Have a special occasion coming up with that special someone? Pining to wear that $xxxx designer dress for the occasion, but wary of spending all that hard earned money on a single dress that you would probably wear only a couple of times? Enter RentTheRunway to the rescue.

RentTheRunway is a website co-founded by Jenn Hyman and Jenny Fleiss, who attended Harvard Business School together earlier, which allows members to rent the latest designer dresses from well known designers at a fraction of the cost of the retail price.  Though their idea was met with skepticism, the two of them persisted, after a lot of interaction with designers and other women and lots of  trials and mock-ups, they launched the website in 2008.

What started as a personal idea of the duo has grown to a community of more than 2 million members. Their members range from teens and college students to women over 40. Jenn Hyman was kind enough to talk to us about the meteoric rise of the website's popularity. Checkout the interview below: