Match.com is a online dating service that uses a subscription-based business model. Many may not realize that the popular dating site has actually been around since 1995 as it wasn’t until the early 2000s that Match.com found mega success and become a household name. The entrepreneur behind this creative idea starting using the internet in 1985 well ahead of the curve of mainstream society giving him a nice advantage to launch his businesses without too much competition. For this and more we take a look at entrepreneur Gary Kremen in the spotlight this week. We’ll look at just how he did it and highlight what lessons any upcoming entrepreneur can learn.
Summary:
Name: Gary Kremen
Age: 47
Location: San Francisco, California
Claim to fame: Match.com (Online dating service)
Initial cost: <$1000
How He Did It:
Gary Kremen grew up in the Chicago area until het left to attend Northwestern University where he obtained a degree in Electrical Engineering in 1985. He would go onto obtain his MBA from Stanford in 1989. Kremen worked at a small software company until 1993 when he launched Electric Classifieds, which was his first startup aimed at bringing classifieds to the internet. While working at this startup, Kremen started a side-project, which later became Match.com. Match.com launched to the public as beta use in 1995. In 1998, the site was sold for about $7 million to another company. Match.com wouldn’t hit its full potential until around 2002 when the site began to see dramatic increases in subscribers and profits. Gary Kremen has since gone to create a new startup called Clean Power Finance, which aims to be a solar power provider.
Lessons Learned:
- Being ahead of the curve can pay off. Taking time to research industries, tends, and technology directions can give you a competivie advantage when it comes to launching a business like with Gary Kremen.
- If you have an idea that seems feasible, try it! The only way to success is taking action.
- You don’t have to have a great idea to start a business. A basic concept with some supporting research is enough for a test run. You never know what it will turn into to.
- Failing is how you learn as an entrepreneur. Keep with it and don’t expect the first thing you do to be a success.
- Be willing to say goodbye to your ideas or startup if such a time comes.
Did you miss last weeks spotlight? Check it out here: The Entrepreneur Spotlight: Guy Kawasaki.
Be on the lookout for our next entrepreneur spotlight article in this ongoing series. In the meantime, be sure to leave a comment and let me know what you think about the success of this week’s entrepreneur and his entrepreneurship characteristics. Also, please let me know if you have an entrepreneur you would like to see featured here in the weeks to come.
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