Who is the person who invented the Hair Scrunchie?  I believe her last
name is Colb and she was 16 years old when she invented it but I am
unable to locate any specific information on her.  I also believe that
she lived in New York or Connecticut.  I have done searches for the
last name of Colb and for the Hair Scrunchie but have not been able to
find her.  I have looked in the USPTO website and found patents on
other hair products and a patent on a variation to the hair scrunchie
but neither are for last name of Colb.

Inventormom --

According to the U.S. Court of Appeals, a woman named Rommy Revson 
"is the inventor of the 'scunci,' sometimes called a 'scrunchy,' a
cloth-covered, elasticized hairband sometimes worn around ponytails.
Millions of dollars worth of scuncis are sold each year."

From the U.S. Patent & Trademark database we can see 5 design patents
and 3 inventions credited to Rommy Revson.  The first patent issued,
#5,301,696, appears to fit the description of a scrunchy.  The
abstract describes it as:
"A decorative pony tail holder for securely holding the hair of a user
includes a band of elastic material with fabric surrounding the band
and forming a plurality of radial projections extending
circumferentially around a portion of the band. The pony tail holder
may thus be secured to the hair by twisting the elastic band into a
generally figure-eight configuration and folding it over itself to
provide a tight band securing the hair with the radial projections
extending circumferentially around the held hair of the user. "
Here are the patents issued to Rommy Revson:
 
D373,850  Decorative fashion accessory for hair  
5,539,929  Cap with sealable compartment  
5,413,126  Decorative fashion accessory  
D356,887  Decorative fashion accessory  
D356,393  Fashion accessory  
5,301,696  Decorative pony tail holder and method of using  
D315,226  Hair or foot band  
D292,030  Ornamental hairband or similar article  

United States Patent & Trademark Office
Search Facility
http://www.uspto.gov/patft/

I found the Court of Appeals case after doing a search for 'scunci', a
brand name under which the hair bands were also marketed.  The case
involves a dispute between Revson and her attorneys but credits her
with being the inventor:
FindLaw
"Rommy Revson vs. Cinque & Cinque" (August 4, 2000)
http://laws.lp.findlaw.com/getcase/2nd/case/997747.html

A Google search for "Rommy Revson" clears up the connection that you
had.  Rommy Revson is the daughter of William and Rose Kolb.

New York Journal News
"Obituary: Rose Kolb" (May 10, 2002)
http://www.nyjnews.com/obits/obit.php3?id=761910

Google search strategy:
Scrunchy + inventor
Scunci + scrunchy + inventor

Best regards,

Omnivorous-GA

This was exactly what I was looking for.  Thanks!