2007 Headlines
MBA Student Launches New Business in Luxury Goods Authentication
Colin Dreizin creates secure online marketplace for luxury goods with Colinsworth Authentication
April 13, 2007 | Ithaca, NY - What began as a class project for the Johnson School at Cornell University's Entrepreneurship and Private Equity class for MBA '07 student Colin Dreizin has grown into a new business aimed at ensuring the luxury goods you buy on eBay are authentic. For online buyers and sellers of luxury jewelry and watches on eBay and other online auction sites, Colinsworth Authentication has launched www.colinsworth.com, a site that utilizes a network of east- and west-coast authentication experts to guarantee the legitimacy of the luxury items offered for auction.
Rather than follow the road most traveled and pursue a traditional summer internship in between his first and second years at the Johnson School, Colin spent the summer researching the market and developing his business model. This break gave him an opportunity to decide if he enjoyed being his own boss with the safety of knowing he could take advantage of on- and off-campus recruiting during the following academic year should he decide it wasn't for him.
Launching a new venture while at business school also gives students access to a variety of free or cheap resources not available to non-matriculated entrepreneurs. Colin began by conferring with Brad Treat, the Johnson School's Entrepreneur-in-Residence, who provided knowledge essential to successful start-ups and later joined the Colinsworth advisory board. Cornell alumna such as Howard Morgan of Idealab improved his insight into the entrepreneurial process and in-depth discussions with other alumna, such as Steven Gal of ID Analytics, allowed him to further refine and improve his ideas.
In addition to seeking out experts, he also took advantage of Cornell's Pre-Seed workshop which gave him access to direct feedback from venture capital firms. He sought assistance from two branches of Entrepreneurship at Johnson's portfolio of resources including BR Legal, a service that utilizes Cornell law students and experienced attorneys, and BR Incubator, a business consulting service run by MBA students. Through this fee-based business incubator, fellow classmates have helped him select and prioritize market areas for expansion.
It was this kind of research that led him to find that buyers were saving 30 to 50 percent on luxury goods purchased at online auctions, but were taking a 75 to 90 percent chance of receiving counterfeit goods. Consumers and luxury good manufactures both lose. Aimed right at the heart of this problem, Colinsworth Authentication ensures consumers get what they are paying for, and luxury good manufacturers maintain their reputations for quality.
To find out more about Colinsworth Authentication or the entrepreneurship resources available at the Johnson School, please contact Deirdre Snyder at 607-255-3494 or dgs37@cornell.edu.
