The story behind the startup
Now that Rentcycle has a blog, a few people have asked about my path. How did I get here? Here's the scoop.
My journey with Rentcycle officially started in November 2008, but you can argue it really started when I moved cross-country from North Carolina to California in July 2007. While my wife started a PhD program at Berkeley, I got a full-time job at an innovation consulting firm in Silicon Valley, called Cheskin. Helping some of the most powerful Fortune 500 companies develop new products and services, I couldn't help but feel the potential of my new home in the Bay Area. I was surrounded by innovation, by invention, and it didn't take long for me to catch the startup bug. With every client I engaged with, with every article I read in the local tech blogs, I felt strong urges to get out there and start something on my own. And it could have been anything -- as long as it solved a need and could make an impact.
I recall this one day when I engaged with the Idea Mentor at Adobe, Rick Bess. Rick came into Cheskin and talked about the innovation process at Adobe and how it's embedded within the culture. During his presentation, he made a comment about how he's always lived and breathed innovation, from the time he was 26 years old... which was when he started his first company. He went on about 26 year olds being free of the obligations of an older crowd and how it's the ideal age to start a company. I was inspired by these words of encouragement, since I happened to be 26 at the time. It was at that point that I officially had startups on the brain. My travels always sparked different ideas -- a trip to Portland had me thinking of opening a unique bar reminiscent of the great local brew experiences in Oregon. Visits to my nieces and nephews led to internet startup ideas where families could connect and share hand-me-down clothing through an online community. Seemed inspiration was all around, it was just a matter of time.
Finally, I had an opening. In November 2008, I completed a life-long goal by finishing my first Ironman triathlon. To give some context, I had spent the prior six months dedicating approximately 20 hours per week to training (swimming, biking and running). Needless to say, I suddenly had a lot of extra time on my hands! It was at this same time that I was exploring my latest startup fancy, which happened to be related to renting stuff. As a triathlete, I've rented my fair share of equipment -- from bikes, to wetsuits, to zip wheels. And what a pain the whole process had been! I knew there had to be a better way. Hence, the birth of Rentcycle. For the next six months, I wrote and revised several business plans. I learned the ropes on my own as I acquired domain names, applied for trademarks and recruited technical help. I heard of startup incubator programs and applied to a couple. But was discouraged to learn most required that I quit my day job. At this very early stage, and without technical help, I wasn't ready to take the plunge. So, I continued to balance my day job with long nights and busy weekends. I was referred to an article in TechCrunch about a new incubator called The Founder Institute. In May 2009, I became part of the inaugural class. Suddenly, I found myself surrounded by peers who were facing the same challenges and obstacles as me. It was so refreshing and helped establish instant camaraderie. We commiserated about the juggling act, balancing startup with full-time job. We shared experiences as we sought technical talent and helped each other through our first investor pitches. It was a very collaborative and encouraging group. Between smart peers and phenomenal mentors, The Institute introduced me to a whole new world. Since graduation, I've launched my product, gotten some solid press and have acquired over 100 customers! Exciting doesn't begin to describe this phase of my life. 2010 is going to be a big year for the business and I look forward to what lies ahead!Thanks for all the support.
Tim Hyer
Founder | Rentcycle
tim@rentcycle.com
