The Class of 2007: Where Are They Now?

A bevy of Web-oriented enterprises featured in BW's Best European Young Entrepreneurs has prospered, while a few contestants are foundering

By Matt Mabe

A lot can happen in a year, as the winners and nominees of last year's Best European Young Entrepreneurs contest (BusinessWeek.com, 6/1/07) clearly show. Of the 10 who responded to our request for updates, most rattled off growth figures, marketing strategies, and future goals with a business acumen that would impress even the most seasoned corporate executives. But at a time when the global credit crisis has dried up loans and spooked venture capitalists, it's make-or-break for many of these twentysomethings.

Although his fellow contestants are proving to be formidable challengers, last year's champion, Aodhan Cullen, continues to enjoy what is probably the most successful business. Cullen's Dublin-based Statcounter, started in 1999, allows users to track and measure the number of hits on their Web sites. The online tool, which competes with rival offerings from the likes of Google (GOOG) and Omniture (OMTR), also tracks the geographical origin of hits, documents what pages visitors view on a site, and logs the keywords they use to get there.

Even before the BusinessWeek contest in 2007, Statcounter was wildly popular, with more than a million registered users and money rolling in. Today, 50% of Cullen's business still comes from the U.S., but he says BusinessWeek's coverage created a surge among European customers. Winning the contest also yielded a barrage of media coverage that featured Cullen on radio and TV programs across Europe.

Statcounter Stays Independent

Cullen says business is better than ever, and that the economic crisis has actually helped. With bloggers and Web site administrators eager to avoid wasting valuable advertising space on their pages, Statcounter can help them maximize returns on their ads. The company, which remains profitable, now counts 2 million members and tracks 10 billion page views per month across 3 million Web sites. An average of 1,500 members sign up for the service every day.

The phones at Statcounter's Dublin headquarters are constantly ringing with venture capitalists and larger companies eager to talk takeover or investment. But Cullen won't budge. "We've done the hardest part already," he says. "We don't need the money now, and we just love what we are doing." Statcounter continues to add more features and improve its services, based on member feedback. Cullen says he hopes to increase membership by 25% this year.

The runners-up in last year's contest tell similar stories of success. They've been winning awards for innovation and design, expanding internationally, and striking deals with major companies.

Greek fashion designer Thomas Mylonas is a busy man. At the time of last year's contest, his Amsterdam firm, Dot Kite, had already designed shoes for Puma (PRTP.PA) and clothes for Hannah Marshall. Since then, Dot Kite has grown 300%, attracting the interest of venture capitalists in Greece and Holland. This year, Singapore Airlines (SIAL.SI) and Boeing (BA) even approached Mylonas about designing interiors for the new 787 Dreamliner. A tireless entrepreneur who focuses his energies on the luxury industry, Mylonas found time this year to start a company called Loggia Imports, which brings high-quality Italian and Argentinean wines and extra virgin Greek olive oil to the Netherlands.