INnovators: Menguin Takes on Tux RentalsPosted: Updated:
Several Indiana University Kelley School of Business graduates are hoping to "revolutionize" the tuxedo rental industry with an app designed to make the transactions easier and faster. Menguin uses online cameras to obtain measurements, then ships customized tuxedos to users' doors. Chief Executive Officer Justin Delaney says the company has four warehouses, allowing it to reach 99 percent of the country within two days. He discussed Menguin during The INnovators With Dr. K. segment on Inside INdiana Business Television. Delaney says, once users are done with the tuxedo, they can ship it back to the company.
He says the recent acquisition of Jos. A. Bank by Men's Wearhouse Inc. provides an opportunity for a new player in the industry.
Delaney founded Menguin along with fellow Kelley graduates Kurt Sutton and Michael Gassman. He says the original idea focued around custom suits, but the group ultimately decided to work with tuxedos. The concept won $100,000 in seed capital last year at IU Bloomington's BEST competition.
As part of his INnovators "prescription," Indiana University professor Donald Kuratko suggested the following for Menguin:
1. Attract "smart money": In addition to looking for financial investors, seek out guidance and advice as well.
2. Build strong business processes: Build a model for customer satisfaction
3. Constant team communication: Make sure the team stays in constant communication as the company continues to grow.
Sources: Menguin, Inside INdiana Business