NJ Tech Meetup 58, Fireside Chat with Marc Lore, founder Jet.com

Speaker: Marc Lore, founder Jet.com

Topic: Fireside chat (minus the fire)

SUBMIT YOUR QUESTION SUGGESTIONS HERE (https://docs.google.com/forms/d/1CbH6q3goy9FT0EnkNWYTL_N2OInZ_PGWKaKUKBb3Jys/viewform)

Schedule:

6:45 (sharp!) - 7:15: Speed Networking, food provided
7:15 - 8:15: Welcome/Startups present and a special welcome from Hoboken's Mayor Zimmer
8:15 - 9:!5: Feature Speaker
9:15+: Closing remarks/head to local bar with food/drink specials

Startups:

• eureQa

• Appcow (http://www.app-cow.com/)

• Klassroom

apply to pitch your co at a future NJTM (http://www.bit.ly/HTMstartup).

Stevens students/faculty free: RSVP here (http://www.bit.ly/NJTechStevens)

http://photos2.meetupstatic.com/photos/event/4/e/2/6/600_434840006.jpeg

More on Marc: Marc has worked in the finance industry, at Banker's Trust, Credit Suisse First Boston, and Sanwa Bank. He then embarked on entrepreneurial ventures. He was co-founder and CEO of The Pit, Inc.,[1] which he successfully sold in 2001 to the then public Topps Company. He joined the Topps Company as the Chief Operating Officer one of its subsidiaries, Wizkids, Inc.[2]
In 2005, he and Vinit Bharara founded 1800DIAPERS, which would be rebranded as Diapers.com and fall under the parent corporation Quidsi, Inc. According to a 2009 interview, his vision for Diapers was inspired by his own family's experience with the difficulty of keeping necessary baby-care goods in stock. From 2005 to 2012 the company launched a portfolio of websites catering to families, including Soap.com and Wag.com. Lore and Bharara were successful in building a loyal customer base[4] among young parents in urban areas. To improve the economics of shipping bulky, low-margin products like diapers to their customers, they established warehouses relatively close to urban areas to take advantage of ground shipping rates, instituted algorithms to minimize ship cost, and conducted warehouse operations using Kiva robots. The company was sold to Amazon in 2011 for $545 million.

In 2014, Marc Lore co-founded an e-commerce company, Jet, with Nate Faust and Mike Hanrahan. The company raised a total of $80 million in Series A funding, which closed in September 2014. Investors include NEA, Accel Partners, and Bain Capital Ventures. In November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch. In January 2015, an Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet will be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items. In February 2015, Lore announced via his blog that Jet raised an additional $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Coatue Management, and others.