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Worm Gold Continues

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    Young Guns Reloaded: Revisiting Terracycle's Tom Szaky--and the worm extracts that made him a millionaire

  • Duration 5:04
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Three years ago in our first installment of Fox Business is younger and series we profiled at twice six yelled -- nor Tom exactly.

Whose company -- cycle was revolutionizing.

The fertilizer business with the help of thousands of worms.

Today exactly has gotten a little older he's not -- nine.

But He still young guns -- us and his company has continued its great success story -- here in our Fox Business CDO to give us an update.

Time it's great to have you great to be back thank you -- how I think it's.

Have been amazing with -- cycle we've since we last met we've I think almost tripled or quadrupled in size were now at a hundred employees and nineteen countries.

Solving waste of all forms now you wrote a book yes I did revolution a bottle tell me about -- that was a fun experience and it was basically a revolution -- covered.

Sort of -- how to recycle began it's really a you know in the shoes of an entrepreneur seeing what it's like to drop out of school you know start in sort of -- garage environment and then grow a business from there.

Now when we spoke -- I don't was being sold at -- -- Home seatbelt but you've also tried to get into retail stores as well yeah our very first or was -- replica Brooklyn then we opened a larger one up in Port Authority and then we tried doing a boutique in Princeton which is little bit more so that she she fuel.

And you know the whole concept to the store was that you can bring in your garbage because today in the US Stericycle -- almost fifty types of previously non recyclable waste like from chip back to toothbrushes.

And then you would get store credit and and you can buy products made from the waist.

And people were bringing garbage that was great and people were buying products but because our products are initially suited for like Wal-Mart they're typically very cheap and so we just could never drive enough volume to make the whole thing financially work.

Are you looking to open -- -- retail store yeah absolutely I mean would definitely -- but I think this time we're gonna go really high end so.

We're gonna leave the discount products in the -- products -- with our partners in the big box around.

And go for things like really high in bags really high end furniture or more for a boutique shoppers so that way.

We'll offer something different and may be be able to get the right volume and to make it all work.

Have you had any other bumps in the -- Yeah I mean planning I think when you when you start -- business the name of the game is bumps in the road so.

You know everything from how we raise money that's has a -- to raise about eighteen million dollars in its history to get to where it is today.

Being a young person running a business I mean I'm just about to turn thirty and we now have a hundred employees and that hasn't been always easy how to learn how to manage and to do that.

So in 2008 when we first spoke I think you're projecting six point four million in revenue but He projecting for 2000.

So this here we should do somewhere north of sixteen or seventeen million in total revenues of close to triple when we last night.

And and how does that make you see -- But -- growth of the company I have to say it makes me feel incredibly -- an incredibly good you know that are cycles growing so well but it's still in my mind a very small business and I really hope that if we meet again in.

Three years from now hopefully we'll be at 5060 million and getting a little bigger now obviously there's been upward trend with your revenues.

Have you been hard at all by the economic downturn.

So the economic downturn has affected us for sure but -- -- has been able to maintain really aggressive growth throughout that face I think.

We -- probably grown faster had the -- had the economy been a little stronger.

But it was nice to see that even with a really challenged economy.

We were able to -- -- there are some benefits from a -- economy for.

A young business -- -- limits competition it's much harder for people to start a competitor when the economy isn't doing well.

And garbage is a universal issue so it's not it's something that is limited to any country or relevant on economies we were lucky enough to find an industry where.

It didn't seem to have a strong in effect as on some other industries so in the -- are you glad that you dropped out of Princeton are you glad that you became not in our that absolutely I would wouldn't change it for wouldn't trade it for anything in the world.

It's been the one of the most incredible experiences and if anyone out there listening I think that.

Especially in America this is -- as a country it's in that gives you so much opportunity if you have an idea.

That you can go out and make it real get support have people whether it's investors are you know or or or people who believe -- you support you.

And that I'd recommend this path for anyone out there because it's so exciting -- isn't as glamorous as it stands.

-- it's it seems super glamorous but it is absolutely is not I mean there is fun moments right but.

You have to be prepared.

For a lot of with a lot of knows a lot of people saying your -- sucks a lot of your ideas failing.

And you know -- that you know the nice things like money come way after all the pain C got to put in all you do is first.

But the that process is incredibly special and is incredibly fun and if you're open to you know an extreme experience like that then I definitely recommend it.

Tom thank you so much for coming -- and it's been great to see.

Thanks again.

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