Young entrepreneur gets some recognition and some help for college

August 30, 2010|By Susan Snyder, Inquirer Staff Writer
  • Zachary Gosling created GozBay.com, an Internet auction site that he had to rebuild after hackers destroyed it. That won him a four-year colleage scholarsip from the National Association for the Self-Employed that Gosling will use to attend Drexel University.

DENVER, Pa. - Zachary Gosling, 18, will begin majoring in business at Drexel University next month but is already quite the businessman.

In first grade, he sold rocks from his driveway to unwitting classmates, claiming that he had spiffed them up in a "rock cleaner."

At age 8, he opened his first Scottrade account.

But his real coup came at 13, when he launched an online auction website from his bedroom in rural Denver, Pa., near Lancaster, supported by advertising and sponsorships rather than the fees charged by giant auction sites. The site got as many as five million page views per quarter just two years later. Had it not been sabotaged by hackers, its exponential rise might have given eBay pause.

Gosling and his entrepreneurial venture, GozBay.com, recently won honors from the National Association for the Self-Employed, which awarded him its top scholarship of $24,000. He'll use the money to attend his dream school, Drexel.

"I want to learn more about the business side of everything. I have the technical side of it," Gosling said.

He got the idea for the website when, at 13, he began to help local antique dealers sell cars on eBay. Luring buyers from around the country and overseas, he secured a greater profit than the dealers could get locally. But he became frustrated with eBay's fees, which he said at the time amounted to as much as 15 percent.

"I figured I can make a site that I can sell my cars on," he recalled.

So instead of spending his time playing video games like other teens, he went to work: "I wanted to do something that I was going to make money on," he said.

It took hundreds of hours - he estimates 40 a week during start-up, then 20 to 30 per week after that.

At its height, the site recorded five million page views for three consecutive quarters. His main strategy was to attract "power sellers" who would bring in thousands of auction items and a strong customer base.

Then Gosling suffered his first business heartbreak.

On Halloween in 2008, hackers infiltrated the website and all but destroyed it. Gosling got the news in a call from the server manager at 2 a.m. He signed on to his three-screen computer station and watched useful data being turned into gibberish. The culprits had killed 78,000 auctions and damaged the hard drives.

"I found out everything I had worked for for the past years had been lost, pretty much just like that," he recalled.

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