business & professional
Benzinga.com creator Jason Raznick
reflects on his remarkable Internet success.
Serial entrepreneur
Jason Raznick launched
Benizinga.com from his
O
basement.
Robin Schwartz
Contributing Writer
A
s far back as grade school, Jason
Raznick remembers being a "serial
entrepreneur" — the kid who did
bowl-a-thons, went door-to-door raising
money and was always trying to turn some
big idea into a business. He had an online
camp care-package service, an Internet store
that sold high-tech products like calculators,
and in eighth grade, he says he came about
as close as a middle schooler can come to
inventing TiVo (a digital video recorder that
allows people to store their favorite TV pro-
grams and watch them at a later time).
"In 1993,1 had basketball practice at West
Hills Middle School in West Bloomfield
and I'd always miss the start of MacGyver,"
Raznick recalls. "I couldn't understand
why you had to be home at a certain time
to watch a show. I went to the library and
researched digital hard drives. I talked to a
patent attorney, but TiVo executed faster and
filed the patent first:'
Raznick even emailed TiVo's CEO who
suggested the teenager might want to work
for him. But, that was not in the cards. After
graduating from Andover High School in
West Bloomfield, the natural rainmaker was
accepted to the University of Michigan's
Ross School of Business. As a college student
in Ann Arbor, Raznick started an online
bookstore that had more than 1,000 cus-
tomers and sold more than 10,000 books
in just two semesters. Then, he founded an
Internet dating service. There were count-
less other business ideas along the way.
"When kids were going away on spring
break and stuff, I was the nerd working on
start-ups',' he says. "I was always thinking –
`If there's a problem, how can I solve it?'"
Next Big Thing
"We thought if we provide quality content
That well-honed thought process, risk-tak- from successful investors that would bring
ing attitude and entrepreneurial spirit led
in readers who want to read it," Raznick
the 33-year-old from Bloomfield Township says. "We talk to CEOs of public companies
to forge ahead with his next big thing, an
and analysts on the street all day to provide
innovative online news and analysis ser-
unique analysis you can't find anywhere
vice focused on global markets.
else. Our writers all have some sort of
With about a $5,000 investment and
background in investments. We present
technical assistance from a
scenarios. We report and let the
few key people he met online,
investor decide."
Raznick launched Benzinga.
The company also offers
corn from his basement in
exclusive interviews with CEOs
early 2010. The company name
and business leaders on a
has no real meaning: Raznick
Benzinga radio podcast, and
says as a child he and his
other tips and tools for inves-
grandfather would make up
tors. It comes with a disclaim-
funny words and "benzinga"
er: Benzinga is not responsible
was one of them. But, make no
for any investment decisions
mistake, this is serious busi-
people make as a result of the
ness.
information they read.
On Aug. 18, Jason
Seemingly overnight, the
"We had record traffic when
website is getting 2.5-3.5 million Raznick and his
Standard & Poor's downgraded
page views per month. The busi- wife, Stacey,
the U.S.'s AAA credit rating
welcomed their new
ness news channel CNBC and
or the first time in history,'
son, Joshua James,
Fox Business are among media
Raznick says. "People wanted
who joined sister,
outlets that now call Raznick for
to know how to safeguard their
Riley, 2.
live interviews.
investments. We were busy gen-
"News keeps you in tune with
erating trading and investment
what's going on in the markets — but, we
ideas for our readers."
wanted to take it one step further," Raznick
says. "We bring 'bullish' and 'bearish' ways
Major Investment
to play it. There's really no one doing exactly Lightbank LLC, the technology investment
what we're doing."
fund started by Groupon co-founders Brad
Clearly, in the midst of these challenging
Keywell and Eric Lefkofsky, recently invested
economic times, Raznick found a niche. The
$1.5 million in Raznick's made-in-the-
site offers a variety of different premium
basement startup.
memberships; the bulk of the company's
"They realized the potential of what we're
revenue comes from subscriptions and
trying to do',' he says. "They understand our
advertising. Readers are invited to "stay
vision:'
informed,""make money" and "interact."
Right now, Benzinga is in the midst of
They get real-time news, financial insight
moving to a new 8,000-square-foot space in
and actionable trading ideas.
Southfield. Raznick also wants to open offic-
es in Ann Arbor and Detroit. He has addi-
tional locations in Chicago and Delaware.
But, the West Bloomfield native who
grew up here and attended Adat Shalom
Synagogue in Farmington Hills almost
moved to Chicago to launch his business.
He was convinced to stay by the Jewish
Federation of Metropolitan Detroit, which
gave him free office space for a year through
CommunityNEXT, a young professional
retention program. As a result, Raznick
remained in Michigan and created 20 new
jobs. He hopes to have 35 employees by the
end of the year.
He even has an incentive program where
people can receive tickets to Michigan
sporting events or products from Michigan-
based companies as a gift for referring qual-
ity candidates who are hired.
"We have a celebratory culture. It's a cool
place to work': Raznick says. "I'm trying
to build a long-term sustainable company.
I think there's a huge future here. I really
think we can ignite growth and build a suc-
cessful company in Michigan!'
While he's at it, Raznick is also helping
increase the local Jewish population. On
Aug. 18, he and his wife, Stacey, welcomed
their new son, Joshua James. They also have
a daughter, Riley, 2.
Here's how the big news was announced
on the company blog: "We're proud to
announce that Stacey Raznick, wife of
Benzinga's own Jason Raznick, has given
birth to a baby boy! Shares of Jason's happi-
ness rose 9,000 percent on the news:' LJ
To learn more about Benzinga, go to
benzinga.com or pro.benzinga.com .
The company's blog is located at
benzinga.com/blog.
September 22 2011
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