Student goes to Harvard, comes up with an idea to solve a problem and launches a successful business. ?That?s how it?s supposed to happen, right? ?That wasn?t the case for James Reinhart. ?A recent Harvard Business School grad, Reinhart felt uninspired by his wardrobe and partnered with Oliver Lubin and Chris Homer to launch ThredUp, an online swapping site for adult apparel. ?As it turns out, adults aren?t that excited about swapping clothing online and the concept completely bombed. ?The three co-founders decided to pivot their business model slightly after researching the $6 billion-a-year secondhand children?s apparel market.
ThredUp is now a thriving community of 200,000 members that swap thousands of boxes of gently used kids clothing, toys and children?s books. ?A typical $5 box holds 15 new or slightly used kids apparel items that members send off to the next ?thredder? using prepaid shipping labels and boxes provided by ThredUp. ?Like eBay, members earn the community?s trust through star ratings for each box they send out as well as badges for completing community-building activities. ?Having recently raised a $7m second round of funding from Redpoint Ventures and over 1,000 new members joining the site each week, ThredUp is well on its way toward being the successful business that Reinhart initially envisioned while at Harvard.
Read more at Businessweek >>
What are your thoughts on ThredUp? ?Are you impressed that the co-founders were able to pivot their business model successfully? ?Leave a comment below!
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