Q: How did you finance it?
A: We bootstrapped it, and it was basically a lot of sweat equity.
Q: What's the opportunity?
A: It's giving people the ability to find money and grants for college by removing barriers in the search process. When you launch the app, you have eight [filters] - state you live in, GPA, race, gender, major, grade, need or merit, and miscellaneous - and you hit search, by name, deadline and amount.
Q: Why a mobile app?
A: Many low-income students, who need access to scholarships the most, have smartphones, but no laptops or Wi-Fi at home. Also, the app doesn't require an Internet connection to work.
Q: How much does it cost?
A: 99 cents. We wanted to make it affordable and sustainable.
Q: Who's the competition?
A: There's websites where you sign up to get a list of scholarships, but you have to sort through them, and they don't match you with ones that are best for you.
Q: How many Scholly users?
A: We've had over 40,000 downloads, and we get at least 72 to 100 downloads daily. What we know is people use the app and find a scholarship and then come back and look for other scholarships.
Q: How big a business is this?
A: We've grossed about $40,000 in revenue since May.
Q: What's next?
A: We want to get the app out to as many students as possible through partnerships. Schools and universities could bulk-purchase the app for 50 cents for their students who would be given a code to use it for free.
Q: What's next for Scholly?
A: We've collected tons of winning scholarship essays, and we're creating an e-book within the next two months which will have a collection of winning essays. The essay is usually the most important part of the scholarship application. We're working on pricing the e-book, which would be available online and Kindle, and that will be extra revenue for us. We also want to create our own scholarships so we'll have a list of them within Scholly where you can apply. We don't want to make money from this business and not pay it forward.
On Twitter: @MHinkelman