Harvard and Wharton Grads Shun Wall Street for the Diaper Bu

According to DealBook, in the wake of the financial crisis, in which investment banks have lost their luster as employers of choice, MBA grads are increasingly turning to entrepreneurial opportunities instead of Goldman Sachs, J.P. Morgan and Morgan Stanley for their daily bread.

And two such grads -- cousins Kimball Thomas and Davis Smith, students of Harvard and Wharton, respectively -- have decided to become filthy, stinking rich by starting a company in the dirty but fulfilling baby diaper business.

Their venture, Baby.com.br, the cousins' second start-up, was brewed up last year after Thomas had trouble locating diapers for his son Jack during a family trip to Rio; he searched three stores until finding Pampers that fit Jack. As a result, "Thomas saw an opportunity in Brazil’s fast-growing market, where more than three million babies are born every year."

The venture does have a precedent: "Quidsi, the owner of Diapers.com, co-founded by a Wharton graduate, has attracted more than a million parents in the United States with free shipping on goods for their children. Earlier this year, the e-commerce giant Amazon.com snapped up Quidsi for $545 million."

Already this year, Baby.com.br has raised a shyte-load of money: $3 million, plus the $25,000 it won as one of three winners of Harvard's annual Business Plan Contest.

(DealBook: Rejecting Wall Street, Graduates Turn Entrepreneurs Instead)