IU grads quit Wall Street to market new business plan in Bloomington

In the Kelley School of Business’ Venture Capital and Entrepreneurship Finance class, students listen with intent as professor Gerry Hays, an entrepreneur himself, talks of the new big idea he has been working on with IU graduates Jared Golden and Amish Tolia.

Golden, Tolia and Hays said Apparel Media Group, which uses apparel as a medium for advertising, seeks to change the face of the custom apparel industry.

Organizations would be able to purchase T-shirts at a much lower cost by carrying a corporate sponsor’s logo or slogan on the shirt as well.

“Apparel Media Group helps brands pay for consumers’ custom apparel in return for branding via the apparel,” Golden said. “With apparel media, you can bring a different kind of interaction and engagement with consumers.”

Golden and Tolia first entered the custom apparel industry in October 2005 with Campus Threadz, a custom apparel utility for students.

“Alongside being full-time entrepreneurs, we were members of the Investment Banking Workshop, and we both knew we were headed toward the finance world,” Golden said. “I was going to work with Deutsche Bank and Amish with HSBC. I had the entire spring to devote to the business and to explore the opportunities before going to Wall Street.”

Golden and Tolia had taken Hays’ class in the business school and developed a mentor relationship with him. The three plan to build several brands in addition to Campus Threadz underneath Apparel Media Group, they said.

Babies Threadz, for example, could be a possibility for parents looking for cheaper apparel options for their toddlers.

During the last few months, Golden and Tolia fine-tuned the idea alongside working 80 hours a week on Wall Street, Hays said. Golden and Tolia have now quit their jobs to work-full time on the idea.

“We are, nevertheless, carrying forward the IBW theme of growing to become principals of your firm,” Tolia said. “Maybe this is the quickest jump you’ve seen from analyst to CEO. I think it is safe to say that if we did not have the experience of the corporate finance world, we would not be able to run our business as professionally.”

Golden and Tolia believed in their idea strongly enough to quit what a lot of students would consider dream jobs.

“I prepared to get a job on Wall Street throughout my college career,” Golden said. “The first step was for me to convince myself that this was a good idea.”

Tolia and Golden researched and spoke to existing clients and partners to validate the merit of their idea.

“Brands are having a harder time than ever reaching consumers in a meaningful way,” Golden said. “People have ruled out TV ads through TiVo, our generation has learned to ignore banner ads on the Internet and who listens to radio anymore?”

With a growth level of 20 to 30 percent annually, new media is the fastest growing category within the estimated $145 billion to $160 billion advertising industry, Golden said.

“Without Jared and Amish, marketing through custom apparel was just an idea,” Hays said. “Now it has become a business opportunity. I was very impressed with the drive, intelligence and thought that they had put into Campus Threadz. Over the last eight months, they have brought the same level of insight to Apparel Media Group.”

Hays said he realized that Golden and Tolia had created something very special in Campus Threadz.

“I recognized their talent and realized that these are people who are going to make it big in life,” he said.

Golden, Tolia and Hays have filed a patent for their idea of branding via custom apparel and already have a provisional patent. They have completed the initial round of funding, and within a 60-day period have secured enough to help their company reach cash-flow sustainability, they said.

“The crux of our value is in our measurement system, which will help measure the impact custom apparel marketing will have on buyers’ preferences,” Gerry said.

The three will be conducting some pilots on the Bloomington campus, they said.

“Our message to students is that if you’ve got an idea, don’t shy away from it. Start it, see where it takes you,” Tolia said. “When we started Campus Threadz in October 2005, nobody would have thought it would grow to be a fully established business.”

A year after Tolia and Golden graduated, Campus Threadz is functioning at full capacity, and it will soon be providing custom apparel for organizations at lower prices than before with the help of sponsorships from corporate advertisers, Tolia said.

“This could be a platform for philanthropic organizations and other campus groups to connect with corporate sponsors and build new relationships,” Hays said.

Relationship-building has been integral to Tolia and Golden’s personal and professional growth.

“It has been very helpful for us to talk to our professors outside class, in their office hours. We have received so much support from the entire Bloomington campus, and we can’t thank everyone enough,” Golden said.

Golden and Tolia want their story to be seen as an inspiration to other students who want to take the entrepreneurship route but are hesitant to take the dive.

“Don’t block out good advice as criticism,” Golden said. “Be diligent, and be willing to take the risk if you are passionate about something.”