It’s no secret that universities are breeding grounds for innovation and entrepreneurial spirit. While we often hear about the big names like Facebook and Google, there are countless other success stories that started in the confines of a college dorm room. Here are 10 lesser-known but equally inspiring ventures that had their humble beginnings in a college dormitory.
ModCloth: Carnegie Mellon University In 2002, Susan Gregg Koger and Eric Koger started ModCloth, an online vintage clothing retailer, from their dorm room at Carnegie Mellon University. The company has since grown into a successful fashion empire, value of the company is estimated to be around $50-$75 million.
Kiva: Stanford University Matt Flannery and Jessica Jackley founded Kiva, a non-profit that enables people to lend money to small entrepreneurs around the world, while studying at Stanford University. Kiva has facilitated over $1.3 billion in loans since its inception.
Insomnia Cookies: University of Pennsylvania Seth Berkowitz baked and delivered cookies to fellow students while studying at the University of Pennsylvania. This venture turned into Insomnia Cookies, a company that now delivers warm cookies to over 100 locations in the U.S, it is known to be a multimillion-dollar business.
FedEx: Yale University Frederick W. Smith conceived the idea for FedEx, a global courier delivery services company, in a term paper while studying at Yale University. FedEx has a market capitalization of over $70 billion.
Wahoo’s Fish Taco: University of California, Los Angeles Wing Lam co-founded Wahoo’s Fish Taco with his family after graduating from UCLA. The company now has over 60 locations across the U.S. worth of the company is not publicly disclosed, but it is estimated to be in millions of US dollars.
College Hunks Hauling Junk: University of Miami Omar Soliman and Nick Friedman started College Hunks Hauling Junk as a summer business during their time at the University of Miami. The company now operates in over 100 locations in the U.S. and Canada. he estimated worth of the company is around $100 million.
Sweetgreen: Georgetown University Nicolas Jammet, Nathaniel Ru, and Jonathan Neman founded Sweetgreen, a chain of salad restaurants, while studying at Georgetown University. The company now has over 90 locations across the U.S. As of 2021, Sweetgreen has a market capitalization of over $2.5 billion.
Tripod – founded by Bo Peabody, Brett Hershey, and Dick Sabot while they were students at Williams College. Tripod started as a web hosting service for college students to create their own websites and eventually became one of the first popular web hosting and webpage building platforms in the mid-1990s. Tripod was acquired by Lycos in 1998 for $58 million, showcasing the potential success that can come from college dorm room ventures.
Vita Coco: Baruch College Michael Kirban and Ira Liran founded Vita Coco, a coconut water company, while studying at Baruch College. The company now sells its products in over 30 countries. The estimated worth of the company is around $1 billion.
Grailed: Babson College Arun Gupta founded Grailed, an online marketplace for men’s fashion, while studying at Babson College. The platform has since become a go-to destination for fashion enthusiasts. The estimated worth of the company is around $100 million.
Conclusion: From fashion to food, these dorm room ventures showcase the incredible potential that lies within the college experience. I am dedicated towards helping business family kids and parents unlock these opportunities, guiding them on their journey to turn their dreams into reality.
Family businesses are often rooted in tradition and years of hard-earned experience. The next generation, typically the children, has a unique opportunity to leverage this rich history while infusing innovative ideas that can take the business to new heights. These children, often referred to as “family business kids,” are born into an environment that provides them with an innate understanding of the business dynamics and industry nuances.
Having grown up witnessing the intricacies of the business operations, these individuals possess a distinct advantage. They have access to a wealth of knowledge and insights that outsiders may not easily comprehend. This background serves as a strong foundation upon which they can build and expand the family business.
However, the key to successfully taking the family business to the next level lies in striking a balance between preserving the core values and traditions that have been the pillars of the business, and implementing modern and innovative strategies that align with the evolving market demands.
These family business kids can leverage their unique position by seeking higher education that aligns with the business’s needs. This can include specializing in areas that are crucial to the business, such as finance, marketing, or technology. Additionally, gaining external work experience can provide valuable insights and perspectives that can be beneficial when applied to the family business.
In conclusion, family business kids have a golden opportunity to contribute to the legacy of their family business. By capitalizing on their background and combining it with modern business practices, they can propel the business to new heights, ensuring its sustainability and success for generations to come.
Satyam Khanna
