Who Needs College?

Meet three guys who blew off the Ivy League to start a new kind of rental car company.
5:42 | 06/28/13

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Transcript for Who Needs College?
For many of us, our cars are deeply personal. We really don't want anyone else using them. Well, you're about to meet three teenage boys who are betting their futures on the notion that you will rent your car to someone else. So, what's in it for you? Here's chris connelly with three self-professed geeks and their great idea. Reporter: Whip smart, forward-thinking teens, primed for the prestigious colleges that accepted them. They are among the finest minds of their generation. I think we've always sort of been geared to the mindset that we want to do something extra. Reporter:18-year-old rujul zaparde is a classics scholar who got into harvard. 19-year-old kevin petrovich is an acclaimed pianist who picked princeton. Shry ganesh-ram, 1 didn't even graduate high school before heading off to m.I.T. Yet these three high-achieving guys all then blew off college. You want to campus preview weekend and that was enough for you to say no? The weekend was great, but you know, couldn't -- flightcar was too good an opportunity. I decided I kind of wanted to do something more hands on and get some real world experience. Reporter: Meet the founders of the fledgling business flightcar, a car rental company here near the airport in san francisco. A so-called peer-to-peer outfit, flightcar allows customers to rent and drive other people's cars. Here's how it works. Let's say you're going out of town. Instead of leaving your car at long term parking, you'll drop it off at san francisco's flightcar. Then they will rent your vehicle to someone coming into town. The big draw, I think, was the convenience. The price. And the type of cars they had. Reporter: While others may just see cars coming it in different airport lots, these three saw an opportunity. Thousands of cars that are owned by different people, paying $18, $30 a day just to have them sit there doesn't make sense. Reporter: Rates for renters are rock-bottom, starting around 4 bucks a day. And how does that compare to avis or hertz? You'll probably be paying at least around $40 or $50 a day at, you know, one of the major rental chains. My car's not doing anything, why am I just paying for it to sit there. Reporter: Flightcar launched in summer 2012. And with their locations at boston's logan airport and here in san francisco, the company says they now have an average of 150 cars on the road. At any one time. Are you guys profitable yet? Not yet. I don't think it's about how fast we get profitable. It's more about how fast we can make this company big. Reporter: Well, they raised $6 million in venture capital fast enough. This teenage dream has even gotten some dough-re-mi from the -- uh -- "idol" rich. Ryan seacrest gave you money. He just loved the concept and we're very obviously happy to have him on board. Reporter: When it's time for the trio grande to kick it with big money types, dressing for success often means pulling on the hoodie. Sometimes we dress up a little more. Generally speaking, I'm not this dressed up. I never wear collared shirts, generally. I actually had to buy this in order for this -- for this interview. That's how rare it is. Reporter: It's not rare to realize the six-figure sums four years at college can cost. At those prices, struggling to get a b.A. Might seem like a lot of b.S. Maybe that's why their moms and dads didn't lose it when they ditched school. My parents were like, okay, well, if this miserably fails, which it probably will, then he'll go to college. But obviously, you know, things changed. We thought that if we waited even a year, it would -- the train would leave without us. Reporter: At the time when you guys hatched this idea, did either of you own a car? Ah, no. No. Reporter: To protect the people that do own the vehicl vehicles -- flightcar checks the driving records of all of its renters. But their slogan suggests a trust factor. Runs on car-ma. We really do trust them. Reporter: It's a lovely sentiment. Let's face it. People aren't always gentle to a rental. The idea of someone else in your car, you just really don't note what they're going to be doing in it. Reporter: What happens if you get a guy who really wants to give that rental car a beating? The common demographic for renters is people 50-plus. That's surprising for us. They just tend to be more responsible and they also realize that, hey, it's somebody else's car. Reporter: What they might have lacked in experience, these two needs higher learning teens say they've gained in pure gumption and youthful thinking. Even when we are talking to the city and they tell us that something will take two months, we're like, what? We need it in two days. Reporter: They are already talking to the city. The city attorney, who is suing flightcar for refusing to pay the airport fees that the big boys fork over. Like every business, they have to play by the rules. It's not fair to other companies that do play by the rules when they've got a competitor who is cutting corners. Reporter: The only thing they're cutting is class. How many cities will you be in if we have this conversation two-year-otwo years from now? A lot. Hopefully 20 or 30. So, what do you think? What would you do? Tell us on CC1 Test message

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