Archive for Millennial Entrepreneurs – Page 19

A Girl’s Best Friend: Customizable Jewelry

dudeQuality jewelry can be an expensive gift to buy, especially if you want it to be just right. Customizing jewelry in store can not only expensive but a hassle, and sometimes not even completely what you want. Matt Lauzon recognized this need and build his own website and company to offer a convenient method of building that perfect piece for that perfect someone. Gemvara.com is a place where you can go and make that piece just right for you. You start by picking out the jewelry type, then style, and finally specific gem and metal types. The result is a simple, reasonably priced place for anyone to become their own jewelry designer.

At just one-year-old in 2011, Gemvara had a $10 million run rate which was drastically increasing. Matt’s goal for Gemvara was to someday, “take Tiffany head-to-head.” (Matt Lauzon) Each piece, designed and ordered online, is made to order with supplies all bought and made in the United States.

Matt started his company, which was originally called Paragon Lake, while he was a student at Babson College. The original business model had a business-to-business approach but ultimately he wanted to be in more control over customer service and pricing, so he shifted to a business-to-customer model for Gemvara. Matt launched the Gemvara website in 2010 with necklace$5.8 million from Highland and Canaan Partners. With the recession working to his advantage, and “by the third month, we were seeing six figures in revenue and our average sale was $1,000.” (Matt Lauzon) 20% of customers gave testimonials to the quality and creativity of Gemvara.

“I think about us as Amazon early on.”

-Matt Lauzon

So why not go try it out yourself? Gemvara is perfect for any occasion and is excellent since you control the price.

 

 

Freelancer.com – connecting millions of employers with freelancers with a skill to sell.

When one mentions the word “outsourcing,” what images come to mind? Large IT companies passing their programming tasks to the legions of Indian computer science graduates in gigantic working stations? Product-oriented businesses redirecting their service calls to foreign call centers to lower their customer service costs? All these scenarios of what outsourcing is in today’s globalized work world. However, Matt Barrie’s vision for Freelancer has been to make both the ability to outsource work and the process of finding employers for freelancers streamlined and easily accessible to all.

Matt Barrie dived straight into the world of technology after completing his graduate studies. A graduate of the University of Sydney (computer science, electrical engineering) and Stanford University (electrical engineering), Barrie began his career in the field of network and system security, starting as a security consultant for a network firm and moving on to start his own network security firm. Experience as a venture capitalist prior to his first entrepreneurial endeavor gave Barrie much-needed background in obtaining the capital required to start a new business.

In 2009, Barrie started Freelancer.com, an outsourcing marketplace open to all individuals and/or companies. As of September 2013, Freelancer.com claims to have hosted almost 5 million projects, served almost 9 million professionals, and resulted in $1.2 billion dollars in project fees exchanged. Company profits have been reported to top $75 million. Just recently, Barrie turned down a $430 million dollar acquisition offer and is positioning to go public with the company in the near future. At age 40, Barrie has collected a plethora of engineering and entrepreneurship awards, including the Ernst and Young Entrepreneur of the Year award, the New South Wales Pearcy Award for engineering, top 10 entrepreneurs to watch status by Smart Company, and selection as one of the 150 LinkedIn influencers.

What exactly is Freelancer.com? It is a middleman service that connects individuals or businesses that need services done (usually in the programming, design, or creative writing fields) and freelancers who have those skills and would like to monetize those skills through freelance employment. The marketplace allows the employers to skirt employment regulation/taxation and outsource their jobs; many employers are entrepreneurs or small business owners who need these services to create their website, develop their product, or advertise their company. Freelancer collects fees based on project size and the payout for freelancers, and offers a profile/social networking interface that features reviews, completion rate history statistics, and paid exams that allow freelancers to prove their proficiency at certain skills and earn a badge that they can display on their bids. Employers post projects onto the site that are bidded on by the freelancer community. Essentially, the site is much like Ebay but for services.

