At 15, Catherine C k and her brother Dave, 17, had been flipping through their senior sch l yearb k and created the idea to produce a free of charge interactive variation on line. A budding Web entrepreneur himself, to invest $250,000 and his time to help them launch MyYearb k , a social-networking site, based in Skillman, N.J in 2005, the two convinced their older brother Geoff.
S n after, the C ks merged with Zenhex , an ad-supported website where users publish a number of do-it-yourself quizzes, a lot more than doubling how many eyeballs ingesting their site. But when they tried to expand even further, some snags are hit by them. Potential investors desired to go the companyвЂ™s headquarters to New York (the C ks wanted to stay put); additionally they wished to have advertisements show up on usersвЂ™ individual profile pages (the C ks didnвЂ™t).
Positive thing the C ks stuck for their eyesight. By 2006, MyYearb k had raised $4.1 million through the likes of U.S. Venture Partners and First Round Capital. That exact same 12 months, Nielsen NetRatings ranked MyYearb k one of the top internet sites for young ones between 12 and 17. Also in 2006, MyYearb k signed an agreement with CliffsNotes to begin with providing the study guide aids free for several people.
The company, now with 45 workers, has drawn advertisers such as for instance Neutrogena, Disney and ABC; has exploded to 3 million members global; and rakes in yearly product sales in the вЂњseven figures,вЂќ says Catherine. How exactly to compete in a industry dominated by MySpace and Twitter? Mine a distinct segment. вЂњ[Our web site is] specifically for kids, and now we really listen to the recommendations of our members,вЂќ she says.
Although the C ks decline to go over the value of the stake in the business, one MyYearb k investor (who decided to speak only if unidentified) claims the C ksвЂ™ amount is worth вЂњwell over $1 million.вЂќ