STMNT: Pivoting a Clothing Rental Start-Up
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.