Freelancer.com marshals the strengths of cloud computing by storing all employer-freelancer communication, documents, payments, and agreements in the cloud, using their customized user interface to make it easy for both parties to communicate and complete their projects. Freelancer currently hosts 25 marketplaces in 25 different regions, with dedicated staffing and user support for each of these markets. They have also acquired many of their competitors, an acquisition strategy Barrie has pursued relentlessly in working towards solidifying his market share and eventually taking his company public.

 

Successful, Indie, Pug-lovers

ModCloth

Don’t Be Fooled

This isn’t just a picture of a quirky married couple–ignore the pug and the wolf-shirt for a moment. Susan Gregg Koger and Eric Koger are also the co-founders of ModCloth: an online clothing, accessories, and decor retailer that aims to provide a fun, engaging shopping atmosphere for the customer.

The Story

In high school, Susan spent a lot of time thrift store shopping. She searched and searched for vintage styles. So eventually this hobby turned into a website–with the help of her boyfriend Eric. The high school sweethearts went on to Carnegie Mellon University, and in 2006 they turned Susan’s hobby into a dream. Now, with her husband working as the CEO of the company, Susan may focus entirely on the aesthetic, vintage-inspired vision of ModCloth.

The Community

ModClothLogo

ModCloth makes an effort to reach out to the independent designers. Susan is intent on finding and supporting originality from all over the world. For this, as well as for other reasons ModCloth has plugs in just about every social media site. They have FaceBook, Pinterest, and Instagram profiles–as well as a blog. These sites obviously help in terms of advertisement, but their mission involves much more than the selling of merchandise:

“We want to fundamentally change and democratize the fashion industry by creating a vibrant, social marketplace that empowers indie designers, suppliers, and our community.” —ModCloth.com

The Pug

ModClothWebThe Koger’s vision is inspiring because it’s the story of a realized dream. Together the couple developed a way to share what they love, and promote creativity. Sure they’re a quirky couple, but you know what? Their idea worked, and the pug is adorable. So let the man wear his wolf-shirt, and just trust that Susan gave him a hard time about it later.

myYearbook (meetme) Business Idea

Catherine Cook: myYearbook at $20 Million at 20

CatherineCook MeetMe_logo

GROWING UP:

When Catherine Cook was growing up, she would set up little libraries in her house with her brother and rent out books to their parents for a small charge. It is evident that she had a plan from when she was a child. When she became old enough to attend high school, Catherine and her brother officially launched “myYearbook.com” which is a social networking site that allows people to meet each other in a low-stress fashion. She received a $250,000 investment from her older brother Geoff to start their business.

TODAY:

Catherine is now 20 years old and is currently a junior at Georgetown University in Washington, DC. Catherine’s site, myYearbook.com now has over 20 million members. Given the fact that Georgetown is a tough school adademically, it’s amazing that Catherine still finds time to manage a business. Between studying marketing, operations and information management, and psychology, Catherine still trains the staff at myYearbook’s HQ in Pennsylvania a few times a month. The site has changed its name to “MeetMe.”

THE BUSINESS:

There, eighty employees are working hard to make myYearbook the premier way to meet new people online through ice-breaking games and features. It’s working: myYearbook is ranked in the top 25 most trafficked websites in the United States according to comScore and it pulls in 20 million dollars in yearly revenue.

 

As co-founder, Catherine Cook keeps busy developing new features and leading myYearbook into the future of social networking. She’s also an active myYearbook user and every new member’s first friend.

– See more at: http://juniorbiz.com/catherine-cook-interview#sthash.4pd2UoDc.dpuf

A Business Born of Burden: Gianna Fair Trade

HERO Gianna Driver, 28, is the daughter of a Filipino mail-order bride. She grew up with her mother in a women’s home in East Texas after they fled from Gianna’s abusive father. While in the women’s home Gianna worked hard at her studies because she knew it made her mother happy. Gianna worked hard and eventually ended up at Wharton School on a full scholarship

“I looked around and saw all of this pain and unhappiness and I knew my mom didn’t want me to have this life…When I brought home good report cards, she was so happy, so I really applied myself in school.”

