Steve Conine and Niraj Shah met as high school students attending a summer program at
Cornell University. They both went on to study engineering at Cornell and quickly struck
up a friendship while they were freshmen living in the same dorm. During their final
semester of college, Steve and Niraj both enrolled in a class on entrepreneurism which
sparked a business plan that turned into their first company and, ultimately, became the
foundation for founding and building several businesses in the technology sector.
Image used in Inc. Magazine. Photo Credit: Levi Brown
In 2002, the duo founded Wayfair on a shoestring budget in a spare bedroom of Steve's
house. By carefully analyzing Internet search patterns and results, Steve and Niraj
recognized a market opportunity to sell stereo racks and stands online. What would grow
to become the largest ecommerce destination for home furnishings and décor started with
just one single website and soon grew to more than 250 standalone sites selling everything
from barstools to birdhouses.
In 2011, Steve and Niraj took a giant leap and moved all of their e-commerce sites into one mega destination for the home and named it Wayfair. By the next year, Wayfair had exceeded $600 million in annual revenue and was well on its way to becoming a household name offering millions of products across a wide array of styles and price points. Wayfair generated $8.0 billion in net revenue for the twelve months ended June 30, 2019. Wayfair offers over 14 million products across five distinct brands - Wayfair.com, AllModern, Birch Lane, Joss & Main and Perigold. The company employs more than 14,500 people as of June 30, 2019 and is headquartered in Boston, Massachusetts with operations throughout North America and Europe. Steve and Niraj continue to build Wayfair into their biggest business endeavor yet still innovating every day to create the ultimate home goods shopping experience.