Young Entrepreneurs - Eric Wu
November 27th, 2006 by digerati
From Business Week.
Live By Campus
www.livebycampus.com
Scottsdale, Ariz.
Age: 24
Both of Eric Wu’s sisters are doctors, and he expected to follow in their footsteps, but doing business appealed to him more. At the University of Arizona, he co-founded a job posting site for students called jobdoggy.com, which he flipped for $75,000 within a year and a half. He then borrowed money against his scholarships and bought rental properties around the campus. As the housing market boomed, his equity grew, but Wu had trouble finding tenants. That’s why his LiveByCampus, a property listing Web site for students, was created. If a user signs a lease with a property listed on the site, LiveByCampus pays the user $100 for using the service. Apartment and residential property management groups pay LiveByCampus $195 for each successful lease transaction.
To stir up business, Wu hired two people to give presentations at student organizations, advertised on social networking sites, and formed partnerships with area property rental companies. Wu estimates about $50,000 in 2006 revenues and says that by February, 2007, his site will serve seven campuses, starting with Arizona before spreading to Texas, Colorado, and California.
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