Lori Coulter, MBA ’99, co-founder and CEO of apparel company Summersalt, started her first business before she was old enough to drive a car.
While her brother played American Legion baseball, she operated a concession stand for spectators. She secured inventory at a local warehouse store using funds from her first angel investor: her mother.
Coulter’s entrepreneurial spirit continued at Baylor University, where she drafted business plans as an undergraduate marketing student. She wrote several more plans while earning an MBA at Olin Business School, including one that won second place in the annual Olin Cup pitch competition.
That plan was the initial work for Coulter’s first company, which designed made-to-order swimsuits using specialized software. The company’s technology laid the groundwork for Summersalt swimwear, which is based on millions of measurements from women’s body scans.
In 2016, Summersalt began with a serendipitous meeting between Coulter and her co-founder, Reshma Chattaram Chamberlin, at the Gramercy Park Hotel in New York City. Building on her existing swimwear and manufacturing expertise, Coulter had created a business plan for a brand that aimed to change the swimwear shopping experience from intimidating to empowering. Chamberlin asked on the spot about bringing her marketing expertise to the table. It was a perfect fit.
Since its launch in 2017, St. Louis–based Summersalt has enabled thousands of women to rediscover joy and comfort when wearing a swimsuit. The company has expanded to offer loungewear and activewear and has sold more than 3.5 million garments. Its popularity has grown thanks to a loyal fan base developed in part through savvy social media campaigns and limited-edition collaborations with brands like Rifle Paper Co. and L.L. Bean.
While running her growing company, Coulter maintains deep ties to WashU, and she is a longtime volunteer leader who has served the university in many ways. She was involved with the Sam Fox School of Design & Visual Arts as an adjunct faculty member and as a Mildred Lane Kemper Art Museum board member. In 2022, she joined the university’s Board of Trustees, and she also serves on the national council for the Skandalaris Center for Interdisciplinary Innovation and Entrepreneurship.
Describe your WashU experience.
I loved my time at Olin Business School. The faculty were incredible, and I’m still in touch with many of them today. I was a teaching assistant for macroeconomics and for negotiation and conflict management. Those two very different courses speak to the broad skill set that Olin encourages in students. It was excellent training for a CEO like me, who must be a generalist regarding all 360 degrees of a business.
What are you doing to help future entrepreneurs?
One of my goals is to help drive more equitable funding within the venture capital industry. Startup funding for women, Black and Latinx founders remains disproportionately low. For example, only 2% of last year’s total venture capital funds went to female entrepreneurs, which is unfathomable. Ensuring all groups have equal access would be a significant step toward leveling the playing field and promoting upward mobility. I’m addressing that issue alongside other entrepreneurs, venture capitalists and public policy experts as a member of WashU’s Olin Brookings Commission.
I believe one of the solutions is to educate future founders. That’s why I’m a regular guest speaker on campus, including for Olin’s advanced entrepreneurship class known as “The League.” I also host classes that are part of WashU’s Business of the Arts minor onsite at Summersalt headquarters. I want to share the valuable lessons I learned at WashU and throughout my entrepreneurial journey so that students can benefit from them. Knowing what pitch approaches work or helping open up a network can make all the difference for an early-stage startup.
What has been your most meaningful WashU volunteer experience?
As part of my role on the Board of Trustees, I helped advise the university during its collaborative, multiyear process to unveil a new visual identity. I was excited to be part of the group that is strengthening the university for the next generation. The work included the official adoption of WashU as a shortened version of the university’s name.
I’m honored to have given back in an area that aligns with my strengths. To build a brand in a heavily digital environment, you need to be able to create a user impression as quickly as possible. Leveraging the WashU name across all channels will help fuel billions of impressions and ensure our global reputation continues to grow. Serving as an adviser was inspiring, and I’ve consistently applied the insights and energy to my own career.
