Small Biz

Matt Lauzon and Jason Reuben

Paragon Lake

www.paragonlake.com
Beverly Hills, Calif.
Ages: 22

Then:
Last fall, Paragon Lake launched with about $200,000 in funding, and its business plan looked promising: Reduce the time it takes to get a customized piece of jewelry from a month or more to only a few days. Founders Lauzon and Reuben set a lofty target of $3 million in revenues in 2007, with the plan of expanding the business from an online store to a national service for existing jewelers.

Now:
After graduating from Babson College in the spring, Lauzon and Reuben received a financial boost for their venture from an incubator program at venture capital firm at Highland Capital Partners. Lauzon won't say whether revenue predictions for this year will be met but says the rollout of the service has gone as planned. Paragon Lake now provides its service to 13 jewelry retailers in eight states and will continue building a network of merchants. The pair has hired a staff of five, including fellow Babson alum Cristina Acevedo.