All day on Techcrunch, Techmeme and other tech sites there is a good coverage and some not so good about start-ups that are doomed for failure. Surprisingly, they all missed the story of my resident in the dorms from Berkeley, Johns Wu, who by himself created bankaholic.com and sold it to bankrate.com (a public company) for $15,000,000. That’s a lot of 0′s!
What’s the moral of the story?
Focus. Johns started out just doing cd rates and became the #1 term for it on google. Then he expanded to other banking categories.
Relevance. There are 1,000s of personal finance sites. Most of the people just consume some information. You go to his site to find deals and sign up for them. That’s the point.
Monetize. Just like what my old company Mint.com is doing, Johns picked a lucrative category where clicks will pay out $50+.
Bottom line: Next time we go out for burritos, Johns is going to treat;)
If you enjoyed this post subscribe to my RSS Feed, email it to two friends or do nothing:)