Innovating in a Dormant Sector
Philip Krim is the 33-year-old CEO of the bed-in-a-box start-up Casper. Launched in April 2014, its sales are expected to top $200 million this year. In part two of this interview, Krim shares some of the challenges he’s faced and offers tips for fledgling entrepreneurs.
Philip Krim and his four co-founders launched Casper in New York in 2014. Its flagship product, the Casper mattress, comes in a box roughly the size of a small refrigerator. Once the box is opened, it self-expands to full size. In 2015, TIME Magazine named it one of the year’s best inventions.
Casper now employs 230 people worldwide, selling its products – which have grown to include bed frames, sheets, pillows, and dog mattresses – in eight countries in Europe and North America.
Casper had sales of $100 million last year and was on course to more than double that in 2016. Its backers include tech-focused venture capital firms as well as Hollywood celebrities.