IDEO Skincare 

 

Andrew Shemin felt privileged at the opportunity to form IDEO Skincare and commercialize some of the research of Dr. John Blass, the world-renowned maverick clinician, professor and researcher, in the area of anti-aging products. IDEO launched the business by bringing an anti-aging skin cream to market in 2021, and found initial success with their first product, including a feature on the Drew Barrymore Show.

 

After formulating their follow up moisturizer product, Andrew sought the assistance of the Pace University SBDC, and met with Business Advisor Rawle Brown to review marketing strategies as well as explore financing opportunities to grow the business. Through Rawle’s introduction, Andrew met Jonathan Katz, Sr. Managing Director at Lendistry, who ultimately provided a $150,000 SBA loan to provide the working capital needed for a substantial increase in inventory from their NYC region manufacturer, enabling the business to explore new sales opportunities

 

“Support from the Pace SBDC and a $150,000 SBA Loan through Lendistry came at a critical time. The business was only just starting to turn profitable but we had to develop a second product or we would be limited in retail growth. In cosmetics, all the cost of goods comes upfront. We had to pay for design, primary and secondary packaging, filling and testing before a single bottle could be available to sell. And we would need money for PR and marketing to support the launch. While the manufacturing of the new product was underway, we were given an opportunity to sell at a prestigious Barneys New York pop-up at Fashion Week and having the new product en route is a real advantage as we negotiate new retail opportunities."

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