Red carpet leads to gold for Damn Heels

Last class we started talking about business plans, this reminded me of an article I read a while back about a winning business plan by an entrepreneur star, Hailey Coleman. In 2009, Coleman was awarded a $25,000 grant, in the Slaight Communications Business Plan Competition and launched her company Damn Heels. The company sells fold-up ballet slippers that woman can slip on after wearing painful stilettos at a party. Coleman said this simple idea originated from her own experience, where one night she had to limp home bare feet from painful heels after a party. Apparently Coleman’s idea was not original.

Matt Horan, a 29 year old entrepreneur, came up with a similar idea in 2008. He came up with the idea of selling emergency foldable flats in vending machines. His idea was created after hearing his girlfriend complain about her feet every time they went out and had to piggy back her home.

Today I came across an article called “Red carpet leads to gold for Damn Heels”, it described Coleman going on Dragons Den recently and her idea impressed Arlene Dickinson. Coleman accepted her offer of 5% of royalties for a 20-year term in exchange for $25,000 in cash and $25,000 in marketing services. Many times great ideas are imitated, and in this case, Coleman is still very successful with her company.

Around two classes ago we discussed business ethics, and in the business world ideas are often copied. Just like what Coco Chanel says in the article, “I would shed tears the day no one copied me. For me being copied means success. Success without copies or imitations just doesn’t exist.”

Youtube Video: (Dragons Den)