After writing an article yesterday on the D.C. startups every student should know about, I thought what better way to transition into highlighting some awesome businesses launched by local university talent. With that said, here are seven successful startups founded by Georgetown alums, companies that are still killing it to this day and run by key innovators that you just can't help but admire:
1. Sweetgreen, Inc. – Nicolas Jamment, BSBA '07; Jonathan Neman, BSBA '07; Nathaniel Ru, BSBA '07 – Sweetgreen.com
Fed up with the limited food options available to them, three Georgetown undergrads set out their senior year to create a restaurant that they would visit on a daily basis. What started as a simple idea transformed into a way of life: the eco-friendly, local produce lover became a regular at Sweetgreen and the foodies with a soft spot for authentic meals and impactful, good-natured companies, well they were sold on the core values of the Sweetgreen business plan almost instantly.
That would explain how Sweetgreen managed to raise $850,000 in seed funds from peers, investors, and even celebrity chef Mario Batali's business partner before opening in 2007. During its second round of funding the salad chain raised an impressive $2.1 million.
Sweetgreen's success has come much thanks to its simple menu, but also it's socially responsible message. Did you know that the company powers all of its restaurants with wind energy, supplies only biodegradable utensils and cups, and composts all kitchen waste? It's abundantly clear what a truly unique company Sweetgreen is and why the three Georgetown alums have found such great success after their college years came to a close.
2. Nextel – Morgan E. O'Brien, B.A. '66 – Nextel.com
O'Brien's Nextel epiphany didn't hit him until well after he had graduated from Georgetown, but regardless of how long it took, he still managed to surprise the world with one spectacular breakthrough concept. The idea that Nextel would really be anything more than the near-disaster it was often described as for nearly a decade seemed improbable at best, but lo and behold, O'Brien turned heads after selling Nextel for a good $35 billion pay off. Sure, Nextel went through its fair share of CEOs, but it came up on top at the end of the day. Just goes to show you that if a startup is struggling it doesn't mean it won't find success, it's just trying to find its niche and pivot in just the right way to produce the ultimate product.
The concept for Nextel came from O'Brien's experience as a smooth-talking lawyer at Jones Day. He noticed that some of his clients were new cellular companies while the other half were more specialized mobile radio businesses (SMR). There was an opportunity there, he realized, a chance to really make it by buying hundreds of the SMR businesses and form one national wireless company.
By 1990 O'Brien had already made moves with 100 SMR systems bought, but it was in 1994 that the true idea for Nextel came about. Knowing that cell phones were eventually going to become digital rather than analog like they were at the time, O'Brien formed his idea to build a nationwide digital wireless phone network – the first ever – rivaling major cell phone companies already dominating the market space.
Viewed as crazy at first, O'Brien slowly but surely attracted the attention of huge mobile businesses. Nextel eventually merged with Sprint in 2005 and is still remembered as a household name to this day.
3. LivingSocial – Tim O'Shaughnessy, BSBA '04 – Livingsocial.com
Before LivingSocial, O'Shaughnessy led the consumer products team at Revolution Health and managed product launches at AOL, but it was his daily-deal site that really led him to be the prominent businessman he is today.
It was in 2009 that LivingSocial launched, a company that has progressively grown since inception. For comparison's sake, the first deal ever offered was bought by 54 people, a $25 voucher for $50 worth of food according to INC. Two years ago that same offer managed to catch the eye and wallet of more than 6,000 customers. As you can tell, that's quite a jump.
It's a company that caters to more than 70 million members around the world, offers a unique set of new offerings every day, and gives people the opportunity to take advantage of events and experiences at a more affordable cost. No matter what you think of LivingSocial nowadays, there's no denying that Tim O'Shaughnessy and his team have completely changed the way we as a society shop, allowing for more strategic buying and competitive prices.
4. Chef Geoff's – Geoff Tracy, B.A. '95 – Chefgeoff.com
Equipped with a degree in theology from Georgetown and the impressive title of first in his class at the Culinary Institute of America in Hyde Park, New York, Tracy's career took off almost as fast as it started.
