A website for selling used textbooks earns Antigonish university student Jonathan DeYoung entrepreneur of the year award.
By Ruth O'Kelly-Lynch
Posted: Apr. 4, 2005
DeYoung sits at the computer he used to build LollyGagger University.
Lollygagger is an odd name for a budding young entrepreneur to give his company, but that's just what St. Francis Xavier student Jonathan DeYoung did when he started the only nation-wide textbook exchange for university students. Lollygagger means someone who "fools around" or "dawdles" but 20 years old DeYoung is far from fooling around when it comes to his online business Lollygagger University.
DeYoung started Lollygagger University started because he wanted to see a bigger return on his old textbooks.
"Basically, it started in my second year of university. I brought my old textbooks to the university bookstore to sell them back and get some cash. I waited in line for hours and had about $500 worth of books with me. The store didn't want to buy some of them and was offering small amounts for the others. They only wanted to pay me $20," DeYoung says.
He thought the amount was ridiculous and looked online for alternative ways to sell his used books. There weren't too many options on the web for him.
"That's when I thought, I could provide this type of service for students," DeYoung says.
DeYoung's site lets students buy and sell old textbooks to people they have never met. The site also has a unique price comparison function. DeYoung arranged for large online book merchants such as Barnes & Noble and Amazon to let him sell their books on the Lollygagger University site. The price comparison function means people can compare the prices of a new book at more than five large book merchants.
Another distinct aspect of the site is that it allows students to peruse the pages of some books before they even buy them. And DeYoung speaks the language of youth by providing all of these services for free.
Yet, he says he has still managed to make a strong business out of this free website. DeYoung took out a $5,000 Students in Business loan when he started the business. He used some of that money to contract a database programmer to help him set up the website. These decisions paid off. DeYoung says the company's gross sales are in the tens of thousands of dollars. He generates a profit by selling advertising space on his site and he gets a commission from every book sold on his site by one of the online bookstores. But Lollygagger University is giving DeYoung more than a financial return on his investment. It's also giving him nationwide recognition and kudos.
DeYoung surrounded by used textbooks
DeYoung was named Atlantic Canada's regional champion in the 2005 CIBC Student Entrepreneur of the Year competition on March 11. The award means DeYoung's site is considered the best student-owned and operated company in the region. He beat out 43 other student-run companies for the title.
"I wasn't sure I would win the competition. One of my competitors runs a cottage maintenance business in Muskoka during the summers. He's done it for a few years and generates a large profit. But I guess I fit a lot of the judges' criteria. I was ecstatic when I won. It (the competition) was something I looked to when I started my business," DeYoung says.
DeYoung won $1,000 and the chance to become CIBC Student Entrepreneur of the Year. Along with the resume-enhancing national title DeYoung could win $2,000.
Rob Paterson, Senior Vice President of CIBC Small Business Banking says that over 25 per cent of small business owners in Atlantic Canada will retire in the next five years.
"Entrepreneurs like Jonathan will be leading the rejuvenation of small business in the region and we are thrilled to be working with ACE to recognize his tremendous success with LollygaggerU.com," Paterson says.
Surprisingly, Lollygagger University isn't DeYoung's first entrepreneurial venture. Before this business he had another one offering companies custom-made unique business cards. He produced CDs that are the size of a standard business card. The CDs could be filled with the company's contact information, a presentation, a catalogue or just about anything the company wanted its customers to know. DeYoung no longer runs that business.
"I am glad I had the experience of my first business. It taught me a lot about marketing and it helped me in the CIBC competition. I used the business card CDs in my presentation to the judge," he says.
He plans to use a similar approach in Toronto at the national competition.
All the money and fame Lollygagger University has brought the information systems student hasn't changed his original plans.
All the money and fame Lollygagger University has brought the information systems student hasn't changed his original plans.
"The site is unique because it is geared to students. I know I wouldn't pay for these services so I don't charge others for them," he says.
The site's motto is "For students, by students" and that's evident in much of its layout. It is simple to use and the prices are reasonable. DeYoung wants his site to be accessible to the average student. This approach seems to be working. DeYoung says the site has had more than 500,000 hits in a week. On his site one student from the University of Calgary says, "Prices from your online bookstores are half of what my bookstore charge."
As for the future, DeYoung is optimistic. He has one more year at St. Francis Xavier University and after that he's not sure what will come up. One thing he knows for sure, his business isn't going anywhere.
"Lollygagger is here to stay. I want it to be huge by next year! I've put all this work into it so I am not going to let it go to waste," he says.
DeYoung plans to work on his business extensively this summer. Although the site already has cutting-edge technology he says there are always ways to improve it. When he's done his studies he wants to continue the business, but if other opportunities arise he plans to pursue of them too.
"I can handle running Lollygagger and doing something else," he says with the confidence of a young man starting to realize his potential and the vast possibilities the world has to offer.
If there's one thing that is certain it's that DeYoung is no lollygagger.
All the money and fame Lollygagger University has brought the information systems student hasn't changed his original plans.
"The site is unique because it is geared to students. I know I wouldn't pay for these services so I don't charge others for them," he says.
The site's motto is "For students, by students" and that's evident in much of its layout. It is simple to use and the prices are reasonable. DeYoung wants his site to be accessible to the average student. This approach seems to be working. DeYoung says the site has had more than 500,000 hits in a week. On his site one student from the University of Calgary says, "Prices from your online bookstores are half of what my bookstore charge."
As for the future, DeYoung is optimistic. He has one more year at St. Francis Xavier University and after that he's not sure what will come up. One thing he knows for sure, his business isn't going anywhere.
"Lollygagger is here to stay. I want it to be huge by next year! I've put all this work into it so I am not going to let it go to waste," he says.
DeYoung plans to work on his business extensively this summer. Although the site already has cutting-edge technology he says there are always ways to improve it. When he's done his studies he wants to continue the business, but if other opportunities arise he plans to pursue of them too.
"I can handle running Lollygagger and doing something else," he says with the confidence of a young man starting to realize his potential and the vast possibilities the world has to offer.
If there's one thing that is certain it's that DeYoung is no lollygagger.