Entrepreneur Friday: Rent the Runway
WHO: Jenny Fliess & Jen Hyman
WHAT: Rent the Runway, where women can rent top designer dresses for a fraction of their cost!
WHEN: 2009
HOW: You can have a closet full of clothes, but when it comes to that high school reunion, cousin’s wedding, first date, or company party, you have nothing to wear. After seeing their friends and family resort to spending hundreds of dollars on a perfect dress that they’d only wear once, Jenny Fleiss and Jen Hyman, classmates at Harvard business school, knew there had to be a solution.
“We’re both entrepreneurs at heart,” says Fleiss, “and we knew this was our opportunity.” So, the two simultaneously ran focus groups among undergrads at Harvard and Yale and received their MBAs. More…
Pop quiz: How much do you spend each month on dining out? Gas? How much do you give to charity? Well, if you’re living in New York City (zip code 10016 to be exact), you spend $869 eating out, $67 on gas (you likely don’t own a car, and if you do it’s garaged much of the time), and give $148 to charity. If you’re in San Francisco (94117), you spend $522 dining out, $114 on gas and give $74 to charity. And if you’re in Houston (77036), just $147 eating out, but $146 on gas and give $62 to charity.
“I am going to get about $3500 as a tax return. I want to buy a CD at the bank for $1000 and try to pay some of the credit cards debt I have. I have about $13,000.00 in credit card debt outstanding. I also have 3 store cards and 1 credit card that are in good standing but maxed out. What should I do?”