He opened the first Chef Geoff's in 2000 then Chef Geoff's Downtown in 2002 and from there went on to continue opening local eateries throughout Maryland and Virginia. A series of five restaurants that dominate the D.C. scene with a competitive happy hour and delectable dinner treats, Tracy's hot spots serve nearly 750,000 guests each year and he has employed more than 400 people to date.
His commitment to the D.C. community is unyielding, helping out more than 150 charities and organizations every year and assuming the position of vice chairman on the executive board of the Restaurant Association of Metropolitan Washington. Then there's the slew of honorable awards he's received over the course of his career, only further reinforcing the fact that Tracy's such an inspiring Georgetown alum. Named one of the top 40 business people under the age of 40 by Washington Business Journal, "Best Local Chef" by Washingtonian Magazine, and a RAMMY win under his belt for "Hottest Bar Scene," Tracy continues to prove that he has a bright future ahead of him.
5. Blackboard – Michael L. Chasen, MBA '95 – Blackboard.com
Chasen has proved to be quite the powerhouse here in the D.C. area. He launched Blackboard in 1997 alongside partner Matthew Pittinsky, the Blackboard Learning System's first rendition was developed in 2000, and remember the Swine Flu? Well the Blackboard Connect platform was used in 2009 by U.S. schools and government officials to send nearly 9.7 million messages during the outbreak. Bet you didn't know that.
His reign didn't end with Blackboard, though. When Chasen left Blackboard in late 2012 he again entered the startup realm with SocialRadar, a new company bent on "developing leading-edge technologies int he mobile, social and location space." The startup announced toward the end of June that it raised $12.75 million in Series A funding much thanks to NEA, Grotech Ventures, and other notable names like Steve Case and fellow Georgetown alum Ted Leonsis. With a tag line like "Imagine a future where you walk into a room and already know who's around you and how you're connected to them," it seems as if SocialRadar may have the potential to be another home run for Chasen.
6. Monumental Sports & Entertainment – Ted Leonsis, B.A. '77 – Monumentalsports.com
Ted Leonsis is not a name you forget here in the District. He's a man that has gone leaps and bounds beyond all expectations, now owning and operating the Capitals, Wizards, Mystics, and even the Verizon Center in Chinatown via Monumental Sports & Entertainment. Not to mention his entrance into the film industry as well with the launch of SnagFilms. Then there's Redgate Communications, which was AOL's first acquisition. He's a force to be reckoned with, Ted Leonsis, which is why it's of no surprise that he's a Georgetown alum.
Leonsis started his first business at Georgetown in 1976 when he was just a junior in college and read an article that said there would be 30 million tourists in D.C. for the Bicentennial. His instinct said he had to have something to sell them for 30 million, well, that was a big market. So he developed Snowcoloco, Inc., a red, white, and blue snow cone venture. Yes, that's how Leonsis jumpstarted his career in entrepreneurship.
Now he's known as the man responsible for turning AOL into a global phenomenon (he worked as a senior executive for just about 14 years), a serial entrepreneur, sports maven, and venture capitalist with a knack for identifying successful startups, just like his own, early on.
7. Luke's Lobster – Luke Holden, BSBA '07 – Lukeslobster.com
Holden's passion for seafood started at a young age when he launched his first lobster company while still in high school. A Maine native, it's no wonder he was crazy about lobster, and now his love for the tasty claws and meaty tail has transformed into a nearly $8.5 million company with just about 150 employees and 11 locations in New York City, Philadelphia, and you guessed it: the D.C. area.
The restaurant concept is very straightforward: keep everything minimal, which is likely why Luke has found so much success with his lobster business. According to Inc., at Luke's Lobster they "swap table service for counter orders to reduce overhead, focus on small, simple spaces so New York's [not to mention D.C.'s] colossal rent doesn't suck up cash flow, and offer a product that's so fresh it doesn't seem like fast food." That would explain why Holden was named to Inc.'s "30 under 30" list.
A low price point, fresh food served at a fast space, and true quality, it's no wonder Luke's Lobster retains a loyal customer base. The business model is flawless.
