Sunday, April 11, 2010
America's Best Young Entrepreneurs 2009: Eric Koger and Susan Koger
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Power Vegetables In A Drink |
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7. ModCloth
What It Does: Online marketplace for indie designer fashion and decor
Founders: Eric Koger, 25, and Susan Koger, 24
Web Site: www.modcloth.com
Based: Pittsburgh
You might not expect an indie clothing e-tailer to get the attention of equity investors. But Eric and Susan Koger, the husband-and-wife team that launched ModCloth in 2002, near the end of their freshman year at Carnegie Mellon University, have managed to raise a little over $3 million from angels like StubHub co-founder Jeff Fluhr and venture capital firms First Round Capital and Maples Investments.
ModCloth's inventory strategy helps explain its success. Eric says Susan and her buyers build rapport with independent designers, try to get payment terms of net 30, and normally sell 70% to 90% of the goods within the net-30 period.
"We can turn our inventory faster than we have to pay for it. That's enabled us to scale as fast as we have." Being online only and located in Pittsburgh keeps operating costs low, too. ModCloth employs 104 people -- mostly young women who, Eric says, "come at it from a perspective that's truly aligned with the customer, because they are our customers" -- up from 22 people a year ago.
The company became profitable in 2007 but wasn't in 2008, largely because it spent a lot of money to redesign its Web site -- which now gets more than 1.25 million unique visitors a month.
Eric says ModCloth has around $1 million a month in sales and forecasts more than $15 million total in 2009.
Labels: Eric Koger, ModCloth, Susan Koger
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Friday, April 9, 2010
America's Best Young Entrepreneurs 2009: Lauren Berger
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Power Vegetables In A Drink |
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6. Intern Queen
What It Does: Internship placement consultancy
Founder: Lauren Berger, 25
Web Site: www.internqueen.com
Based: Los Angeles
While earning her degree at the University of Central Florida, Lauren Berger says she completed 15 internships in four years. After graduating in 2006 she began helping the children of her parents' friends land internships. Soon, the idea to start a consulting business was born.
But first Berger had to pay the bills, so she moved to Los Angeles and worked as an assistant at top talent agency Creative Artists Agency. While there, Berger met movie producer and director Marshall Herscovitz (Thirtysomething, The Last Samurai), who liked her concept and backed her financially for one year.
Last September, Berger launched her company -- Herscovitz has a 12% stake -- offering to vet potential applicants and match them with more than 500 companies from across the country that pay to list on her Web site.
Berger says what sets her service apart is the personal attention -- she and her small band of interns review every application and Berger calls each company to make an introduction. Potential interns can apply for one slot gratis to get a feel for the service. They pay $3 for every subsequent application; employers pay an annual fee of $50 for unlimited listings.
In the four months the firm was running last year, Berger says she had about $100,000 in revenue and expects to double that to $200,000 next year. A regular on the college speaking circuit, she is also planning to expand into Canada and is exploring endorsement deals with Microsoft (MSFT) and Payless Shoes.
Labels: Intern Queen, Lauren Berger
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Click this now to the Perfect Global Business Video
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Wednesday, April 7, 2010
America's Best Young Entrepreneurs 2009: Becky Stockbridge
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5. I Bec Creative
What It Does: Web development and graphic design
Founder: Becky Stockbridge, 25
Web Site: www.ibeccreative.com
Based: Portland, Me.
While a senior at the University of Southern Maine, Becky Stockbridge wrote a business plan to start a Web and graphic design business for medical professionals, a group she found was in need of logos, brochures, and informative Web sites -- and who also had the money to pay for them.
She got started in 2006 with a $4,200 grant from the Libra Future Funds, a Maine-based group that helps entrepreneurs under 25. The Maine Center for Enterprise Development awarded her free office space for one year.
However, Stockbridge says she found it difficult to get through to the decision-makers in medical practices. While she struggled to make contact, Stockbridge began designing Web sites and logos for other small businesses.
By 2007, she had more business clients than doctor clients and shifted her focus. Last year the five-person company had about $225,000 in revenue and Stockbridge expects $350,000 in 2009.
Labels: Becky Stockbridge, I Bec Creative, Libra Future Funds, Maine Center for Enterprise Development
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Discover What Is The Perfect Business
According to Robert Kiyosaki of Rich Dad Poor Dad
Click this now to the Perfect Global Business Video
Business Marketing by Aredconsult
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Discover What Is The Perfect Business
According to Robert Kiyosaki of Rich Dad Poor Dad
Click this now to the Perfect Global Business Video
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Business Marketing by Aredconsult
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