STMNT: Pivoting a Clothing Rental Start-Up
(6 pages of text)
In early January 2019, the founders of STMNT (pronounced “statement”) a Canadian peer-to-peer clothing rental platform, were reviewing the performance of their venture. The sisters had formally launched STMNT in November 2018 and wondered whether they had implemented the right business model for their venture or if they needed to pivot. The rental transaction process was taking too long for customers and required too much of the founders' time to make scaling up a possibility. The sisters needed to take stock of their progress to date and chart the next steps for their venture.
This case is suitable for undergraduate- and graduate-level courses on entrepreneurship or sustainability. Before discussing the case, students should be familiar with SWOT analysis and with analyzing qualitative data. The case can be used for either a class discussion or a case-based examination. After working through the case and assignment questions, students will be able to
- appreciate the importance of pivoting in a new venture;
- evaluate alternative business models, and offer creative suggestions regarding new ones;
- understand the potentials and limitations of peer-to-peer business models;
- appreciate the difficulties of building platform-based upscaling with limited resources; and
- conduct a SWOT analysis of a new venture.
Canada, Small, 2019
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