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Students Spin Profits
Chatting over sushi, seniors Robert Burns and Sarah Schoen seem like typical students—except for the fact that they just made more than $50,000 in profit with their recently founded computer resale business, which was founded just four months ago.
The idea for the business first struck Burns last summer while he was working for the Maine Department of Education in Augusta. He learned of a program through the Maine Learning Technology Initiative (MLTI), which leases Apple iBook computers for every seventh and eighth grader in the state’s public schools. After the computers’ four-year leases end, MLTI buys the computers for about $40 each from Apple and sells them at extremely low prices in a surplus warehouse in Augusta.
Burns saw an opportunity for quick profit by updating the computers and reselling them on Web sites like eBay and craigslist.org. Burns, a computer science major, was familiar with easy and efficient tasks like reimaging a computer’s hard drive and upgrading the memory chips, which greatly increases the laptops’ selling value. In August, Schoen partnered with Burns on his entrepreneurial venture, and together they pooled their savings to buy 12 computers.
Schoen and Burns also hope to develop their own Internet auctioning Web site and enlarge the business to include textbooks. They want to market the site to students on a budget by posting links on university Web sites.
Photo by Tommy Wilcox/Bodoin Orient.
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