Mike Barile spent two years and racked up just about $20,000 in bank card debt to deliver his first startup, (*3*)Backflip, to existence.
The previous control guide had spent years toiling within the startup grind, first at Uber, then, after taking a coding academy bootcamp thru(the place Barile met his co-founder, Adam Foosaner), at Google and at a failed cryptocurrency startup.
Burned via the crypto enjoy, Barile used to be casting about for his subsequent factor, and looking for a solution to scrape up some hire cash, when he hit at the concept for Backflip. The enjoy of marketing electronics on-line used to be nonetheless shady and Barile and Foosaner concept there needed to be a greater manner.
That manner changed into Backflip. It provides shoppers money on supply for his or her used electronics — anything else from Androids to Xboxes and Apple gadgets to Gameboys.
“After I first set to work on backflip again in March 2021, I met this child named Chris and he sought after to shop for a few of my outdated iPhones. He were a scholar at USF and as a facet hustle he began purchasing used gadgets and would refurbish them after which both promote them himself or promote them to an reliable reseller,” mentioned Barile. “Chris began making such a lot cash he dropped out of faculty. That used to be a holy shit second. He could make some huge cash doing this and he’s doing a actually just right factor.”
The issue, mentioned Barile, used to be protection. “He’s were given these types of gadgets he’s obtaining paying money for and he’s riding throughout the city… Everybody who works within the [refurbish and resell] trade has a minimum of one tale about getting robbed at gunpoint.”
Backflip solved that drawback via being the middleman between consumers and dealers and taking a small fee for managing the transaction.
The corporate raised its first cash on the finish of 2021, however prior to that, Foosaner and Barile lived off of credit score and used electronics.
Up to now, Backflip has facilitated the trade of more or less 3,000 gadgets. The corporate handles the entirety from wiping a tool and making sure its high quality to discovering a purchaser for the electronics. The corporate will pay out more or less $150 in step with tool and has deposited a bit over $500,000 with customers of the provider, in keeping with information equipped via the corporate.
“We did all forms of stuff to get our first few customers,” mentioned Barile. We posted commercials on Fb Market and Craiglist. We began experimenting on the finish of the summer time with probably the most naked bones cell app more or less factor. At that time it used to be simply Adam and I,” Barile mentioned.
Beginning now, Backflip is operating with UPS retail outlets to offer in-person drop-off and packaging facilities for the used electronics. Over the years, Barile sees the ones services and products increasing to provide money on supply. “The enjoy will likely be very similar to an Amazon go back,” he mentioned. “Excluding we’ll be paying you.”
These days about part of the corporate’s stock is used handsets and cell gadgets, however Barile mentioned that might drop to a 3rd of stock as phrase spreads in regards to the hundred-odd items of electronics that Backflip is prepared to
“Not like different resale choices, Backflip prioritizes the person’s time and comfort,” mentioned Foosaner in a remark. “Overlook the back-and-forth of negotiating over worth and scheduling a meetup. We’re right here to do the entire paintings for the vendor and ensure they receives a commission somewhat and temporarily. Backflip customers can know that they’re getting probably the most for his or her gadgets with no need to do anything else instead of deliver them to The UPS Retailer or field them up at house.”
The relationship to the refurbishing group began early for Barile, whose mom had a facet industry known as “Stone Cottage Workshop” the place she used to be flipping refurbished furnishings on eBay and at native thrift retail outlets close to Barile’s bucolic New Jersey homeland.
“We need to construct the Amazon of constructing issues disappear out of your condominium,” Barile mentioned.