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So where does startup $$$$ come from???
Posted on October 19th, 2009 37 comments
So there’s this dude Sean Conway, who started a company [with a partner] named Notehall.com, an online marketplace for college students to buy and sell class notes. He did so while a student at University of Arizona. Where did he obtain the funds to start and grow his company? And why did he start the company? Not because it “wouldn’t it be cool if?”, but because Sean has a personal problem. Specifically,Conway has attention deficit hyperactivity disorder (ADHD), which he said was a hindrance to him fully processing classroom lectures at the University of Arizona, where he graduated in 2005 with a degree in entrepreneurship. Read more here:
And where did funding coming from?:
- First and foremost, he used every last cent he personally had which lasted about a year
- He went to his grandfather who contributed $17,000 for marketing and operations. When this ran out, he
- Submitted his idea to DreamIt Ventures, a form of entrepreneurial boot camp in Philly and walked away with about $500,000 in investments. He then,
- Applied to be a contestant on ABC’s Shark Tank, where you can view the deal he closed in the video below.
Bottom Line: He worked to get from here to there. It didn’t fall into his lap. Expect no more for your aspirations and you will do well. In other words, you have to hustle! Hank
37 responses to “So where does startup $$$$ come from???”
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Karlis Jansons October 19th, 2009 at 06:29
This has always been one of the most intriguing aspects of entrepreneurship. I always had a difficult time understanding how some companies raised enough capital to operate. Although I’ve learned there are many ways you can go about raising capital and investors are looking for upstart companies, but I guess I won’t know how difficult the process is until I experience it first hand.
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Zacheriah Ruggles October 19th, 2009 at 07:59
It seems like it would be alot of work to be able to start a large company, I feel like someone could start a small business with just their own money, but any business of size would require far more money than that. From what I see, it seems that Sharktank is a really good way to get money for starting a business.
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Seems like a cool idea; similar to what we’re doing for the semester project. We’ll have to look closer at Notehall.com…
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Who’s the real shark? That’s an interesting question. Anyway, it is a good idea. Hope they succeed.
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Lyndsey S. October 19th, 2009 at 09:29
Thanks for the inspiration, Hank! Seems like Shark Tank is becoming exceedingly popular for starting up entrepreneurs.
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Andrew Rodriguez October 19th, 2009 at 09:49
I would have to agree with Lindsey, Shark Tank appears to be a fantastic opportunity for anyone with a great start-up who is lacking in funds and/or experience. I am going to check out Notehall.
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Quentin Campbell October 19th, 2009 at 09:53
Its a great opportunity only if the person on shark tank knows when he’s come across a good deal or when he’s being shook down.
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Greg Forney October 19th, 2009 at 09:55
This is a really good idea, I think it will be a very successful company among college students.
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Katelyne Moody October 19th, 2009 at 10:30
Well I think that the hustle for an accurate amount of startup is what stops most good ideas from becoming great. Many of us, myself included, just want a great idea, pitch it to an investor, have them invest billions, and we become rich. I think watching shows like Sharktank, help us relaize its a process, and usually a long, lengthy, and sometimes unsuccessful one to aquire startup cash!
But if your passionate about your idea, such as Sawyer, and this kid, you’ll get what you need.–katelyne–
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Erica Lied October 19th, 2009 at 11:23
I think Notehall.com is a great idea- although sometimes other peoples notes can be a little hard to decipher. Watching shark tank though, I was completely surprised that the boys went with the investor with no experience. I get that it was more money upfront but in the long run I believe it would have been smart to go with people who no how to make money- not just invest it!
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I almost feel like trials and tribulations is a right-of-passage for entrepreneurs…
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Mayura Davda October 19th, 2009 at 11:33
Great idea, great idea, great idea!
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Olivia Freeman October 19th, 2009 at 12:26
WOW. intense shark tank there. Hopefully that decision will work out for the boys. When one is trying to start up there own business the main thing I have noticed is to have a true unconditionally committed devotion to their idea. They have to be able to have the perseverance and take some chances. It may be a bad idea to go down the path with little experience but they could get lucky. As much as I would love to say some companies are shoe-ins. They are not, timing is everything. Luck and persistence play huge roles.
