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Oct 18, 2016 · 19m · top-founders

EP 451: 5000 Smart Jewelry Units Sold, $5.1M Raised with WiseWear CEO Jerry Wilmink

Nathan Latka · 8m spoken Jerry Wilmink · 8m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The Top, host Nathan Latka interviews WiseWear founder and CEO Jerry Wilmink, exploring how the startup developed patented smart jewelry, scaled to 5,000 units sold, and raised $5.1 million while navigating luxury retail distribution and hardware unit economics.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 49.3% of the talking time here. How this is scored →

Nathan as informed peer 4.3 Guest teaching 2.3 Guest disagreement 1.8 Nathan pushing back 3.3
05100:0010:000:28–4:03 · Nathan as informed peer 3/10 Weekly Cash Giveaway and Community Announcement Nathan and Jerry establish rapport over mutual connections in San Antonio, while Jerry explains the technology behind transmitting Bluetooth through metal jewelry.4:03–7:34 · Nathan as informed peer 6/10 WiseWear Sales Figures, Purchase Orders, and Unit Volumes Nathan presses aggressively on signed PO risk and refuses to let Jerry evade giving specific unit sales figures, forcing him to pull up numbers and confirm a 5,000 unit estimate.7:34–11:21 · Nathan as informed peer 6/10 Capital Raising Strategy and Brand Preservation Nathan probes fundraising and retail unit economics, identifying that high manufacturing costs leave minimal margin on retail distribution channels.11:21–15:48 · Nathan as informed peer 5/10 WiseWear Team Structure, SKUs, and Financial Runway Nathan challenges the aesthetic fit of the product for young buyers, prompting Jerry to educate him on safety panic-button demand among college women and real estate agents.15:48–18:10 · Nathan as informed peer 2/10 Social Media Channels and Personal Communication Habits A relaxed segment covering social media channels, a sponsor ad break, and the standard rapid-fire Famous Five questionnaire.18:11–18:35 · Nathan as informed peer 4/10 Episode Synthesis and Guest Farewell Nathan delivers a rapid synthesis of WiseWear's key financial metrics and closes the episode with promotional announcements.0:28–4:03 · Guest teaching 2/10 Weekly Cash Giveaway and Community Announcement Nathan and Jerry establish rapport over mutual connections in San Antonio, while Jerry explains the technology behind transmitting Bluetooth through metal jewelry.4:03–7:34 · Guest teaching 2/10 WiseWear Sales Figures, Purchase Orders, and Unit Volumes Nathan presses aggressively on signed PO risk and refuses to let Jerry evade giving specific unit sales figures, forcing him to pull up numbers and confirm a 5,000 unit estimate.7:34–11:21 · Guest teaching 3/10 Capital Raising Strategy and Brand Preservation Nathan probes fundraising and retail unit economics, identifying that high manufacturing costs leave minimal margin on retail distribution channels.11:21–15:48 · Guest teaching 6/10 WiseWear Team Structure, SKUs, and Financial Runway Nathan challenges the aesthetic fit of the product for young buyers, prompting Jerry to educate him on safety panic-button demand among college women and real estate agents.15:48–18:10 · Guest teaching 1/10 Social Media Channels and Personal Communication Habits A relaxed segment covering social media channels, a sponsor ad break, and the standard rapid-fire Famous Five questionnaire.18:11–18:35 · Guest teaching 0/10 Episode Synthesis and Guest Farewell Nathan delivers a rapid synthesis of