Perhaps if we all could come up with a novel idea that solves a problem for consumers, we could all make a million and vacay in Bali. But you’d still need the right luggage. Steph Korey and Jen Rubio came up with such an idea and made the cases to boot.
Steph Korey and Jen Rubio’s suitcase business, Away, is another example that solving a problem for the consumer is the path to explosive growth. But in this case, two problems were solved: the high cost of suitcases and the problem of finding outlets at busy airports to charge phones and computers.
The problem, as they initially saw it, was a luggage market that hadn’t adapted to now. For most luggage that is considered “Samsonite strong” — but isn’t — the price tag is upwards of $500 and can reach as high as $1,000. That and the fact that the global luggage industry netted $32 billion— perhaps because so many suitcases do not come up to par on the durability front — prompted Korey and Rubio to create a new product, according to Forbes.
But not before serious market research. The pair conducted interviews with 800 frequent fliers to determine exactly what today’s traveler wants in a suitcase, and it’s not just interior pockets for organization or wheels.
No, today’s traveler is much more sophisticated and wants a chic-looking polcycarbonate exterior, an internal compression system and a built-in, high-capacity USB charger — all for $225. So, in fact, two problems were solved for the consumer: the high cost of decent luggage and the problem of no available outlets at the airport.
According to Korey: “Truthfully, we never sought to make a ‘smart’ suitcase or ‘Internet of Things’ product.”
On the genius idea of the USB charger, Korey said: “You shouldn’t have to be battling with someone on the airport floor for an outlet,” Korey said. “A built-in charger makes life easier.”
Away has since launched two larger suitcase sizes, both still under $300, thanks to the company’s direct-to-consumer business model, and the founders have raised $8.5 million in Series A funding, making a total of $11 million in venture funding to date.
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