Boston Common - Niche Media - A side of Boston that's anything but common.
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PHOTOGRAPHY BY JOEL BENJAMIN VIEW FROM THE TOP have had engraved into their rings. continued from page 59 from international suppliers, and then works with manufacturers to create bespoke jewelry. Every time Gemvara makes a sale—whether it's a pair of understated emerald studs, a flashy diamond engagement ring, or a sophisticated ruby eternity band—the piece is made based on the customer's specifications. The average bill is about $1,000. "We find ways to give people what they want with pieces made just for them," he says. "Jewelry is a meaningful purchase—both financially and personally." "I learned a lot from my dad about being authentic and true to myself. Lauzon grew up in the gritty blue-collar mill-town of Biddeford, Maine, the second of three brothers. His mother worked as a receptionist at a doctor's office, while his father was a mailman. Money was tight. Even as a child, Lauzon showed an entrepreneurial bent. At nine, he had a paper route. In high school, after his and other area schools cancelled dances in an effort to curb teenage drinking, Lauzon and his brothers started a dance club business. They rented out local Elks Lodges and hired DJs and security guards. Admission was $6 (pre-paid—$8 at the door), and hundreds of students came. Lauzon's parents—neither of whom went to college—were focused on their children's educations. "They didn't have the opportunity for them- selves, and they wanted it for their kids," he says. When they dropped him " shocked by the number of BMWs and Mercedes-Benzes in the campus off at Babson College, in well-heeled Wellesley, Lauzon recalls being Gemvara rings. A handful of parking lot. He also remembers freshman-level business courses where students and professors tossed around important-sounding acronyms like CEO and IPO. Lauzon had to look up what they meant. In the spring of Lauzon's sophomore year of college, his father died of a heart attack at age 49. "It was a turning point in my life. I feel like I grew up overnight," says Lauzon softly. "I learned a lot from my dad work-ethic-wise, and also about being authentic, being true to myself. I came back [to school] insanely focused on figuring out how I was going to make my mark in the world." In 2007, his last year of college, he entered a business plan competition with an idea for a business-to-business platform that would enable jewelers to create made-to-order pieces using Lauzon's proprietary software. He won the contest and caught the attention of Bob Davis, a general partner at the venture capital fund Highland Capital Partners. Highland made an initial $500,000 investment and gave the company office space for two years. "We were like the kids who wouldn't move out of their parents' house," says Lauzon chuckling. It was a critical period for the young company. Lauzon was briefly removed as CEO—a move he instigated—and became president. Deb Besemer, currently chairman of the board and a start-up specialist, was brought in to run the company. Together, they decided to change their strategy to a direct-to-consumer model. Lauzon was reinstated as CEO once Gemvara officially launched in February 2010. Its first year brought in just under $3 million in revenue. Around that time, Gemvara made some high-profile additions to its management team, including Roy Albers, former chief gemologist at Tiffany & Co. Being a first-time CEO isn't always easy, but Lauzon makes no apologies for his youth and inexperience. "I consider Roy a mentor even though I am his boss," he says. "I'm a big believer that we all have something to learn from each other." Lauzon plans to use the latest injection of capital to increase Gemvara's high-end offerings and to expand into new categories, such as bracelets and charms, aimed at women purchasing jewelry for themselves. The company is also enhancing its personalization technology, adding new gems and metals to the mix and enabling customers to create their very own designs. While the Gemvara ride has been a heady one, Lauzon says his mother keeps him grounded and his ego in check. "The challenge of building a business is that you have the highest of highs and the lowest of lows," he admits. "Whenever I feel everything is really great or really terrible, I go home." BC 60 BOSTONCOMMON-MAGAZINE.COM RINGTONES Wise words from entrepreneur Matt Lauzon: why launch a company in Boston? "There's access to money, talent, and great support." advice for entrepreneurs: "Follow the 1 percent rule. Always allow for the 1 percent possibility that you're not right. Keep an open mind. Network. There are a lot of people here who want to help." last great getaway: "An extended weekend fly fishing in Rangeley, Maine. The times of being entirely disconnected are few and far between." last piece of jewelry purchased: "The Written in the Stars Ring for my mom. I surprised her with it for her birthday. I cheated on this one—I saw that she posted [a picture of] it on her Facebook page." Inscriptions customers