Monday Jul 9, 2012 by Keith Cline - Founder, VentureFizz
Shoebuy.com.... a consumer web / eCommerce company in Boston that scaled and grew to a very successful exit to IAC and currently generates over $250M in revenue. Wait? I thought Boston doesn't have any consumer success stories, other than TripAdvisor?
Well, here is another great story that needs to be told and why Eric Paley's Founder Dialogues events are so important.
Scott Savitz took the entrepreneurial leap of faith to start Shoebuy.com in 1999. The shoe market was a $40B industry in 1998, however less than $5M was being sold online. He tried to convince himself that the idea wasn't a good one, but eventually realized that this industry was ripe for disruption and an area where he could be a large business.
There were many challenges along the way and lots of lessons learned from the Shoebuy.com story. Especially, how they were able to change a very fragmented industry and ultimately convince the footwear manufacturers to integrate direct with Shoebuy.com.
So, enjoy the journey and please share this great video with your networks!
In case you have missed any other Founder Dialogue videos, here a list: Russ Wilcox (E Ink), Niraj Shah & Steven Conine (Wayfair), Andy Ory (Acme Packet), Andy Palmer (Serial Entrepreneur), Diane Hessan (Communispace), Mick Mountz (Kiva Systems), and Tim Healy (EnerNOC).
As always, thanks to Eric Paley & Nathalie Bishop of Founder Collective for allowing us to feature these great stories on VentureFizz. Also, thanks to Greg Joyce from Willoughby Films for his video & edit talents. And, thanks to VisibleGains for their continued support!