Location: Fort Lee, NJ
Industry: Online gift registry
“Our goal is to create a borderless gift registry that allows the registrant to select whatever they want, instead of what a particular store has available to them,” says Nancy Lee, president of MyRegistry.com. “Nobody can find everything they want for their wedding or for their baby shower just from one retailer.”
Quick Tip: “Many people will say ‘no’ to you today, but if you have a sound concept, and perform well, your product will be accepted, and in fact be embraced in the marketplace.”
Early on, Lee found that many retailers were reluctant to work with MyRegistry because they worried the company would take away their own registry business. “It took knocking on a lot of doors again and again before they understood that, actually, we were enhancing their business,” she says. “As we grew and started to send them a substantial amount of business, little by little, they all came around.”
“Many charitable organizations use MyRegistry as their jumping board for letting people know what their organization actually needs,” says Lee. Realizing that people are more likely to donate when they know what their money is used for, MyRegistry in 2008 developed an area on its site where charitable organizations can create registries. Those registries effectively constitute custom wish lists of products the nonprofit wants donors to consider. “An example of this would be an animal shelter. They can create a registry on our site, publish it on their own website and then, instead of asking people, ‘Please contribute $50 to our cause,’ they can ask them to ‘Please purchase 50 pounds of dog food so we can feed our dogs for a week,’” says Lee.