Seeing a gap in the market, Penguin Basements was founded in 2011 by Guy Solomon to bring a standard of process and professionalism to a burgeoning industry. Learning from past experiences on both the professional and personal side, Guy believed that a company should rise above the competition by employing higher build standards, utilizing more suitable materials, and implementing a proven build process (similar to that employed by housing developers) to deliver a better basement in terms of design, functionality, quality, and durability. He also felt this would be a company built for the long-term rather than one designed — like too many renovation companies — to cash in on the home improvement boom.