Anyone who has ever been in college knows the benefit of using a classmate’s notes to catch up on what’s going on in class or to study for a test. Dave Petruziello and Mike Matousek have created a way to share those notes -- and make some money at the same time.

FlashNotes came out of a class project Matousek was working on for business class while at Kent State University in 2009. The company is a virtual marketplace where students can buy and sell study materials -- notes, book notes, study guides, custom flash cards, and book summaries.

The two launched FlashNotes last spring at four universities in Ohio and Michigan and the site instantly went viral. “We’re like Amazon or eBay for class notes and study guides,” says CEO Petruziello. “We’ve had a lot of success with it.”

FlashNotes is now at 44 colleges and universities across the country. “We never did any promotion,” says Petruziello of the company’s success. “People just grabbed it and have taken it to new locations.”

Users sell their notes at $1.99 and higher, depending on content, difficulty of the class and length. FlashNotes takes a 20 percent commission on the sale, the seller keeps the rest. “We’ve had students make over $500 a week selling their notes,” says Petruziello. “We provide a service for students.”

Petruziello stresses the social networking aspect of the concept. “It’s not about whether you missed class, it’s just additional study materials,” he says, noting that they have added a feature where users can search for notes by ISBN number for specific textbooks being used by different classes.

FlashNotes is growing quickly. Petruziello and Matousek plan on opening additional offices in Boston and they are in the process of hiring a CTO. Additionally, they plan on bringing their web development team in-house and hiring student reps on campuses.

Source: Dave Petruziello
Writer: Karin Connelly