Andrew Wolgemuth - Diamonds in the Rough - Finding Opportunity in the Most Unlikely Places

Andrew Wolgemuth is the co-founder and CEO of Wove, a jewelry company that is reinventing the jewelry industry by changing the way couples design and purchase engagement rings.As a US Army Ranger deployed in Afghanistan, starting a business was the last thing on Andrew's mind. But when he discovered a unique need among his fellow soldiers, his willingness to help them led him on an unexpected path to business ownership.When many of his friends serving in Afghanistan needed a way to design an engagement ring while deployed so they could make their dream of a homecoming marriage proposal a reality, Andrew knew he could help find a way his friends could design a ring while away from home without the risk of mailing the final ring to an APO address in Afghanistan.Andrew is no stranger to the jewelry business. He grew up with a front row seat watching his parents run their jewelry business from the time he was a child, but he had no plans to work in the industry himself. After consulting with his family’s business, Andrew created an innovative solution by doing remote design consultations to produce replica rings for the big homecoming proposal. That was the birth of Wove, which has since expanded to help any couple who wants to design their dream ring to try on at home.Andrew talks about the early days of the business and the approach they took starting off small to test things out. He also shares how his deep understanding of the customer journey instilled a deep conviction in what they were building that helped carry him through the challenges of building a business.Wove made the decision to seek venture capital to help them scale the business and Andrew details how they came to that decision, the arduous process of seeking outside funding, and his advice for any founders who are considering VC funding vs. bootstrapping their business.Wove creates mor than just jewelry, they create an experience. Andrew explains how important it is to the company to create a high-touch customer experience during one of the most important moments in a couple’s life. Andrew describes the process they take their customers through and how their commitment to the experience has resulted in a lower cost of customer acquisition, giving Wove a competitive edge over their competitors. Wove’s business model has also created a whole new category for jewelry designers who want to work directly with clients, and Andrew explains how this has helped them attract top design talent from prominent jewelry companies.Finally, Andrew shares his insight on what’s real in the business world vs. what we hear and his advice for anyone considering going into entrepreneurship.Find Andrew  at:Website: http://www.wovemade.com/Instagram:  https://www.instagram.com/wove_madeFacebook:  https://www.facebook.com/wovemade/Visit Stephanie at: https://stephaniehayes.biz/Follow me on Instagram | Facebook | LinkedIn | TwitterSupport the show