YOYO Lip Gloss: An Early Stage Start-Up
Larry W. Boone, Ph.D. The Peter J. Tobin College of Business St. John’s University
Angie Onassis Parlionas, M.B.A. The Peter J. Tobin College of Business St. John’s University President, YOYO Lip Gloss
Monica Peborde, M.B.A. Student The Peter J. Tobin College of Business St. John’s University
INTRODUCTION Whenever Evangelia (Angie) Onassis Parlionas - a New York-based, 20-something-year-old - goes out for the evening, her “must-haves” are identification, money, and lip gloss. Angie does not like to carry a pocketbook so she asks other people to hold her things. When she needs her lip gloss, she has to track down whoever is holding it. When the night is over, she sometimes forgets to retrieve her lip gloss - then it’s gone. Because Angie frequently lost her lip gloss on her nights out, she constantly had to replenish her supply. Angie kept thinking it would be nice if there was an easier way to carry and keep track of her lip gloss. The seed of a new product idea was germinating.
BACKGROUND Angie’s fondness for lipstick dates back to when she was a young girl. She would not go anywhere without it. Whenever she got into trouble and her parents needed to punish her, all they had to do was take away her lipstick. That was enough to get her to fall into line. Her parents’ attention, of course, was not limited to Angie’s attraction for lipstick; more importantly, they helped foster her entrepreneurial aspirations beginning in her childhood and continuing throughout her adolescence.