Pals hope to be yo-yo tycoons

By Farnoosh Torabi, Special to amNewYork | AMPersonalFinance@yahoo.com

March 12, 2007

Aspiring yo-yo tycoon Patrick Cuartero. (Photo by Michael Casker / March 12, 2007)

When spun right, the yo-yo can yield big business -- enough to let you quit a six-figure job on Wall Street.

That claim to fame goes to Patrick Cuartero and Weber Hsu, buddies from Rutgers University who left their high-paying gigs at Merrill Lynch last year to work full time at Yoyonation.com.

The Web site, which they founded two years ago, is for yo-yo fans young and old, experienced and novice. From limited-edition $450 yo-yos to $20 instructional DVDs, the site offers one-stop shopping for the stringy game.

"You can be a competitor or you can play just for the heck of it," Cuartero said.

Yo-yos, he added, also offer relief from stress.

Cuartero's expertise -- he yo-yos competitively -- coupled with his and Hsu's backgrounds in business and technology set the stage for the Web-based business.

"It was kind of a seamless integration," said Hsu, who also has begun competing.

Business has been brisk. The 26-year-olds think sales of their new business will top the $1 million mark this year. That's more than double the company's revenue in 2006.

The site has hired two more Wall Street types to help reach sales goals.

What began as a shopping destination for hardcore yo-yoists now features $4 yo-yos, books and how-to videos to appeal to the masses.

The site will soon offer a podcast and a video blog of yo-yo reviews and lectures.

The site also carries a limited edition clothing line and sells yo-yos to corporate marketing teams. For example, Yahoo's promotions department just bought 200 yo-yos.

"Yo-yos come in and out of waves every eight to 12 years," said Cuartero.

"Our goal is to bring back that wave, and we¹re going to take New York first." Yoyonation.com has begun sponsoring after-school programs. They also plan to host a contest in Union Square Park this summer.

The event would be just steps away from their headquarters, which also doubles as Cuartero and Hsu's penthouse apartment.

It's another bonus, the pair said, as they can now work in shorts versus suits and ties.