“Generation NEXT: 20somethings take the reins as CEOs”
Excerpt from the Tennessean, Front page of the Business Section, Sunday August 21st, 2011
Adam Albright, co-founded RentStuff.com, which went live five days ago.
Photo by: Dipti Vaidya
Don't own, rent
When the RentStuff.com website went live five days ago, it brought a measure of relief to 23-year-old co-founder Adam Albright, who has worked on the Web-based business for the past six months.
RentStuff operates a lot like eBay in its listing of items, but has a Craigslist-like function of putting people face to face, in this case to rent items such as outdoor sporting equipment, power tools, electronics and anything else with a value under $1,000.
The company handles the credit card transaction and requires a security deposit hold until items are returned to owners in satisfactory condition. RentStuff takes roughly a 10 percent cut of each transaction.
“The idea started as a solution to the problem of living in a city and having an apartment where you don’t have a lot of room to store stuff, but you want to go out and do stuff — mountain biking or camping without having to buy things,” Albright said.
He was living in a cramped Vanderbilt dorm room when he and two partners, both now 29, started the company.
“We figured there are a lot of people nearby who have the things you need,” he said. Albright, a self-taught software programmer since the age of 13, does most of the site’s programming.
The trio is targeting three markets: high-rise apartment building tenants, college campuses and existing mom-and-pop rental businesses that offer items such as bouncy castles or musical instruments to all comers.
Albright says being a young business owner has only worked in his favor.
“It’s been good. When you’re young, it’s a lot easier to ask questions and people are more willing to help and give you advice,” he said. “Plus, having lots of youthful energy is a plus when you’re working all these long hours.”