Last Thursday, Veritas Prep co-founder and CEO Chad Troutwine had the honor of addressing a group of aspiring entrepreneurs at the Yale School of Management. Chad, a Yale SOM Class of 2002 alum, spoke to the group about the drive he always had to be his own boss.
Chad went into great detail about how Veritas Prep got its start in David Cromwell’s entrepreneurial planning class while Chad was at Yale. He arrived in New Haven with the seed of an idea for a new kind of test preparation company, but he credits Cromwell’s class for helping him to fully flesh it out and begin putting the pieces together to form what would eventually become Veritas Prep.
According to the Yale Daily News:
“When I started SOM in 2000, we’d come off a decade that was really dominated by Kaplan and the Princeton Review,” [Troutwine] said. “I taught the GMAT for Kaplan, and they were really mediocre.”
Instead, Troutwine designed a GMAT program that offered a 42-hour preparation course — compared to Kaplan’s 16 hours — taught only by people who had scored in the 99th percentile on the test. Today, Veritas Prep is the largest privately owned GMAT prep provider, with over 500 employees in 22 states, said Troutwine.
Professor Cromwell weighed in on how Chad has become so successful in the crowded test prep industry:
Cromwell said Troutwine has been so successful because of a combination of persistence and skilled salesmanship. “He’s very persisitent, that’s one of my favorite characteristics of successful entrepreneurs,” he said. “He’s determined, and creative.”
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