Regnault Drake’s journey to entrepreneurship wasn’t always a straight path. Graduating from Georgia’s Luella High School, he had hoop dreams to go D1. He received an NAIA scholarship but chose to attend and try out at Kennesaw State University as a walk-on. After that, he tried several jobs: music, photography and even a sales job. All the experience and trials through those times led him to found Schoolconomy, which is a mobile platform that empowers students to earn gift cards and experiences for their good grades and also positive behavior in the classroom. He pitched this idea on the first day of the Peace And Purpose Conference pitch competition — and he came out the winner. Drake came to the rolling out studio to get more in-depth about his winning idea.
When was your first venture into entrepreneurship?
That was my first time in the tech startup space, but I’ve been an entrepreneur at heart since I was a kid. So, from doing things like building websites — [and] being a photographer by trade also over the years — has really helped me to get into the space of being an entrepreneur. So, I attribute it to those first steps towards entrepreneurship.
What are some lessons you learned playing basketball?
What I really learned and what I took advantage of is … you got to put those extra hours in, and you can’t always quantify what impact that work is making. So, staying consistent with those things and compounding interest is what it’s really about. Also, the teamwork element — building a team, keeping your team motivated and keeping your team around you — is important to win. So at the end of the day, that teamwork element really goes a long way.
What is Schoolconomy?
Schoolconomy is a mobile platform that empowers students to earn gift cards and experiences for their good grades and also positive behavior in the classroom. So, we’re a software as a service for schools and school districts, and we’re also a consumer product for individual students who want to upload their grades and stay motivated in the classroom. We get everybody involved, from companies to schools. [Ultimately, it’s for] individual students and just create an environment that’s win-win for everybody and keep students and people motivated to graduate and in turn have better life outcomes.
Where did the idea come from?
It came to my mindset that school is work because we do a ton of work. They tell you, are you part-time or full-time? From having that perspective, that’s when the idea spawned. Fast forward six years after graduation, I decided to go ahead and take that first step toward developing a product in October of 2022. And then we launched in January of 2023.
What were some difficulties you faced starting your product?
I think the biggest thing is staying alive more so than starting. So, I think starting was the easiest part. But the element of obtaining the social proof to survive and to signal to anyone else in the market that this is a viable product that can be utilized, I think that was the bigger hurdle because when you go into a market that already exists, that’s one thing. … This is the first product of its kind. Of course, there is skepticism around that. Henry Ford said if I gave them what they wanted, they would have just asked for faster horses. So, when you are being innovative, you have to give the market time to adjust — to really adjust — to what you’re presenting to them. Biggest thing is to stand behind the product and survive.
Where do you see the product in 5-10 years?
In five to 10 years, this company will be the premier place for students to come and stay motivated. This will be the premier place for educators to reward their students in class and throughout their lives. And this will be the premier place where companies and corporations … come to engage with specific demographics of students that they want to inspire through their corporate initiatives.
