Secret Academy Episode - Erik GrosetAbout:
Erik Groset is a self proclaimed lifelong entrepreneur starting at the young age of seven selling Kool-Aid to construction workers in his neighborhood. In his early 20's he co-founded Zipbuds, offering a solution for tangled earphone cables. The success of Zipbuds led to Erik being recognized by Barack Obama as one of the top entrepreneurs under 30. Finding his next "passion project," Erik partnered up with his engineer brother to create Fantasy Sports Company, an online fantasy sports company offering free projections, optimal lineups, and strategy for daily fantasy sports. They launched LineStar, the first mobile app in their field, to help players see value plays or players they might not have noticed themselves.
Lesson's in Today's Interview:
- Recent legislation stated that fantasy sports is a game of skill and therefore is not considered gambling
- How he and his brother came up with the concept of the mobile app for fantasy sports
- Integrating affiliate marketing into their business
- What are the two absolute requirements for Erik to even consider starting a business venture
- Erik runs the business side of Fantasy Sports Co, while his brother is the developer
- How being able to code the app in house has helped their business tremendously
- Make sure there is a market for your product first and foremost
- His business formula for deciding whether or not he will invest into a business
- Doing research on your own will always work out better than if you buy into the hard sellers that come your way
- The global reach you can achieve with software is so much greater than the reach with hardware
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