Student's 'green' laundry business wins global prize

— -- In a Chicago hotel the day after the presidential election, a young man defied long odds for the chance to make his own imprint on the future.

In this case, it was Dominic Coryell, who basked in the glow of personal achievement.

Coryell had just beat 26 other finalists to win the Global Student Entrepreneur Awards — the so-called Heisman Trophy for college undergraduates who own businesses. A receiving line of peers and others offered celebratory toasts and back slaps.

But he was already thinking about his next challenge.

"If you become too comfortable with accomplishments, it's game over," says Coryell, CEO of Garment Valet, a high-tech laundry and dry-cleaning service in Boston.

Coryell took an existing business and turned it into Garment Valet, transforming it into a 21st century venture. In five years as CEO — while attending college — he has ramped up revenue from $125,000 to $950,000 last year. And he is convinced the service — used primarily by residences and students — can buck the economic malaise: Coryell believes revenue will hit $1.5 million in 2009.

He's overseen the ramp up by improving operational efficiencies, adopting best practices and revamping its brand with customers — through surveys, focus groups, and market data.

And the steely Coryell intends to build the business into a national brand after he graduates in May. There are plans to establish franchises in 15 other cities over the next five years — places like Philadelphia and Chicago that are rich in college students and working professionals who make up a majority of Garment's customers in the Boston area. Coryell also plans to license Garment's technology to other dry cleaners.

The company recently began using a "greener" cleaning process, which reduces the amount of waste commonly associated with dry cleaning. "Eventually, we will process everything using water," says Coryell.

To win the entrepreneurship competition, Coryell topped a field of 1,000 collegians from more than 300 universities in 11 countries. The competition was overseen by the nonprofit Entrepreneurs' Organization.