May 7, 2010
Netflix Co-Founder Marc Randolph Joins BookRenter's Board of Directors
Randolph Endorses BookRenter's Netflix-for-Textbooks Model as the Ideal Alternative to Costly Textbook Purchases
San Mateo, CA -- May 7, 2010 -- BookRenter, the leading online textbook platform company, today announced that Marc Randolph, the founder and visionary behind the Netflix (NFLX) DVD rental model, will join its Board of Directors. Mr. Randolph will contribute his extensive consumer ecommerce and marketing expertise to ensure that BookRenter continues to lead the industry in providing unprecedented value and service for all textbook rental customers and making education more affordable for everyone.
"Marc and co-founder Reed Hastings created one of the most powerful consumer brands in the U.S. by simply focusing on what their customers wanted: selection, value, and service. We hope to do the same in the education market, and with Marc on our board, we will be able to leverage this experience and history," said Mehdi Maghsoodnia, chief executive officer of BookRenter. "Marc is not only a really smart guy, he is also down to earth and humble, which makes him the perfect board member and mentor."
After many years as a successful marketing executive, Mr. Randolph founded Netflix in 1997. He originally served as Netflix CEO before transitioning into the customer-focused role of executive producer in 1999. As executive producer, Mr. Randolph was responsible for all content, features, and the customer interface. He also oversaw all customer communications, in addition to heading up the research and analysis arm of the company. Since retiring from Netflix in 2002, Mr. Randolph has been an active investor and consultant to numerous technology startups. He holds a Bachelor of Arts degree from Hamilton College.
"I see BookRenter as uniquely poised to grow the industry in novel ways that will fundamentally alter how students acquire textbooks and other educational content," said Mr. Randolph. "It's an exciting time to join the Board of Directors, as I believe we have a winning business model and can make a tremendous impact on lowering educational costs for students while delivering the most compelling and trusted experience online."
In addition to its consumer-facing rental website www.bookrenter.com, BookRenter also enables any organization to launch its own branded, full-service textbook rental store on the BookRenter Platform, granting instant access to BookRenter's electronically sourced inventory and dynamic pricing engine. The opening and expansion of the BookRenter Platform in March was the latest move by the company to help ease the educational cost burden that all students face while increasing the market opportunity for schools, bookstores, and suppliers, effectively creating value for students, businesses, and textbook companies alike.
BookRenter launched in 2008 and is dedicated to making education more affordable by allowing students to rent textbooks for up to 75% off the retail price. BookRenter's innovative pricing and operating systems provide students with the best price, highest quality books, and most flexible rental experience available today. Currently carrying over 3 million titles and serving thousands of students on over 5,000 U.S. campuses, BookRenter is one of the fastest growing startups in Silicon Valley, growing at over 400% each year. BookRenter, with offices in San Mateo, California, is a private company that is funded by prominent Silicon Valley venture capital firms. To learn more about how to use BookRenter for all of your textbook rental needs, please visit BookRenter.com.