George Moroianu (Flip.ro)
Briefly describe your path as an entrepreneur since you started the university. What did you do in these almost 3/4 years?
In my first year of university I tried to start a marketplace for house-services like cleaning, grocery-shopping, etc. Unfortunately, I found it way too challenging to aggregate supply on the Romanian market and I was too unexperienced for it, so I shut it down after 1 year and 15,000 EUROS in revenue.
In my second year, I was lucky enough to work as an Analyst for an investment fund from The Netherlands and my job was to help in the due-diligence process of VC funds and managers to decide whether we will invest in them. It was such a formatory experience for me and helped me understand things on fast forward about the Venture Capital world and about startups.
In my 3rd and 4th year, I started another marketplace, for refurbished & second-hand electronics. This time it seems that we’ve gotten the right problem to solve and we’ve came up with the right solution. I’ve been working on Flip ever since.
What milestones have you reached in the last 3/4 years? Please describe each of them individually and include relevant numbers.
Flip scaled from 0 to a 2,5M EUR business in 1 year
Won an entrepreneurial competition organised by Telekom Romania and received 6000 EUR & a budget of 10.000 EUR for advertising.
We’ve also grown from a team of 3 to 13
We’ve managed to fundraise 370,000 EUR in VC money
I was lucky enough to be included in the Forbes 30 under 30
Most importantly, we got over 10,000 happy customers that we helped solve a problem
What is the ROI (return on investment) when it comes to the cost of the university? Was it worth it? Why?
I think picking the right university and ultimately having access to quality education is one of those things that not only have a positive ROI, but that change the trajectory of your life for good. I honestly can’t imagine how I would have been able to achieve the things I had achieved so far without the help of E.A..
How did the colleagues, experts or university staff influence your development as an entrepreneur?
The colleagues and the university staff are the key of this model. As a student at E.A., I had access to relevant, applicable information. We were constantly working on case studies and sharing small learnings or breaktroughs that each of us, individually, had. Overall, it equipped me with the self-awareness, support and direction that an entrepreneur needs to start experimenting.