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FetchMi Hopes to Become Latest College Startup Success Story; Beat the Trend
A table piled high with free Chick-Fil-A tenders and sandwiches and Sweet Hut bubble
tea stood in the center of the first floor of Emorys Math and Science Building. As word spread
of the spectacle, hungry Emory students and professionals, alike, eagerly lined up awaiting a
rare, free lunchtime meal. The crowd, clearly growing restless over the wait, continuously eyed
their prize until, finally, the clock struck two. While the crowd pushed to make their way towards
the table, they didnt realize their wait was just beginning.
The FetchMi team, the organizers of the event and the sought-after food, emerged in front
of the crowd in their blue long-sleeve tee shirts. As individuals tried to grab food, members of
FetchMi would approach them to pitch their business. For the passerby, the trade-off was a short
discussion for a free meal. For the FetchMi team, it was opportunity to network and attempt to
establish a consumer-base.
We try to do whatever it takes to get our companys name out in the public, stated
FetchMi co-founder and Emory sophomore Eric Yang. Our team wants as many people to use
and enjoy our product as possible, and networking is one of the best ways to do that.
Founded in 2017, FetchMi is a small-scale, college business that acts as an online service
firm. Their website operates as a database where consumers can view and compare different
According to Yang, he believes his product can break the trend of nationwide start-up
failures and become the latest college entrepreneurial success story in the business world.
However, the odds of a start-up company succeeding and surviving in todays economy
are slim. Only around 50% of all companies survive past their fourth year of business, according
For every successful college start-up like DropBox, Reddit, and Snapchat, there are
thousands more that fail. In 2012, 514,000 new business owners began their journey towards
establishing the next big company. Only half of those remain presently, and in 20 years, only
twenty percent will survive, says data from the Bureau of Labor Statistics.
Nonetheless, Yang remains steadfast that FetchMi can stand throughout the inevitable
The single biggest reason our startup will work is one word: team, said Yang. Thats
why I think FetchMi will work. Its my team and our dream.
However, while the FetchMi team dreams of success, money typically dictates if that
comes true.
Yang smiles when the topic of money is brought to his attention. Money is typically an
issue for a majority of startups and college students, according to Yang. However, he suggests
that money is not the most important factor that will determine early success, despite his past
entrepreneurial failure.
students, like himself. Although originally optimistic, he slowly realized this business venture
would not be successful. While marketing in his homeland of China, Yang found a lack of
interest from parents with children studying abroad. He cited competition and lack of experience
as causes for their failure. Money, however, was never an issue in his mind.
I dont think that money is a factor that will decide whether your startup will live or
not, Yang stated. I think the deciding factor is not how much money you have in the
beginning. Its how much effort you put in, and what kind of people you have on your team.
Following his unsuccessful first attempt, Yang later founded FetchMi, a company that he
formulated based off of Amazon. FetchMis website mimics features like search engines, side-
by-side comparisons and messaging systems, except, instead of shopping, its for browsing
service companies.
According to Yang, FetchMi has raised $50,000 from a venture capitalist in China, and is
While FetchMi has raised substantial money from its venture capitalist, most startups are
not fortunate enough to receive such support. Only .05% of startups receive funding from
venture capitalists, according to the Center for Venture Research, a research unit of the College
Instead, startups garner funding primarily from their own personal savings and credit.
Fifty-seven percent of startups are funded using this method, easily the most frequent way of
Entrepreneurs using these methods are essentially gambling their own assets. The
numerous business horror stories, like the recent deaths of startups Yik Yak and Jawbone, show
Altogether, 29% of startup companies run out of money, says data from CB Insights.
Additionally, this death rate is likely more problematic for student-run businesses,
Competition.
Being a college student, youre already working on limited funds so you have to be very
detailed, and intentional about how you spend your money anyway, Owens said.
And just as college students usually lack money, they also lack professional experience.
Tall and lanky with almost no facial hair to boot, Yang resembles what most people
Yang, along with his Atlanta-based team, represents a youth movement in the business
industry that is slowly diminishing. All under 21 years of age, the team of Emory undergraduates
is a faction of the 25% of entrepreneurs that are college aged to 35 years of age. Since 1996 to
2015, the number has dropped nearly ten percent, according to the Kauffman Foundation.
We are still in school, and we have to take care of our grades, Yang explained. While
we have this huge passion about our startup, we have to put in a significant amount of time for
our startup. That means we have to make some sacrifices. Everyone on the team has to make
some sacrifices. When you sign up for the business, that means you have to sacrifice time for
Regardless, he points out that a college environment still provides enough free time, goes
hand-in-hand with business ventures, and has cultivated plenty of successful business in the past
However, balancing the rigors of school and business can be challenging, according to
would be arduous to run a startup and be successful in school, especially since businesses are
I think its risky, because it is taking up a lot of time, said Cornwell. I do think youre
working eight hours, then essentially putting in a second eight hours as a student thats a good
sixteen hours there. That leaves little time for any social time, extracurriculars, certainly eating
and sleeping, and taking care of yourself and learning to become an adult.
Cornwell doesnt completely dismiss the idea though, citing past Emory successes as a
reason to be optimistic.
consists of 82 businesses, that, altogether, have accumulated $85 million in non-dilutive funding
or financing that doesnt require selling shares, $1 billion in private investment capital, $314
million in public investment capital and $13.5 billion from mergers & acquisitions.
Yang declares. While Yang says the odds arent the most favorable, the FetchMi members
We all share have a huge passion for the startup, stated Yang. We believe that this is
where our future is going to be, and this is how we are going to achieve our values, through this
business.
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