This summer I have been fortunate enough to be working at a NYC start up company called INTURN. INTURN is a B2B platform that is revolutionizing the way companies buy and sell excess inventory. For example, Calvin Klein has excess inventory from their summer season and they need to sell it to Off Price retailers such as TJ Maxx, Burlington Coat Factory or Ross Department stores. We are changing how they do so.
The value proposition for the company is two fold. The first part, is the technology. Buying and selling excess inventory is an archaic process in the retail world. Spreadsheets are emailed back and forth, while businesses negotiate on what they want to buy, how much and at what mark down. We have created a platform that allows the Buyers and Sellers to connect, send offers and negotiate those offers all on our site. This way they don’t have to send emails back and forth, and they can actually see the products they are buying/selling rather than trying to match skews in a spreadsheet.
Second, we are creating a marketplace. Calvin Klein may have a singular relationship with TJ Maxx who will take all their excess but at 90% mark down. Our marketplace allows Calvin Klein to put that offer out to TJ Maxx, Burlington, Ross, etc to create competition. Competition leads to better recovery rates. Maybe they’ll sell their stuff now for 70% or 60% off. Calvin Klein makes more money, and TJ Maxx has access to more stuff.
I am working on the Buyer side with the Buyer Network Team doing Growth and Transactions. We are researching new markets and verticals to expand into, and working on how we get our Buyers to use the platform more. It’s a lot of Business Development. We are trying to change a behavior, which is extremely difficult to do in a space where businesses are so used to doing something their own way.
It’s exciting being at a start up, because every day we are just trying to solve problems. It’s only a 60 person company, but it’s expanding quickly. With their series B funding just announced, ($22 mil at an $85 mil evaluation) INTURN is ready to take off.