https://padlet.com/drewgmeyer/vs5q04mfec683mui Made with a bold sensibility en-us 2022-02-23 16:10:56 UTC 2025-09-26 21:12:38 UTC hello@padlet.com drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069729128
Factor: Entrepreneurship 
Two friends fresh out of college, Niraj Shah and Steve Conine wanted to start a business together. They moved to Boston after college and started their first company, “Spinners”. Spinners was an internet consulting company. They were able to grow it to 40 employees, but they sold the company in 1998 because they couldn’t see it expanding any bigger.]]> 2022-02-28 15:41:23 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069729128 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069751393 Factor: Entrepreneurship
They started their third company, Racks and Stands. It was an online shopping company for TV stands. They started this company in August 2002, and by December 2002 they had $250,000 in sales. ]]> 2022-02-28 15:51:56 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069751393 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069756983 Factor: Capitol 
They didn’t need a lot of capitol for their business. They had an office, a couple computers, and a hosting platform for the online purchases. ]]> 2022-02-28 15:54:31 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069756983 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069766665 Factor: Labor
Niraj and Steve didn’t pay themselves for over year. All of their earnings went into the business so they could continue to grow it. They worked on the software for the company and had an advantage because they already had the necessary skill set to do so. By the end of 2003, they had 15 employees. They would work hard taking customer suggestions and implementing that into their company.]]> 2022-02-28 15:58:58 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069766665 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069771669 Factor: Entrepreneurship 
After their initial success with Racks and Stands, they felt like they could do more. They began to create other websites for other products to be bought online. They changed their company name to CSN Stores and had all of their websites managed under that. ]]> 2022-02-28 16:01:31 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069771669 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069785889 Factor: Capitol 
In 2002, they made $700,000 in sales. In 2003 they made $7,000,000 in sales. By 2004, it was up to $27,000,000. Fast forward to 2010, they have $400,000,000 in sales and had 5 million customers. Their company had become huge and their gamble on e-commerce shopping had paid off. CSN Stores also had 250 websites under its name. ]]> 2022-02-28 16:08:30 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069785889 drewgmeyer https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069787818 In 2011 they decided to change their name to Wayfair. Wayfair would manage all of the e-commerce websites. ]]> 2022-02-28 16:09:30 UTC https://padlet.com/drewgmeyer/vs5q04mfec683mui/wish/2069787818