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Sometimes the best business ideas come from bad personal experiences. When Derek Pacqué was a senior at Indiana University, he had his $300 coat stolen at a nightclub, which did not have a viable coat check area.
He quickly realized that most bars and nightclubs don’t have coat check services, and decided to fill this need by launching a company that provides collapsible coat check kiosks. Pacqué‘s new company, called Hoosier Coat Check, initially charged $2 to $3 per coat and paid 10 and 30 percent of its revenue to the venues. In the first six months, the company earned $50,000.
Fast-forward to three years later, and Pacqué rebranded the company as CoatChex, which also offers a mobile app that uses QR codes as an alternative to the all-too-easy-to lose coat check tickets.
Following is an exclusive podcast with Derek.