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Texas Startup Profile: GameWager

March 29, 2008

gamewagerSarah Lakhani, of the Texas Entrepreneur Association, turned me on to a startup called GameWager.  She described GameWager as an online platform that matches gamers wanting to play each other for money, prizes, and recognition in existing PC and Console games.  George Giannukos and Thomas Marriott, co-founders of the company agreed to answer a few of my questions:

Alexander Muse: What convinced you to leave your job at the hedge fund (Sasco) to start your own business?  How did you settle on the pc gaming competition market?  What is your favorite game?

George Giannukos: I have always enjoyed finance. While in school, I worked at a hedge fund my entire sophomore year in college. Also spent my summers doing private equity, however, my ultimate goal and focus in life is to be financially free and in charge of my own life. Since the age of 16, I’ve wanted to be an entrepreneur. I believe making the jump while your costs are low and you have relevantly little responsibility (no wife/kids) is the best time to start something. As they say – entrepreneurs live like no one else in the beginning (ie eating ramen noodles) to live like no one else in the end (ie yachts, private jets, etc.).  When I was in high school and beginning of college, I was a big gamer. I enjoyed First-Person Shooters and Real-Time Strategy games most. Also played sports games when I owned a console. So at one point in my life I loved playing games. It’s a little more difficult these days to find time to play, but I still enjoy learning about new games coming out and this industry is pretty freaking cool (beats going to say waste management industry conventions!). The game of choice right now is Counter-Strike.

Thomas Marriott: I was born an entrepreneur and can’t think of a better way to spend my life. I started my first company – Penny 3000 – at 13 and couldn’t imagine working for someone else longterm. I left my employer of 5 years, Woodforest National Bank, and Texas A&M because the timing and opportunity was right. I am still an active gamer and playing COD4, Crysis and CS:S.

Alexander Muse:  How has your experience at the hedge fund (Sasco) colored your view of the pc gaming business?

George Giannukos: I think pretty much everyone understands video games is big businesses and adding poker-style wagering to these “skill” games isn’t a hard concept to get. Almost everyone sees the potential immediately. The hard part is executing and tweaking the model just right for success (just ask Google).

Thomas Marriott: My financial work experience was irrelevant as it relates to gaming but invaluable with the business skills I obtained – something a textbook couldn’t begin to explain.

Alexander Muse:  Why did you partner with each other?

George Giannukos: Yes, GameWager has two founders. We both knew each other from college and had been involved with a few different organizations. This was a good way for each of us to see the other person’s follow through. Without execution you have nothing and I think that’s our greatest strength when compared to almost everyone else that wants to start something but doesn’t – no follow through. I’m convinced of that. As they say, ideas are worthless without execution and that’s completely right. As of now, there isn’t a market to buy and sell ideas.

Thomas Marriott: As George mentioned, our prior relationship validated our interest and commitment in business and entrepreneurship. We are both executers – the single most important key to entrepreneurship – and partnering on GameWager was a logical next step.

Alexander Muse:  What are you long term plans for growth at GameWager?  IPO?  Sale?

George Giannukos: The goal is to create long-term value for my shareholders, myself, GW employees and the gaming community. So whatever route achieves those objectives is the route I’d prefer to take the company.

Thomas Marriott: The day I walk into Best Buy and see the GameWager chip on every box with “GameWager Supported.”

GameWager Profile
Year Company Founded: 2007
Co-Presidents: George Giannukos and Thomas Marriott
Company URL: www.gamewager.net
Number of Employees: 5
Yearly Revenue (2008): in development
Amount of Outside Capital Invested to Date: undisclosed (closed Seed round)
Primary Investors: Texas-based angels (including Todd Wagner)

Written by Alexander Muse · Filed Under Blog, Startups 

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