputable and trusted referral source.
What are your thoughts about bootstrapping vs looking for venture capital? What is the best way to decide if you should do either one?
I cannot tell you how many people have told me I should go on Shark Tank. I think each person has to make the venture capital decision on their own. Currently, I am providing all the financing for this venture and it’s challenging and scary at times but this way, I maintain creative and financial control over the company. I am not putting venture capital completely out of the picture, but I do think it depends on the product, how quickly you want to expand and whether you are willing to relinquish some control. If you do choose to outsource funding, consider having ironclad contracts in place to protect your interests.
Ok. We are nearly done. Here are our final questions. How have you used your success to make the world a better place?
Late last year, I started the Ivy Alexander Foundation. Proceeds from Ivy Alexander go to the Foundation which in turn supports organizations and initiatives that foster equity for women and girls. I have had a lot of help through the years — scholarships, great mentors, and opportunities. I would like to give back in the same way that I have been blessed.
You are an inspiration to a great many people. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.
Kindness. Sometimes the world seems to be lacking in it. Last spring, I had the wonderful opportunity to interview acclaimed author Tayari Jones for an event entitled, “Women, Power & Promise” at the Newark Museum of Art. She talked of her love for Stevie Wonder and in particular his album,, “Songs in the Key of Life.” The songs on this album resonated with me because Love is in Need of Love Today. Oftentimes people get so mired in their worlds that they keep dodging ahead without being mindful and thoughtful of others. Small acts of kindness can make all the difference. They also make you feel more grounded during this very colorful time.
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US, with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.
Tory Burch. I love her style and what she is doing with her foundation. I have participated in several programs the foundation has hosted and would love for Ivy Alexander to participate in her foundation programs in the future.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Making Something From Nothing: Nicole Alexander of Ivy Alexander On How To Go From Idea To Launch was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
