I have a rather unique question and am hoping a few people could offer their opinions on the matter. On my Common Application my number one activity in the activity chart was starting my own Bitcoin related business. At the time of forming the LLC for the company I was under 18 and could not form it myself, thus I had a family friend who eventually became a partner help me form the company. He has played a small role in the company and the majority of the heavy lifting has been done by myself and a fellow peer. We have worked for over a year at this point to bring our business to fruition and approximately two months ago we secured $15,000 in funding, which I included on my Common Application. Our business needed leasing space at a large mall and last week we secured space at one of most trafficked malls in the country. This was of course a big success for us, as we will finally begin generating revenue when we launch in the mall in April. I plan on sending an update letter to colleges with this new information.
The issue however arises in that the company is still as of now in my family friend’s name. We have personally signed partnership agreements and have filed for amendments to our LLC articles of organization but that will take a while to process. I am extremely concerned this will come off as a privileged kid having family connections that handed him everything when this is simply not the case (single mother, two kids, income <$25,000). If anyone has suggestions on how I might be able to assure colleges that this is not the case in my update letter or through some other avenue it would be much appreciated.
I’m no expert, but I’d write exactly what you just told us. I mean, rephrase it a little, but I think you explained it well
If you are applying to colleges that emphasize entrepreneurship this can be huge! You should definitely send an update letter. This can be a major factor in the decision. Good luck getting into your dream college. Where did you apply btw?
@jamesjunkers - Reading it over again I agree with you. I’ll go ahead and reword a few things and send it over to colleges this week. I’m assuming I would email to the regional admissions officers but I couldn’t find the contact information for a few of the schools I applied to.
@parentmike I appreciate that. Given that the company has simply been a project thus far, with a ton of hours put in and no revenue generated yet I’m not getting my hopes up that it will wow admissions officers, but obviously I’m hope it will impress them. I applied to a few different places. Some matches such as University of Richmond and William and Mary and some reaches such as Cornell, Penn - Wharton, UVA, and Notre Dame. Of course I have some safeties too but I’m not overly concerned about those. I appreciate the words of encouragement!
I’m really not sure what you feel you have to explain. You said you already put the business EC in your application. I do not really think they care to know the legal details of your partnership. It is only important what you your role is and what you learned. You should use your essays to elaborate on that or your family circumstances or Other Info section on applications.
@brownparent - I certainly tried to do that as much as possible as I wrote about a relatively rocky upbringing in my Common App essay and wrote any supplements about my love for entrepreneurship. However, if an adcom were for some reason to look the company up they would see the registry under the family friend’s name and I’m just concerned that might raise an unnecessary red flag. I did use the Other Info section to elaborate on the business activities but failed to elaborate on the structure, it just didn’t come to mind at the time.
Like I said, I just don’t see why they would be interested.
@brownparent - I guess to reiterate I’m just concerned it will come across as I played more of a minor role rather than the founder role that I did play. I’m sending an update letter regardless to let them know of the business progress so I thought maybe I should take that time to clear up any possible misconceptions on the matter. However, it is also very likely that I’m being an over-paranoid high schooler waiting for decisions. Either way, I appreciate the input!
Well it isn’t like you are saying you invented Post Its (shoutout to Romy and Michelle). I would just keep it very brief if you must say something and not bore them with how you had to work things out with setting up the company, that is nothing unusual or notable.