Gianna Driver

Gianna entered the workforce and worked for a company in San Francisco, but it just wasn’t right for her. She “…felt most alive…” when working with impoverished women overseas. She then toyed around with business ideas that would allow her to follow her passion of empowering these women, yet still support herself. In 2005 her original business was born, but she had problems with the quality of the items and the skill sets of the women, but she found a solution.Scarf

 “In Laos, the women weave beautiful tapestries, so we came up with the idea for scarves… When we start in new communities, I’ll provide a loan. If they want to buy a sewing machine, I front the money and over time, they pay back the value of machine through the sale of their products.”

Now Gianna works with over 60 impoverished women from many countries such as Thailand, India, Laos, and the Philippines. These women receive between 25 and 58% of the retail price of the products they produce. Gianna’s revenue isn’t breaking any records, and has yet to reach 1 million, but she has helped over 200 women and pays 2 to 3 times local minimum wage.

Hu is She?

huJulia Hu is doing something dozens of others are doing.  But she is doing it right and she is doing it better.  Hu created a wristband called LarkLife that tracks sleep patterns, diet, and exercise.  Millions of people attempt to log their food intake and fitness for the day through phone apps and website, but have trouble keeping up.  This is not the only issue – Hu and her 21 employees at Lark Technology believe that people are not challenged to change their life simply with raw data.  “When you look at everyone in the world, about 3 to 4 percent are motivated by data. These are Olympic athletes, highly goal-oriented people, and tinkerers,” Hu explains. “The rest of the population is not at all motivated by numbers–or is actually negatively motivated by seeing numbers.”

In fact, the major innovation in her idea is in the interpretation and delivery of the data recorded by the wristband.  The various versions synchronize with your smartphone every day and then turn that information into real tips at the end of the week on how to change your life.  Inc.com asks the consumer to imagine the tips are a health or lifestyle magazine written specifically for you.lark-life-smart-wristband

Hu is as unique as her ideas.  At age 28 she is a second-generation Chinese immigrant, serial entrepreneur, violinist and former gymnast.  Like many entrepreneurs, Hu did not finish the degree she set out to graduate with.  She received her master’s and bachelor’s degrees at Stanford University, but dropped out of business school at MIT to found Lark.  A colleague commenting on the savvy business woman said, “She’s disarming, sweet, and kind, and then you realize she’s completely out-negotiated you.”

One of the most entrepreneurial and inspiring aspects of Hu’s idea are the opportunities it has to continue growing.  The business is collaborating with hospitals to assist patients in reworking sleep routines and is looking to create similar relationships with other health-related organizations.  Hu also has the chance to create the world’s largest sleep database with data from its thousands of users.  She responds to this opportunity by wishing “that benefit can be applied to everyone’s health,” which is the most impressive characteristic of this entrepreneur.  For Hu it is not only about the money, but the ability to aid the entire world, not only Lark users, in the quest for a healthier life.

Millennial Entrepreneurs

Hart Main, a 13 year old boy, decided to take an interesting twist on an already existing idea. his sister was selling candles for a fundraiser supporting her school, and he realized he would like to do the same, although he wanted to change the scents. he decided most guys dont want to smell like lavender and fresh laundry.

So Main decided to start producing manlier scents, such as fresh cut grass, bacon, and a new baseball mitt scent! as prices of the candles changed while figuring out new expenses, Main decided to set up a paypal account on his website so that it would be easy for his customers to purchase candles. not only is his business for-profit, but it also has a charity edge to it. the candles are made in soup cans, him and his mother buy the soup, donate it to soup kitchens, and then take back the empty cans!

the candles are made in his kitchen, but Main says that they are looking for a new space that is bigger to make the candles in. while Main’s sales and popularity is growing, he stays humbled by the simple idea of just adding some spice to an old idea!