Inc.:
When Dave Morgan founded Internet marketing company Real Media in New York City in 1995, he vowed to fend off investors for as long as possible. Morgan, a lawyer, had spent several years representing high-tech start-ups that exchanged equity for financing early on, only to lose control of their companies down the road; he was determined to avoid a similar fate. The problem was, he had only $40,000 in savings to invest in his new venture.
With no reputation and no money to fund a payroll, Morgan’s biggest challenge was recruiting employees. Looking to keep costs low, he focused on recent college graduates eager to work for a technology company. Then, when they applied, he simply told them that he couldn’t afford to pay a salary.
Not surprisingly, most candidates withdrew their resumés immediately. But two twentysomethings eager to get their foot in the door agreed to work unpaid for six months. Morgan sweetened the deal by giving them both founders’ titles and a lot more responsibility than they would have received at an established business. Pleased with his results, Morgan got to thinking: If he could get employees to work for free, maybe he could get other stuff for free as well.
Wow, I have got to try this! Anyone want a job?
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