I’ve started or been an early stage employee at four start-ups now. One home run, two singles, and the first one was a swing and a miss that taught me a lot. The start-up I’m proudest of, I co-founded in Houston called Bounce Energy.
We founded this business in 2008 during the financial crisis. I was the CEO for the duration of the business and a McCombs grad in 1998 with a BBA in Finance. Four of the seven founders were McCombs BBA grads, two in Finance and two in MIS. Three of the seven founders were female, including two of the McCombs grads. We built everything, including all of the technology, in-house. We grew to over 80,000 customers in four states, over $150million in revenue, and multimillion dollar profits. We sold the business to Direct Energy in August of 2013 for $46million upfront and a $5million retention payoff as well, bringing the sale to $51million.
All seven founders were still employees in the business at the time of sale and we all remain friends and business partners in new start-ups to this day. Four different endowments at Texas were created as a result of Bounce’s exit, two within McCombs and two within the Athletic Department.
Here’s a link to a story on the sale of Bounce: http://www.energychoicematters.com/stories/20130712aa.html