June 18, 2013
What’s Rentything and how does it work?
Rentything is a peer to peer rental marketplace for everything. It allows anyone to rent from and to anybody for anything. Rentythingers offer their stuff to earn a little bit of money to other Rentythingers. Rentythingers can also make requests if they need something temporarily. With Rentything, it’s free and easy.
The entire platform is built on trust. Trust cues include the ability to read and write reviews on offers, view detailed profiles, as well as leave references for users they have borrowed or lent to. There are a lot of trust cues built into the platform and more coming. They are all designed to help answer the question “Do I trust this person to borrow from or lend to?”
What’s the social implication of Rentything?
Rentyhing is green friendly since we are, after all, sharing pre-owned stuff as part of the platform. And since Rentything helps users make money lending out their things, it is a nice way to earn side income, help pay for bills, save for vacation, and turn users’ stuff into business. That’s pretty awesome in our opinion!
How did you come up with the idea?
I (Martin, the founder) was helping my parents move, and we needed some extra items such as a drill and a ladder. But we only needed those items temporarily, so it didn’t make much sense to me to pay full price. I wondered why something like this didn’t exist up here in Canada and the light bulb went off in my head. The next day, a friend on Facebook posted a question asking if he could borrow a megaphone from someone for his daughter’s birthday party. I took that as a sign that I had to build Rentything, and so I got started.
Who’s behind the startup (location, professional background, passions and founders’ hobbies)?
Martin Wong started Rentything in Niagara Falls, Canada. He finished his MBA at Rotman School of Business at the University of Toronto. He has an undergraduate degree in Applied Science and Engineering at the University of Toronto. He’s a voracious reader, and loves to do physical activities such as weight training, running, rock climbing, and jiu jitsu.
Why did you decide to go down the startup-route instead of getting a (or keeping your) 9-5 job, perhaps in a large corporate?
I was doing my MBA and wasn’t ready to go back to the 9-5 grind. I was very nervous about the decision but decided to give it a shot anyway. Rentything spoke to me and so I knew it was time, and if I didn’t at least try to make it work I would always regret it.
Are you guys angel funded or VC backed already? If not, are you looking to raise money and what expertise would you require from an investor?
Rentything is bootstrapped, and is not funded in any way and is not looking for the foreseeable future. We believe sweat equity will take us far.
What piece of advice would you give to 9-5ers who are dreaming to startup their own web venture?