Name of business:   StudySmart, Inc.; www.eStudySmart.com; Headquarters in Watertown, MA

Mission:  StudySmart's mission is to provide the most personalized, convenient and effective in-home tutoring services and to arm students with the confidence they need to get ahead.

Founders:  Babson MBA student Rich Enos and Greg Zumas

How the Idea Began:  A Massachusetts native, Rich graduated from Phillips Andover before earning a degree in English Literature from Cornell University.  After deciding to pursue a career in education, he accepted a position with Kaplan Educational Centers thinking he would be helping the company with curriculum development.  As it turned out, Rich found himself responsible for opening and managing the New England office of SCORE! Prep, a Kaplan subsidiary that focused on in-home SAT preparation.  The experience introduced him to the business world along with the benefits and drawbacks of working for a large corporation. 

One particular corporate shortcoming - the inability of large companies to cultivate and develop new ideas - got him moving down the path to entrepreneurship.  After pitching his manager on an idea for several new product lines and generating little interest, Rich began working on the concept that later became StudySmart.  He convinced his close friend and eventual business partner, Greg Zumas, to come on board, and together they spent countless hours developing the initial business plan and program curriculum.

In 1999, at the age of twenty three, Rich and Greg launched the company from a 150 square foot office in Woburn, Massachusetts. 

Germination Strategy:  The company got  started when the founders pooled $16,000 of personal savings and have since used a $25,000 SBA loan and revolving credit lines to finance their growth.  They have not taken on investors to date, nonetheless, they have put in place the infrastructure and management systems to support 8-10 times the volume.  As a multi-million dollar company with several years of profitability under their belt and offices serving 7 major cities across the US, Rich and Greg believe they have proven the viability of their model.  With that in mind they are now seeking outside investment to accelerate the pace of growth and expansion.  The company has grown quickly in the United States since its beginnings in 1999.  StudySmart now operates in seven metropolitan areas including Boston, Chicago, Los Angeles, New York, Philadelphia, San Francisco and Washington DC.

Favorite Thing about the Business:  Rich loves seeing the testimonials and success stories from our students.