A Lesson Learned from Business Woman Steph Korey
The Steph Korey story is an interesting one because it shows just how powerful finding a gap in the market can be. While many may consider this to be like finding a needle in a haystack, the truth is that you’ve probably already found one or more yourself and didn’t even realize it. Let’s take a look at how Steph Korey found a golden opportunity in her last year of business school that made her rich.
The story starts with Steph Korey talking to a friend on the phone. Her friend was Jen Rubio, a talented brand marketer. Jen was upset that her luggage had broken again, and was wondering whether she should buy expensive yet durable luggage, or just settle for another cheap one that would quickly break again. This conversation led to a powerful realization: There was no cheap yet durable luggage option on the market. It would be this realization that kickstarted the Away luggage company founded by these two ambitious women.
Feedback, Design, and Funding
First thing was first, Steph Korey and her partner needed a working prototype. To accomplish this they first spoke with over 800 potential customers to see what they really wanted for a next-generation suitcase. With their design ideas in mind, they then traveled to Asia to speak directly with the manufacturers and develop a workable design. Once their ducks were in order, they then raised $2.5 million in seed money. all that was left was to launch their company.
Speed and Innovation
One of the most astounding things about this story is the fact that Steph Korey and Jen Rubio were able to launch the Away luggage company in just three months after their initial phone conversation. They also took things to the next level by including a charger in the luggage as well, as the people they interviewed had said they wanted. This dedication to speed and innovation launched one of the most successful luggage companies in history.
Follow Steph Korey at Twitter: http://Twitter.com/stephkorey