Power Pitch

Harvard alum’s start-up's shorts 'not dad's jock strap'

Harvard alum's start-up's shorts 'not dad's jock strap'
Harvard alum's start-up's shorts 'not dad's jock strap'

Recent Harvard alum, Terry White, says the North Moore Short is "not your dad's jock strap." White promises his shorts will hold everything a guy on the go would need.

Watch White pitch his shorts to Alicia Syrett, board member of the New York Angels, Patrick Chung, founding partner of seed stage venture firm, Xfund, and David Wu, general partner at VC firm, Maveron.

Will the panel think the shorts are a good fit? Watch the video to find out!

Behind the seams

White, who was a college athlete, spent a little over a year working in real estate development, but quickly shifted gears.

He founded e-commerce start-up Wolaco, which stands for Way of Life Athletic Co. Wolaco's first product is the North Moore Short, named after a street in New York's Tribeca neighborhood where White first lived.

The North Moore Short fits under an athlete's workout clothes. It consists of two water-resistant compression pockets, one large enough for a phone and another one for keys, cash and credit cards.

"You are now free to run, jump, pull up, push up, sprint and pick up some beers on the way home ... only if you've earned it," says the start-up's website.

The shorts are manufactured at a factory in Los Angeles and are priced at $45 a pair. For now, White offers four styles, and he's only focusing on male customers.

The North Moore Short
Source: Wolaco

A run for the money?

But The North Moore Short is running into a crowded space.

During the Power Pitch, Alicia Syrett asked how White would prevent the biggest players in the industry, like Nike and Under Armour, from replicating his shorts.

"I've become less concerned about the Under Armours and Nikes of the world because mainly at this point, if they wanted to do it, they'd do it," White answered.

A successful Kickstarter campaign blew through the company's goal by 400 percent, and White ended up raising $122,000, plus an additional $15,000 in seed loans. The start-up has sold a total of 3,300 pairs of shorts.

White told CNBC that he sold out of Kickstarter pre-sales quickly, but Wolaco is still taking orders on its website, with shipments expected to go out in May.

"Once we raise our first round of funding, I suspect that it will take about six months to reach profitability," said White.

Wolaco launched in February of 2014. It has two full-time employees and is headquartered in Midtown Manhattan. The start-up plans to enter its first round of angel funding in the next three to five months and told CNBC it will be expanding beyond the shorts this summer.

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