Katrina Lake founder of Stitch Fix, which is estimated to be USD 3 billion company, is one of the wealthiest female entrepreneurs in the United States. Lake who is now 35 said in a statement that starting a company was not at all her cup of taste since she grew up in California and her time studying in Stanford had also discouraged her to think of starting a company of her own.
She used to think of people like the founders of Google and Apple, who were also at the initial stage, never knew that their creation would fetch them millions of dollars later in their life. They were simply coders trying to do new things which eventually worked out as a business model. Whereas she took a lot of thinking and had given a lot of thought before choosing to carry the idea ahead and make it into a business model.
Before launching Stitch Fix, Lake was following the footsteps of her father to become a doctor when she was enrolled for the pre-med program at Stanford, later she realized that she has her interest towards the economics. Eventually, she enrolled herself at the Harvard Business School to pursue a master’s degree in the entrepreneurship program. It was during the Harvard when for the class project Lake came up with an idea of enhancing the shopping experience for the women who do not have easy access to the fashion options and personalized shopping experienced.
What she later worked out to be a personalized shopping service to the widest range of fashion options that make use of algorithms to give recommendations according to the personal need and preferences of the women from the stylists. Stitch Fix was officially launched in 2011 wherein company has witnessed a significant growth since then with their 2.7 million customers with more than USD 1 billion-dollar turnover. Which Lake says the company has earned solely by suggesting people from other experts.