One of the wonderful things about collegiate academics is that a harmless course project always has the potential to grow into something successful outside the classroom. At least, that is how it worked out for sophomore bioengineering major Elene Nakas, the founder and CEO of Fruit2U.
Operated by a six-person staff made up of financial, nutrition, marketing and website advisors, Fruit2U is a fresh fruit delivery service that bargains various produce and sends the fruit right to students’ dorm rooms and campus apartments.
The student-run business buys fruit from local stores such as Aldi, HMart, Mega Farmer’s Market and Shoppers and distributes it all to customers on the same day.
“The idea behind Fruit2U is to expand the healthy options available to students living on campus by supplementing those offered by UMD dining services,” Nakas said.
Although Fruit2U has always been a real-life production, the company originally started as a business launch obligation in class for Nakas’ Honors College Entrepreneurship and Innovation Program. As part of an online venture challenge, students were required to create and invest in their own startup and attempt to raise $750 in profit in 45 days.
Although Fruit2U did not earn back its initial investment price, the income it did earn during the online venture challenge period will be donated to the UMD Campus Pantry, a room full of emergency groceries for students in need, located on the ground floor of the University Health Center.
“It was a bit scary to invest our own money in this project, not knowing from the beginning if we’d be able to break even and earn back our initial investments,” Nakas said. “We had the real life experience of risking our investments that entrepreneurs have all the time, which gave us a taste of the excitement and uncertainty of being an entrepreneur.”
Although Nakas believes it was rewarding to receive positive feedback from students who appreciate the food service, the Fruit2U business came with its up and downs.
“Since starting the business, I have learned that it is important to scale once you have gauged customer interest and demand,” Nakas said. “Unfortunately we overspent in our startup costs because we knew we had to reach a certain milestone for our course; however, we should have focused on ordering inventory as our business grew.”
As a young entrepreneur, Nakas encourages other business-savvy students to gain a basic understanding of finance first, and then go all in.
“I’d advise others who are looking to start a business to just jump in! Investing your time in something that is very important to you is rewarding and exciting,” she said.
Nakas’ class’s online venture period has since ended, and Fruit2U is now taking a break for the rest of the semester. However, those interested in the business may still contact the Fruit2U Facebook, Instagram, Twitter and Pinterest accounts.