As applications for the 2010 Inc. 500 | 5000 arrive, we thought it would be worthwhile to shine a spotlight on some of the companies that are vying to appear on our ranking of the fastest-growing private companies in the U.S. (For more information and to apply, go to http://www.inc.com/inc5000apply/2010/.) One that caught our eye was Chicago-based IguanaMed.IguanaMed makes scrubs, shirts and trousers or gowns worn by nurses, surgeons, and other hospital personnel, but not just any scrubs. The company combines different sporty, creative designs with high-performance, comfortable fabrics, that make flexible movement easier. “We’re not the first company to infuse style creatively into scrubs, but I think we’re doing it aggressively,” says president and CEO Gregory Lilien. “We want to continue to expand fabrics, and keep appearing bold, unique and exciting.”Lilien and his team of seven employees used to market IguanaMed’s scrubs as the “Nike or Puma of medical apparel,” but now, he says, his company is focusing on building the IguanaMed brand, rather than comparing their brand to others. IguanaMed offers several collections and styles of their medical scrubs, but their Med Flex fabrics – namely, their revolutionary Med Flex II, which is a tri-blend with spandex for easy movement – are what make their products especially appealing, he says.While the company was founded in 2005 as a subsidiary of Walrus Brands, another manufacturer of medical scrubs and other niche products, IguanaMed now operates independently from its former parent company. After the split, IguanaMed went on to earn a place on the Inc. 5000 from 2007 through 2009. The company was able to grow its distribution across all 50 states, as well as 11 countries worldwide, including Italy, Saudi Arabia and Brazil. “We’ve learned a lot over the past couple years,” Lilien says. “I think we’re also in a product category that’s not shaken up a lot. It’s fun to be in an older industry and breathe some life into it.”

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Inc. 5000 Applicant of the Week: IguanaMed |

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1. Inc. 5000 Applicant of the Week: Turbie Twist As applications for the 2010 Inc. 500 | 5000...

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As applications for the 2010 Inc. 500 | 5000 arrive, we thought it would be worthwhile to shine a spotlight on some of the companies that are vying to appear on our ranking of the fastest-growing private companies in the U.S. (For more information and to apply, go to http://www.inc.com/inc5000apply/2010/.) One that caught our eye was Butler, Pennsylvania-based Turbie Twist.In 2005, new college graduate Angela Carr and her slightly younger sister Christina Cummings found themselves buying the rights for a small, super-absorbent hair towel from Pittsburgh Plastics, a company that the sisters felt was vastly underutilizing the product. The women renamed the hair towel the Turbie Twist and set out to reconceptualize the marketing of the product.  The original model, while functional, seriously lacked a customer base, explains Carr, but once they realized that the target audience were girls about her age, brainstorming improvements became much easier.”We began asking ourselves, ‘What would I like? What would I want to buy? What do I think is cool?’” she says.The duo also upgraded the product material to plush micro-fibers, increased its environmental friendliness, and offered new colors and prints. Carr says her company landed their first big break in 2006 with the television shopping network QVC, which placed the first large order with the new company. Today, the co-owners own and operate the sole manufacturer of the Turbie Twist hair towel, with its signature elastic loop, which allows for its specially-designed shape to fit securely on heads of all sizes. The company, which now has eight full-time employees, continues to add clients, selling their product at huge retailers such as Ross Stores and Sally Beauty Supply, as well as online retailers such as Cosmeticmall.com and Cachebeauty.com.Carr says she expects the company to continue to grow: “Wet hair, dry hair, children or adults – if you have hair, you can use this product,” she says.

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Inc. 5000 Applicant of the Week: Turbie Twist |

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Handbags, dresses and shoes are frequently the reason for the dwindling sum of cash in a woman’s bank account, and keeping up to date with the latest trends is difficult when both jobs and funds are in short supply. Luckily, fashionistas don’t have to commit to spending an arm and a leg on trendy digs that are in one day and out the next when they can rent instead. Membership-only designer rental companies that offer costly, elegant attire for just a fraction of the retail price have been experiencing a boom in the down economy. With a mail-order model similar to Netflix, companies are able to rent out high-end merchandise to customers for a short period of time. The renter gets to look and feel glamorous for a week or a month and then drops the items in the mail once they’ve lost their luster. Manhattan-based start-up Rent the Runway (RTR) launched November 9, with about 35,000 members, and is quickly growing. The company was co-founded by two Harvard Business School graduates, CEO Jenn Hyman, 29, and 26-year old President Jenny Fleiss. Hyman said RTR was formed because the pair saw an opening in the market to facilitate a mutually beneficial relationship between customers and designers. “There are all these woman out there who continue to spend a significant portion of their salary on fashion, regardless of whether they’re making $50,000-a-year or $200,000-a-year,” explains Hyman. “If you can capture customers earlier and build brand loyalty, that’s a win-win for both the customer and the designer.”RTR currently offers more than 33 designer brands ranging from Hervé Léger, Proenza Schouler, and Badgley Mischka for $50 to $200. The duo works to build direct relationships with the designers and continues to add new designers weekly. “We are grooming this next generation of customers,” Hyman says. “We feel that once a girl puts on a Hervé Léger dress, she realizes that the way it feels, the way it looks, is so different than the $200 imitations. If she wears that dress to a special occasion in her life, she creates an emotional connection around that brand, and therefore is more likely to become a full-priced customer of that brand later.”Avelle, the New Bag Borrow or Steal, which gained monumental success after being referenced in the Sex and the City movie, is another Web-based rental company getting a lift from the recession. Although the Seattle, Washington-headquartered business was formed in 2004, CEO Mike Smith said that after Sex and the City was released in May 2008 membership increased threefold, and Avelle now boasts more than 1.5 million members. Smith explains that Avelle is currently in the midst of heavily expanding both the product and service lines of operations, including outside repairs from department stores and individuals. “Handbag refurbishing and repair is a business that we really want to grow,” reveals Smith. “We’ve gotten some great response to that, and we’ve actually had some other companies send us their bags in mass to refurbish, so that’s a business we’re going to be investing further in.”With more than 100 featured designers and 4,000-plus different styles, Avelle recently began leasing watches, sunglasses, and jewelry on the site, in addition to designer purses. Membership is not required to rent, but it will get your prefered pricing – the rental price for merchandise varies from less than $40 to more than $400, depending on the item – and products may be rented by the week or month.”We’re a way to enjoy more fashion without the guilt, without the clutter, and without your husband saying, ‘Why do you need another handbag when you’ve got 25 perfectly good ones in your closet?’” says Smith.

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Fashion Entrepreneurs Capitalizing on High-End Rentals |

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