CSB Interviews - Andy Beal of Loomagoo.com
September 29, 2009
The Textbook Market is one that’s badly in need of an overhaul. I recently (or not so recently, sorry Andy!) connected with Andy Beal, who’s trying to reshape that market and perhaps make it a little more efficient.
Company: Loomagoo.com
Name: Andy Beal
Title : Founder
Email : andy(at)loomagoo.com
Give us the 30-second elevator pitch of your company
Loomagoo.com is online marketplace for students to buy and sell used textbooks, and upload and share supplemental learning material. The site was created by two college students eager to bring the offline-aspect of the classroom, online. Loomagoo was launched in January 2009 and to date is operating at 5 colleges and universities. Our goal is to bring the social network into the classroom. We want to give our users the tools to exchange knowledge and information instantaneously, and we want to give it them for free. Our marketing strategy extends across several online channels, including a Facebook Application that allows for seemless integration between both sites. Our business model focuses on securing partnerships with companies interested in the college market.
Tell us about the founders, who they are, backgrounds, and why they are passionate about your company
Loomagoo was founded by Andy Beal and Chris Zimny. Beal is a recent graduate of Loyola University New Orleans and current 1L at Loyola Law. He is deeply passionate about the online, social-networking fabric and the abundance of tools that it brings to a user. ”Loomagoo is a necessary step in achieving a real-time, online learning environment. The wealth of information that exists on campuses across the country can, and I think it will, be brought together, sorted, ranked, and made available to everyone, for free!” Zimny is a Finance/Economics major with a soft spot for P/E ratios and financial data. He is the de facto public relations and accounting department at Loomagoo. ”This is a simple platform that gives students a place to meet and exchange. It’s a great feeling when students tell you how much they saved using your website. If we can give students something they didn’t already have…an alternative…then mission accomplished!”
Do you have funding? How much?
Everything was originally financed by the founders. We have since partnered with businesses that market directly to college students.
How do you make money?
We are taking a different approach with our business model. We are not comfortable charging students to use the site or incorporating bulky banner advertisements. Rather, we are partnering with larger companies that have a vested interest in the college market. If we can bring both parties, company and students, to the same location and introduce them…magic!
What are your startup’s goals for this year?
Goals for the year include:
- Establishing a presence at 15 universities
- Refining the site’s search methods to ensure that every student finds what they are looking for.
- Secure regional, mutually beneficial partnerships, that allows us to grow and expand the service.
