Babson Summer Venture Business: RedtireLife
Name of business: RetireLife; http://www.retirelife.net
Mission: To provide one-stop easy online access to a broad spectrum of information regarding senior living options and support services for the elderly and aging.
Began: 2009
Initial Investment: $69K
Where: Brookline, MA (office in Babson’s hatchery)
Your name, email, cell:
Megan Shea, MBA ’09
megan@retirelife.net
857-488-8906
Employees:
Megan – salaried
John Hilliar – Co-Founder, “sweat” equity – Babson MBA ’10
Founder’s Past Life/Business:
Megan – marketing and innovation consulting, business development. John – software engineer EMC, now at Hitachi – Babson evening MBA.
How The Idea Began:
RetireLife was conceptualized based on Megan’s personal experience in helping to manage her grandparents’ care over the past few years. It was challenging to learn about all of the options, and locate various businesses and services from a distance. RetireLife is a comprehensive website that allows people to find all of the services they need in one place.
Initial Preparation to Germinate Idea:
Business planning through courses at Babson, and then launching through the EIT (entrepreneurship intensity track) and Hatchery programs, have just completed the SVP (summer venture program).
Favorite Thing about the Business:
I love knowing that everyday we are helping someone in need!
Worst Thing About the Business:
Sometimes it moves faster than we can keep up with … which is a great problem to have!
Biggest Challenge:
Finding enough hours in the day, 24 never seem to be enough!
Lesson Learned:
Entrepreneurship is the best career path, especially in this economy!