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Jenna York October 19th, 2009 at 13:10
Great idea! These guys deserve every cent they make off of this. Intense shark tank!! Truly devoted individuals though I hope it pays off!
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I think that’s one of the scariest aspects of entrepreneurship for me, “he spent every last penny he had”. Monetary strife is not an interest of mine.
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Now that’s dedication. Though I wouldn’t put every last penny into my venture (got to have a little something in my pocket, lol), I can respect someone willing to do so.
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Paul Kweon October 19th, 2009 at 18:57
One should always remember that each decision one makes is like a dual-edged sword. However, the one’s persistance will determine the success.
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Aaron Curtis October 19th, 2009 at 19:01
This idea has all the right factors to equal a successful future.
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Christina Jacobs October 19th, 2009 at 20:14
This is really neat and also very similar to my groups idea for our company!
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Mark Minissale October 19th, 2009 at 20:24
Well pretty much what the post above said, this is neat and is similar to my groups idea for our company
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Micajah Green October 19th, 2009 at 20:44
Sean had A LOT of faith in his idea by pouring every dime he had into it. I think this is inspirational in that if you personally do not have enough faith in your business or product to put all your money into it, others are not going to invest either. His dedication and perserverance really paid off.
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Allison Weilbaker October 19th, 2009 at 21:16
I like how they even made kevin come back out and he’s known as the most ruthless. The idea must have been huge and really caught the eye of the sharks.
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Ryan Pogotis October 19th, 2009 at 21:27
I think it’s a great idea, and I always take good notes if there are notes to be taken. My advice at this point is notehall.com should start internships, like unigo.com does, at colleges to get more material and more publicity. They are competing with a lot of other companies. If they were really savy they would find a way of getting videos of lectures or tablet style note pads out there for faster uploads and stronger material.
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Brent McClean October 19th, 2009 at 21:56
It’s definitely an impressive idea. Shark Tank is also very interesting to watch.
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Caroline Stephenson October 19th, 2009 at 22:10
It’s good that outlets for financial backing are available to people with sound ideas. I think it would be a real shame if people were sort of blocked from business opportunities because of financing.
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Shawn Tomlinson October 19th, 2009 at 22:21
I think that a lot of us have the idea that if we have the right idea that everything including the funding will fall right into our laps. This is a good example of someone having a great idea but still having to pursue it all the way through. He even went so far as to invest all of his own money in the company.
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Chris Perry October 19th, 2009 at 22:37
I thought of that idea before guess i am not following through on some ideas.
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Kyle Chen October 19th, 2009 at 23:35
Buying and Selling class note!?! Why didn’t I know anything about this!
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Mayura Davda October 20th, 2009 at 00:09
I wanna be on that show some day and get the sharks interested in my idea!!
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Sree Harsha Uddandam October 20th, 2009 at 00:23
Shark Tank is really a cool and useful show which is on its way for generation of the new Entrepreneurs. It seems that setting up a large scale company needs a lot of other things apart from money.
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Eugene October 20th, 2009 at 00:45
That is an inspiring story; this guy did not only risk his entire personal funds, but that of his family and other. He really believes in his business idea. How many people will be willing to spend all their money on an idea that might not work after all?
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Nick Brenneke October 20th, 2009 at 08:15
This is a great story about a persistent entrepreneur. His perseverance despite initial financial restrictions is a great quality that can doom some business. He stayed tough and it has really payed off.
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Sanford C October 20th, 2009 at 11:55
Gotta do all that you can to raise funds, every cents count.
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It seems a long way to raise funds, however if you got a good idea, it would be easier to attract people to make an investment on your company.
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Oh that indeed is a super cool idea, I admire the way the shark came up to them. Lets hope for this to spread fast and make the life of college students easier and better. Good luck to those guys.
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Marisa Nakajima October 22nd, 2009 at 12:53
He had his up’s and down’s in his journey. It’s great that he never gave up. It had to hard to have someone not agree with this decision and put that out right on television. It was a little rude of that shark guy to call him out against his own sharkmate, but I guess it’s all part of the show.
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SungJae October 23rd, 2009 at 15:19
Wow. I really respect how dedicated this entrepreur has been towards investing in his business. These guys selected created good website that is Super cool. But would student contribute to share their notes, study guide materials here? They will sure make lots of money here
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