The company was founded by two New York University seniors who noticed/ experienced the pain that comes with wearing stilettos. They started the company out of their NYU dorms with personal savings of $5, 000.

We’re here with Katie and Susie, owners of Citisoles, a solution for all you women who struggle to look fashionable and avoid pain with those heels of yours. Ladies, what gave you the inspiration for this great product?

After working corporate internships and living in NYC, we would hobble home in our high heels. High heels were painful, but we kept wearing them because they made us seem taller, more confident, and are known as a fashion staple. We saw a need for portable shoes that women could wear during their commute to work or after a long night out on the town. We researched the idea and saw that there wasn't too many products out there and we wanted to be the first.

Both of you are seniors at NYU and 22. When you first started shopping the idea around, did your age present a problem?

Being young has its up and down sides. At 22, we were green to the industry. However, being young has mostly helped us. It is rare to see 22-year-olds start their own business and it seems that everyone wants to help. We have gotten a lot of pro bono lawyer help and the attention of well-established professionals in the field. Also, being young means our opportunity costs are low, we don't have families to support or a lot of other expenses. This allows us to reinvest profits back into the business.

Can you tell me how you developed the end product?

The product development has been one of the most difficult parts of starting this business. First we had to create a concept that works.

We started with portable shoes that came in their own carrying case, but we recognized this didn't solve the entire problem. Women had no where to store their shoes on their way to work or at the end of the night. Therefore we had to figure out the second part to our problem.

That's where the expanding pouch came in. After coming up with the structure of the product, we had to decide on what materials to use.

We surveyed 100 NYU girls and realized that a lower-end product would be best for this economy. The average and median price point from the survey was $24.99. We knew that the for this price point we would have to go with a nice, imitation leather. We found an overseas manufacturer from an online platform called Alibaba.com. We ordered 1, 000 units and they were delivered in May 2009.

What was your biggest mistake in developing the shoes?

The biggest mistake is that we didn't order a big enough size for girls that wear size 10 shoes. We have placed another order and hope to get them soon.

Many folks are going to be surprised how mature you company is. Can you share what you did to prepare for this in terms of planning, documentation and networking?

In terms of planning, we took a business plan writing course and work with the Berkley Center of Entrepreneurship on our product. We used student clubs focused on small business to generate and discuss ideas.

We researched and found professionals in our field and asked them to advise us. We also applied and were accepted into an innovation lab that taught us about intellectual property. All in all, we tried to use the education and resources that NYU offered us and apply them to our business. It was a win-win situation because we not only learned, but it also eliminated costs because these resources were free.

We also researched and found out lots of networking events, a lot of which were offered at NYU. We entered business plan competitions outside of NYU and since we were young, a lot of the judges have offered free advice although we didn't make it to the final rounds of the business competition.

Anything you would like to share about the support you got from NYU?

NYU has allowed us to access great resources for free. Our professors have worked hand-in-hand with us on the project and have connected us to other professionals in our field. We are about to work with professionals outside of NYU easily because we are living right in NYC. We would often go to class and then to a business meeting.

So you’ve just completed a 1,000 initial run. Where do you plan selling these initially?

As of now, a lot of small boutiques have been buying CitiSoles. After we test the product and perfect it, one of our goals is to sell in a big box retailer such as target. We see our product there because it's unique, serves a need, is a low price point, and is still fashionable.

We also plan to use our product as a fundraiser for student organizations. We will donate 10% of our product to any philanthropy of choice.

You both come from a family of entrepreneurs. Can you share a bit about that part of your lives and the support your families shared in you developing this concept?

Katie's father: Katie's father founded and owns Mineola Signs, which manufacturers and repairs corporate signs and awnings. Katie helped her father out from a young age and found a passion in entrepreneurship. Her family supports her in the CitiSole Venture.

Susie's father, Andrew Levitt, was a major auctioneer and professional stamp dealer for 42 years. He founded two companies, Andrew Levitt Philatelic Consultant and Nutmeg Stamp Sales. Nutmeg Stamp Sales, now owned by Greg Manning, is the world's largest philatelic mail bid and Internet auction firm, featuring 10,000 to 20,000 lots monthly of specialized stamps and covers from around the world. Susie's father passed away in 2005, however she admires her father's entrepreneurial mindset and has much support from her family in her new venture.

What do you friends think about all of this?

Our friends are really excited for us and try to help out in any way they can. We run our ideas by them because they are our target market.

We have also inspired them to start their own ventures and are helping each other in any way we can.

So what is in the works in the next 12 months from you two?

The next 12 months entails perfecting and expanding the product line.

We want to be in most boutiques and larger big-box retailers.

Is there anything you would like to say to a NYU sophomore about starting their own business?

Try it now while your young and have so many smart professors and advisers to help you. Research and use all the resources NYU provides.

Being an NYU student allows you to also access all the opportunities New York has, it's the world's business mecca. Get involved with clubs that can help your business, such as the Entrepreneurial Exchange Group and bounce your ideas off of other students. Don't be afraid to ask professionals for help and advice, they love helping young people start a new venture. Use the fact that you are a student to get press for your business. A lot of NYU business students are on the corporate track, your business is new/ exciting/ different, and the press loves to write about it.