4 of 11
BACKNEXT
Jared Garfield - Started a business
Jared Garfield - Started a business
School: University of Iowa
Major: Management information systems
Current town: Deerfield, IL
Salary: $0
Age: 23

Along with my business partner John Slump, we co-founded our own business: J&J Solutions, to sell a device that dispenses medication to cancer patients in a safer, more efficient way.

It started in a business class in fall 2006, and at first we looked at it as just a school project -- not something that would actually be viable.

We went full-force with the research to get this product going. We won about $30,000 from a bunch of business plan contests around the country. It became my full-time job; I never really had the typical student life. Anytime I wasn't doing the minimum schoolwork in order not to flunk out, I was working on J&J Solutions.

J&J is in the design and fund-raising phase, and we're planning to close some big deals in the next round. We've raised significant capital through grants, competitions, and private equity -- and we plan to raise a lot more. We just received a $150,000 grant from the Iowa Department of Economic Development to help us get the device to the production stage.

My life isn't easy, but it's been a rush. On a good night I get about 5 hours of sleep. Neither of us is getting a salary right now, but we're working to get the product to market and fully realize success.

It's funny; back in school, our teacher gave us a B-plus on the business plan and wrote "Not Viable" on the paper. I can't really blame him. At the time, I probably would have agreed.



NEXT: Kia Guarino - Unpaid internship

Last updated September 04 2009: 12:17 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.