25 Entrepreneurs Under 25

November 1, 2006 at 4:24 pm Leave a comment

Businessweek has profiled these young entrepreneurs . If there is anything one can lear from these young risk takers , It is that its never too early to start a business . Facebook.com’s 21 year old ceo turned down a $750 Million buyout offer from Yahoo earlier this year . This is crazy considering the fact the the company is only 2 years old , but his still young .. maybe he will get $2 billion before he is 25 years old                        SEE FULL ARTICLE  25 Entrepreneurs Under 25

Jared Isaacman                                                                                           www.unitedbankcard.com
Hampton, N.J.
Age: 23

Jared Isaacman put together the plan for United Bank Card, a nationwide transaction processing company, alone in his parents’ basement. The idea, he says, was not really unique. He simply noticed—he was working in IT for a credit-card company at the time—that the big financial institutions ignored the processing end of the credit-card business and focused more on issuing the cards to consumers. The industry was using outdated hardware, and transaction processing and setup times for new business customers were slow. Once he realized he was onto something big, Isaacman recruited close friends and family, who worked 100-hour weeks to build the framework for the company. Instead of thinking about locating venture capital, Isaacman says he took the $10,000 in stocks his grandfather had given as far as he possibly could.

That was in 1999. In 2005, the company did $56 million in business and Isaacman says he expects 2006 to be similar. This year, United Bank Card processed more than $5.5 billion in credit-card volume for over 60,000 unique businesses across the country. The company enables a variety of businesses, from restaurants to multilocation retailers, to accept credit-card and other noncash-based payments from their customers. Isaacman says that most people don’t realize that it’s not the banks that do the heavy lifting in the credit-card industry, it’s the processing companies like United Bank Card that kick into gear when a card is swiped at a business. Isaacman’s plans for the future include “selective acquisitions” with the goal of further increasing the company’s market share.

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Entry filed under: Internet Startup.

Another 30 Year Old College Dropout Multi Millionaire Techcrunch brings in 120k a month

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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