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Local Bigwig Partnered with NYU Stern EEX to Define the Biggest Opportunities Ahead for the Company
Members of the NYU Stern EEX, one of the largest clubs in the MBA program, completed the eight-week consulting project with Local Bigwig. They addressed the surging demand for extended stay home rentals and huge growth opportunities for Local Bigwig.
By: Local Bigwig
“The firm is operating in a really interesting space, with a lot of exciting growth opportunities,”
Founder and CEO of Local Bigwig, Ray Madronio said, “It has been a privilege to work with such a sharp group of MBA students. Their hard work and intelligent analysis were apparent through the discussions and final deliverables.”
According to their findings, an increasingly large number of people are looking for extended stay home rentals of one to nine months, including summer interns, business travelers on assignments, visiting faculty, exchange students, caregivers, and families temporarily displaced by home renovation.
“It's an interesting time for the real estate industry as it redefines itself after the financial crisis.” Swati Malik, an EEX member, commented. “The team at Local Bigwig has identified a niche growth segment converting the business of temporary rentals into a service.”
A recent New York Times article, “Hey, Short-Timer, Park It Here,” also addressed the surging demand for extended stay rentals. Since Local Bigwig specializes in unshared home rentals for periods longer than a month, the company is well positioned to serve the market, especially in New York City, where new short-term rental regulations take effect on May 1, 2011.
Throughout this consulting project, EEX members learned about the increasing trend of collaborative consumption. Tom Wolfstein, an EEX member, said that the best benefit for him was to have an insight into the collaborative consumption revolution. “It's incredible to find out that there's something like this going on, it's just in its beginning, and I get to watch it grow. That wouldn't have happened without Local Bigwig."
This consulting project is part of programs at EEX, one of NYU Stern’s MBA program’s largest clubs with over 1000 members. Through the consulting program, EEX members provide various services for start-ups, including business plan review, strategic analysis, financial analysis, marketing and project management.
About NYU Entrepreneurs’
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About Local Bigwig LLC
Local Bigwig LLC is an online community for extended stay fully furnished home rentals. Local Bigwig provides an intuitive and transparent online space – www.LocalBigwig.com – where furnished apartments and houses are listed by local homeowners, and families and business travelers can safely book their home rentals for extended periods (e.g. 1-9 months). The website also publishes an Insiders’ Guide to help guests enjoy a more genuine local experience. Local Bigwig continues its momentum in establishing itself as the trusted online destination for extended stay rentals around the world.
Local Bigwig LLC is part of the NYU-Poly Business Development Program which is jointly supported by the New York City Economic Development Corporation, the Real Estate Division of Trinity Church and the Polytechnic Institute of New York University.