WiseWear's key financial metrics and closes the episode with promotional announcements.0:28–4:03 · Guest disagreement 1/10 Weekly Cash Giveaway and Community Announcement Nathan and Jerry establish rapport over mutual connections in San Antonio, while Jerry explains the technology behind transmitting Bluetooth through metal jewelry.4:03–7:34 · Guest disagreement 3/10 WiseWear Sales Figures, Purchase Orders, and Unit Volumes Nathan presses aggressively on signed PO risk and refuses to let Jerry evade giving specific unit sales figures, forcing him to pull up numbers and confirm a 5,000 unit estimate.7:34–11:21 · Guest disagreement 2/10 Capital Raising Strategy and Brand Preservation Nathan probes fundraising and retail unit economics, identifying that high manufacturing costs leave minimal margin on retail distribution channels.11:21–15:48 · Guest disagreement 4/10 WiseWear Team Structure, SKUs, and Financial Runway Nathan challenges the aesthetic fit of the product for young buyers, prompting Jerry to educate him on safety panic-button demand among college women and real estate agents.15:48–18:10 · Guest disagreement 1/10 Social Media Channels and Personal Communication Habits A relaxed segment covering social media channels, a sponsor ad break, and the standard rapid-fire Famous Five questionnaire.18:11–18:35 · Guest disagreement 0/10 Episode Synthesis and Guest Farewell Nathan delivers a rapid synthesis of WiseWear's key financial metrics and closes the episode with promotional announcements.0:28–4:03 · Nathan pushing back 2/10 Weekly Cash Giveaway and Community Announcement Nathan and Jerry establish rapport over mutual connections in San Antonio, while Jerry explains the technology behind transmitting Bluetooth through metal jewelry.4:03–7:34 · Nathan pushing back 7/10 WiseWear Sales Figures, Purchase Orders, and Unit Volumes Nathan presses aggressively on signed PO risk and refuses to let Jerry evade giving specific unit sales figures, forcing him to pull up numbers and confirm a 5,000 unit estimate.7:34–11:21 · Nathan pushing back 5/10 Capital Raising Strategy and Brand Preservation Nathan probes fundraising and retail unit economics, identifying that high manufacturing costs leave minimal margin on retail distribution channels.11:21–15:48 · Nathan pushing back 5/10 WiseWear Team Structure, SKUs, and Financial Runway Nathan challenges the aesthetic fit of the product for young buyers, prompting Jerry to educate him on safety panic-button demand among college women and real estate agents.15:48–18:10 · Nathan pushing back 1/10 Social Media Channels and Personal Communication Habits A relaxed segment covering social media channels, a sponsor ad break, and the standard rapid-fire Famous Five questionnaire.18:11–18:35 · Nathan pushing back 0/10 Episode Synthesis and Guest Farewell Nathan delivers a rapid synthesis of WiseWear's key financial metrics and closes the episode with promotional announcements.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 59.9% · guest 40.1%0:00 · Nathan 59.9% · guest 40.1%3:00 · Nathan 38.1% · guest 61.9%3:00 · Nathan 38.1% · guest 61.9%6:00 · Nathan 42.4% · guest 57.6%6:00 · Nathan 42.4% · guest 57.6%9:00 · Nathan 42% · guest 58%9:00 · Nathan 42% · guest 58%12:00 · Nathan 28.1% · guest 71.9%12:00 · Nathan 28.1% · guest 71.9%15:00 · Nathan 58.8% · guest 41.2%15:00 · Nathan 58.8% · guest 41.2%18:00 · Nathan 96.3% · guest 3.7%18:00 · Nathan 96.3% · guest 3.7%
Sharpest disagreement ▶ 14:15 Jerry counters Nathan's sorority fashion critique

