Tech Entrepreneur Shakes Up The Product Warranty Business In Baltimore
The Wall Street Journal reported over three years ago that the extended warranties business was estimated to be $30 billion a year. That figure included warranties for autos, homes, appliances and electronics. There is now increasing competition from some newcomers particularly in the field of electronics warranties which are shaking up the status quo by using technology to cut costs and to promise better service.
Luke Cooper is the CEO and founder of one of these new applications called Peach. It enables the user to scan the bar code of a smartphone or laptop and to immediately receive competitive warranty quotes. Cooper indicates that he first became aware of the warranty issue when he worked as in-house counsel for State Farm Insurance
Prior to his involvement with this project, Cooper had already acquired an extensive educational resume. He had an undergraduate degree from Adelphi University, a JD in law from Syracuse University College of Law, an M.B.A., Finance from Babson College, Franklin Olin Graduate School of Business, and a Certificate, Mergers and Acquisitions from the University of Chicago Graduate School of Business.
What inspired you to launch this application?
"I was inspired to start my company, Peach, to help modern consumers avoid pushy salesman and easily find the best warranties for the products they love with a quick scan of a bar code."
"I am passionate about this issue because it empowers consumers to be financially savvy and forces an old industry like insurance to reinvent itself."
How does your vast educational background relate to your current role?
"My legal training has been critical to launching my own business. Law school has, for example, enabled me to draft contracts, negotiate agreements and to complete my own patent registrations."
"Business school was even more beneficial. It put me into high pressure situations, gave me experience working in teams to find viable solutions and provided in-depth knowledge of finance and management."
How has your education helped to further your career and contribute to your success?
"One key lesson was the importance of persistence. It can be daunting to tackle a new field of study, especially if you aren't completely confident or haven't had direct experience. But what I've learned is that hard work compounds. There were a lot of late nights studying when I didn't understand the relevance of the material, but now I'm very glad I continued on."
What is some advice you can offer others looking to follow in your footsteps, as well-educated entrepreneurs?
"Everyone says not to be afraid of failure. There is truth to this statement. But to me, it's equally important not to be afraid of success. To achieve it, we've got to share it and that's where many people stumble. Embrace success and embrace the team you need to build to get there."
Susan Brown originally spent many years in banking/finance before confronting her addictions. She has now been in recovery for 20 years. Her current interests, in which she has several certifications, are metaphysics and the healing arts. She has written for Examiner.com since 2009 and also writes for Om Times.
