The tragedy of Greg Selkoe's Karmaloop has been well-documented. The archetype for early online streetwear marketplaces quickly turned the 15-year business into a spiraling failure that saw Selkoe lose the company he founded to bankruptcy; leaving little to show for his efforts. But thanks to some help from Silicon Valley investors, the entrepreneur may be slowly getting back on his feet.
With help from venture capitalist firm Andreessen Horowitz, a venture capitalist firm based in the technology hub, Selkoe has been able to kickstart a new online retail concept, as reported by Boston Business Journal. It's not confirmed where his starting investments—around $1 million according to Selkoe—are actually coming from, but Selkoe does owe thanks to Andreessen Horowitz's Ben Horowitz for introducing the Karmaloop mastermind to his future partner, entrepreneur Paul Judge.
There's not much information available on the new e-commerce platform, but there are a few details that may make this even better than Selkoe's former shop. For starters, the new website will not be competing for the Karmaloop customer, and will be tapping street style gawd Nick Wooster—though details on his role is naturally hush-hush. According to Selkoe, the site should "be transacting" in time for the holiday season, with Selkoe noting: "We are really trying to grow it and we hope it'll be a significant e-commerce play."
Selkoe also plans on starting a conference for "cultural creatives." Pharrell Williams is supposedly attached to the conference, but like his new webshop concept, the details are also under wraps.
While it may seem a little early for the Karmaloop founder to be getting back into the game, he's spurred on by Silicon Valley's "love of failure," using his past failures to make his newest ventures more informed future successes.
As Selkoe insists, he's not hiding. "I'm not hiding under a rock, I'm still someone who picks himself up and is ready to get back in the ring."
Head over to Boston Business Journal to read the whole piece, and keep it locked as this story develops.