A True Baller: Creator of HopStop App Sells To Apple & Teaches You How To Acquire Wealth

You don’t have to rap or play sports to be a black man balling, just ask Chinedu Echeruo, creator of mobile app, HopStop. HopStop is an app I personally use. The app covers over 300 cities and that helps people get directions or find nearby subway stations and bus stops. Much like the Transit option that Apple Maps took away from the iPhone at one point. It’s very useful when you’re in a place like New York. You can find out when a train is coming, what train to take and how long it will take to reach your destination. Apple saw so much promise in the app that they acquired it. Although the details of how much have not been released yet, it is being compared to Israel’s “Waze” which was recently acquired by Google for $1.1 billion.

According to CP-Africa, Chinedu Echeruo grew up in Eastern Nigeria and attended King’s College, Lagos. He attended Syracuse University and the Harvard Business School in the United States and founded HopStop.com after working for  several years in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan Chase where he was involved in a broad range of M&A, Financing and Private Equity transactions. He also worked at AM Investment Partners, a $500 million volatility-driven convertible bond arbitrage hedge fund.

He founded and raised nearly $8 million for his two U.S based internet companies; Hopstop.com and Tripology.com. Tripology.com was acquired in 2010 by American travel and navigation information company, Rand McNally. He was named Black Enterprise Magazine’s Small Business Innovator of the year and listed in the magazine’s Top 40 under 40 and is currently a partner and head of the Principal Investing group at Constant Capital, a West Africa based investment bank.

When it comes to acquiring wealth of my own, I love to soak up knowledge from those who have done it. I found this awesome article on Bella Naija about what we can learn from Mr. Echeruo that may help us in our quest for financial stability. Read Below: 

1. Attempt to Fix a Problem…
When Chinedu first moved to New York City in 1995, it was pretty difficult for him to navigate the busy city with ease. This “problem” sparked the creation of HopStop a few years later. It’s a national pasttime to list Nigeria’s problems, consider creating something to fix one of them! It could be your million dollar ticket.

2. Evolve with Your Customers
Chinedu emphasized this as a key point in his recent interview with Black Enterprise online. Since it launched in 2004, HopStop has evolved as customers needs have changed. It’s comprehensive mobile application is one clear illustration of that.

3. Focus on What’s Best for the Business, Not You
Chinedu stepped down as CEO of HopStop in 2009 to make way for someone who was better suited to lead the company towards its goals and objectives. As entrepreneurs, it is easy to keep clinging on to “power”, know when to step aside. Our “long-serving” African presidents can certainly learn from this example. In his own words, “I Had to Check My Ego at the Door” {Source – Inc Magazine}

4. Don’t be afraid to be a Serial Entrepreneur
Tripology.com is another company founded by Chinedu. Even if your last business was not successful, pick yourself up and try again.

5. Do Not Underestimate the value of a Good Education & Experience
Granted we cannot all graduate from Harvard Business School or work for major investment banks. However, the value of a solid education and experience will only enhance your entrepreneurial pursuits. “Before his entrepreneurial career, Mr. Echeruo was with AM Investment Partners, a USD $500 million volatility-driven convertible bond arbitrage hedge fund. Prior to completing his M.B.A., he spent several years in the Mergers and Acquisitions and Leveraged Finance groups of J.P Morgan Chase where he was involved in a broad range of M&A, financing and private equity transactions. He holds an M.B.A. from the Harvard Business School and B.S in Finance and Accounting (Honors) from Syracuse University.” 

I don’t know about YOU ladies but THIS is the type of Baller I’m looking for! He looks kind of young too? Is he single?