Oliver, you started RMP with two university friends, how important was it to have them around? Could you have done it alone?
When we started RateMyPlacement, we didn’t have this outlandish goal to become the undergraduate recruitment website we are today, in fact far from it. We started the website as a resource to help other students following in our footsteps, therefore it was fundamental to have the other two around as we shared similar experiences on placement and internship.
As the website grew, we developed new ideas and the primary function of the website evolved with input from both ourselves and feedback from whoever we could get to listen! So to answer your questions, could I have done it on my own? Yes, however it would have taken me twice as long to get where we are today.
It was actually our current clients today that initiated our first revenue stream, and Peter Jones from Dragons Den who gave us the impetus in 2008 by encouraging us all to leave our graduate jobs and work full time on RateMyPlacement!
You have excellent testimonials from companies on your site. Was it hard to get traction at the very beginning? How did you overcome this?
Allowing students to rate and review their experiences with employers was a completely new concept to the recruitment industry, let alone the graduate recruitment industry, therefore it was difficult to get mass traction at the start. Entrepreneurial minded employers such as Accenture and PricewaterhouseCoopers were the first to come on board with us as they saw the long term value this could have to their placement or internship scheme not only as a marketing tool to other students, but as a research and feedback mechanism.
{AF template=round_quotes} With the support of our first clients as case studies and testimonials to justify our service, we were able to grow our client base which has doubled year on year ever since. {/AF}
How much of your own money was put into RMP?
As we started RateMyPlacement during our final year at Loughborough University, we required some seed funding to get the website up and running. We all put in £800 of our final student loan which helped us launch the website and off the back of this we were able to win the Loughborough University Business Plan competition which generated £1,500 in prize money.
{AF template=round_quotes} I wasn’t particularly reluctant to use my own money as I believed in our idea, I therefore saw it as more of an investment rather than a cost as even if it didn’t work out it would have been a fantastic learning experience. {/AF}
What motivates you to be an entrepreneur?
The fact you are in charge of your own destiny provides the motivation for me. I actually like making myself get out of bed in the morning as I know I will spend my day doing something I enjoy.
Finally, what are your top entrepreneurial tips for students at university at the moment?
1. Be disciplined – Starting a business at university does require you to focus your time effectively; it’s very easy to ignore your degree and spend your time doing this ‘new exciting thing’ you have created.
2. Use the support around you – There are many lecturers and enterprise officers around the university who are there to offer you support and advice which is a great starting point.
3. Go for it! If you had a good idea, believe in this idea and actually want to pursue it then go for it!
Thanks Oliver, what a great interview! You can visit Ratemyplacement.co.uk here…