Successful entrepreneurs continue to seek new partnerships to develop their ventures. Perhaps, the right partnership and funding source are the two most important elements for the development of entrepreneurial activity. There are numerous examples of entrepreneurs who have used these elements to grow their careers. Among these entrepreneurs, Don Ressler is a shining example who has succeeded in developing new businesses despite initial challenges that can easily break the spirits of most businessmen.
When the first business venture of Don Ressler was acquired by Intermix, Don teamed up with another budding entrepreneur, Adam Goldenberg to form Alena Media. As one of the first e-commerce and advertising platforms, the company generated millions of revenues in the first few years of its existence. The strong growth prompted News Corporation to acquire Alena Media. Despite the fact that both Don and his partner Adam were instrumental in running Alena Media, they felt that their vision was ignored by the media conglomerate. As a result, Don Ressler decided to start a new venture, which would help him realize his vision.
In a brainstorm session at his home, Don Ressler invited Adam Goldenberg and a number of his former associates working at Alena Media on matrixpartners.com. During the meeting, the team decided to create a subscription based private membership club, Intelligent Beauty. Just like the previous business model, the new idea was an instant hit. Venturing into cosmetics and skincare market, the first two ventures SENSA and DERMSTORE proved highly profitable. When Don had used all his cash to propel the businesses in the first two years, he gladly accepted $43 Million from Technology Crossover Ventures in 2008.
Just two years later, in 2010, Don was able to launch JustFab, which proved the most successful business venture that Don had previously created. Within its first year, the business attracted millions in funds and nearly 4 million subscription members. Realizing that thousands of parents and their kids would prove an attractive proposition for the business model on forbes.com, FabKids was launched two years later. By 2013, the brand had an impressive following exceeding 6 million subscribed members.
Instead of expanding revenues, Don Ressler focused on using funds to improve market shares. As a result, ShoeDazzle was bought with the intention to diversify the business.