Jerry playfully pushes back against Nathan's skepticism that college women would wear the jewelry by challenging Nathan's assumptions.

 Hardest push from Nathan ▶ 6:30 Nathan refuses to let Jerry dodge unit volumes

Nathan directly challenges Jerry for not having unit sales handy, calling it the most important metric for any consumer company.

 Biggest teaching moment ▶ 14:40 Jerry explains safety utility driving female college sales

Jerry educates Nathan that the product's primary value proposition is a discreet emergency panic button rather than pure fashion aesthetic.

 Nathan holds their own ▶ 10:34 Nathan deduces zero-margin retail economics

Nathan quickly calculates that with a $200 COGS and a $300 retail price, WiseWear makes virtually nothing through retail distribution channels.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Weekly Cash Giveaway and Community Announcement 3212 Nathan and Jerry establish rapport over mutual connections in San Antonio, while Jerry explains the technology behind transmitting Bluetooth through metal jewelry.
WiseWear Sales Figures, Purchase Orders, and Unit Volumes 6237 Nathan presses aggressively on signed PO risk and refuses to let Jerry evade giving specific unit sales figures, forcing him to pull up numbers and confirm a 5,000 unit estimate.
Capital Raising Strategy and Brand Preservation 6325 Nathan probes fundraising and retail unit economics, identifying that high manufacturing costs leave minimal margin on retail distribution channels.
WiseWear Team Structure, SKUs, and Financial Runway 5645 Nathan challenges the aesthetic fit of the product for young buyers, prompting Jerry to educate him on safety panic-button demand among college women and real estate agents.
Social Media Channels and Personal Communication Habits 2111 A relaxed segment covering social media channels, a sponsor ad break, and the standard rapid-fire Famous Five questionnaire.
Episode Synthesis and Guest Farewell 4000 Nathan delivers a rapid synthesis of WiseWear's key financial metrics and closes the episode with promotional announcements.

Statements from this episode (14)

Disclosure
Jerry Wilmink incubates other startups at WiseWear headquarters
“Even at our headquarters here, I incubate other new companies and I just, I love the whole process of bringing, you know, ideas to fruition.”
Jerry Wilmink Oct 18, 2016 ▶ 1:50
Assertion Supported
WiseWear discovered how to transmit Bluetooth and Wi-Fi signals through metal
“And we discovered here that we could transmit Bluetooth and wifi through metal.”
Jerry Wilmink Oct 18, 2016 ▶ 2:54
Disclosure
Iris Apfel holds equity in WiseWear and serves as a designer
“Yes, she is. Our designer she has a new collection coming out this year. She's an advisor, an ambassador, and she likes to tell me what to do a lot.”
Jerry Wilmink Oct 18, 2016 ▶ 3:13
Disclosure
WiseWear smart jewelry is launching at Saks Fifth Avenue
“And now it's going to be at Saks in New York city on Wednesday.”
Jerry Wilmink Oct 18, 2016 ▶ 3:59
Prediction Not checkable as stated
WiseWear is projected to reach $4 million in revenue in 2016
“We have some POs and shipped products internationally, so we're looking to do close to around four million this year.”
Jerry Wilmink Oct 18, 2016 ▶ 4:34
Assertion Not checkable as stated
WiseWear has generated $1 million to $1.5 million in early sales
“No, we're probably around one and a half million.”
Jerry Wilmink Oct 18, 2016 ▶ 4:47
Assertion Not checkable as stated
WiseWear has sold 5,000 to 7,000 units to date
“Five to seven.”
Jerry Wilmink Oct 18, 2016 ▶ 7:34
Disclosure
WiseWear has raised over $5 million to date
“I bootstrapped initially raised a friends and family round for 1.1 million and we're closing out another five million now. So I've raised a little over five million to date.”
Jerry Wilmink Oct 18, 2016 ▶ 7:39
Disclosure
WiseWear is currently raising a $10 million equity round
“Raising another 10 now, and that's our first big equity raise.”
Jerry Wilmink Oct 18, 2016 ▶ 8:13
What-if
WiseWear avoided lower-tier retailers to protect its luxury brand image
“Cause we could have blew out our numbers this year. but we would have sacrificed the brand.”
Jerry Wilmink Oct 18, 2016 ▶ 8:48
Disclosure
WiseWear's cost of goods sold ranges from $150 to $200 per unit
“Yeah, I mean, the range is 150 to 200, depending on the collection, you know, so it's the materials and cost of goods, quality control, all that goes into it.”
Jerry Wilmink Oct 18, 2016 ▶ 10:19
Assertion Supported
WiseWear products retail for $300 to $345
“Oh, they're selling it the same retail price that we are... Correct. 300 to three 45.”
Jerry Wilmink Oct 18, 2016 ▶ 10:52
Disclosure
WiseWear makes zero profit on wholesale retail distribution like Saks
“I would say that is accurate... And truthfully, it's a touch point where we go into, you know, it's in the store and at Saks and it's a great touch point for the customer. But yeah, that's not our high volume place.”
Jerry Wilmink Oct 18, 2016 ▶ 11:03
Assertion Not checkable as stated
65% of WiseWear's smart jewelry sales are to college women
“Actually 65% of our sales are college women.”
Jerry Wilmink Oct 18, 2016 ▶ 13:50
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