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Monday, July 25, 2011

Sale Of MyYearbook Turns 21 Year Old Into A Millionaire

Whoever says that there’s no more money to be made from start-ups obviously hasn’t heard about Catherine Cook. The 21 year old has just joined the ranks of young, hip millionaires with the sale of MyYearbook, the online version of a school year book. MyYearbook Sold For $100 Million

What’s fascinating is the story of how Catherine and her brother became millionaires. Just 6 years ago, Catherine was a wide-eyed teenager with a vision for creating a digital version of her school year book. With vision in hand, Catherine along with her brother David (then 16), got to work and started the website. Venture capitalists like the idea, got on board and contributed $20m in funding, and in the 6 years that followed, MyYearbook grew to 20 million users.

MyYearbook presently gets over 1.2 billion monthly page views. And the popularity of the site was sufficient enough to attract the eye of Spanish social networking giant, Quepasa. The announcement of a whopping $100m acquisition for MyYearbook means that young Catherine and David are now internet millionaires. Not bad for 6 years’ worth of work.

This fascinating piece of news helps to highlight the renaissance of tech, and more importantly the importance of social media in leading this renaissance.  MyYearbook is probably not the last acquisition you’ll see in the social networking arena, and as companies like Google join the mix, a lot more millionaires are surely in the making.

Watch the video below to learn more about Catherine and the fantastic MyYearbook story.


View the original article here

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