Erick Bzovi: Creator of the SettlementApp


[quote style=”boxed”]Fail. The first startup I was a part of was a tremendous failure, within six month we had burned through millions of dollars. Lets just say, you learn what NOT to do very quickly.[/quote]

Erick Bzovi is actively involved in the Internet sector and on his 3rd startup.

He founded HealPay in 2010 and began creating apps that help businesses collect money. He is currently developing SettlementApp , a web app that allows collection agencies to create flexible settlement options in a matter of minutes.

In 2006, he co-founded the online ad network Outdoor Hub. As Chief Operating Officer, Erick was responsible for growing the network to 350+ publishers, 8 million unique visitors and 150 million monthly impressions. Erick’s duties included overseeing ad operations and the company’s seat on the Yahoo! Right Media Exchange.

Erick Bzovi has several years experience in the financial services field while working for Morgan Stanley and Scottrade Inc. Erick has his BA in Finance and his BA in Economics from Michigan State University.

What are you working on right now?

I am hyper-focused on introducing our technology to businesses in the Account Receivables space. SettlementApp makes it easy for businesses to create & send out payment options to their consumers. Think of it as QVC online. Over and over again, we discovered that consumers respond with greater satisfaction and loyalty to businesses that offer flexible payment options. Everyday my goal is to introduce our technology to new companies who should be using it!

Where did the idea for SettlementApp come from?

We saw a huge problem with the way collection agencies collect money. Most agencies rely on costly and outdated methods such as sending letters in the mail. Very few businesses even accept payments online. The lack of web based technology in the ARM space really opened our eyes to the opportunity!

What does your typical day look like?

I begin everyday by checking my inbox and opening my RSS reader to see if any relevant news hit the wire. After that, I make my way to the office and while on the road I call my partner and cofounder, Lancelot. This is when we discuss what we are going to accomplish that day. Once I get into the office, I put my thoughts on paper and make a list of all to-do’s to complete.

How do you bring ideas to life?

Getting out of the office is key. Step away from the noise and clarity is created. Taking a jog outside or going to the gym really helps.

3 trends that excite you?

  • Disruption; right now, a lot of new technologies are (attempting to) disrupt existing markets. In turn, they are creating new markets  and that is exciting.
  • Design; User Interface design has really become a focal point to any successful app. A subtle change in design can make a world of difference.
  • Entrepreneurship in Michigan; GrowDetroit ( is doing a good job highlighting entrepreneurs and startups in Michigan. Detroit hasn’t seen this level of excitement in a long time.

What is the one thing you did/do as an entrepreneur that you would do over and over again and recommend everybody else do?

Fail. The first startup I was a part of was a tremendous failure, within six month we had burned through millions of dollars. Lets just say, you learn what NOT to do very quickly.

What is one business idea that you’re willing to give away to our readers?

CoinStar for soda cans. I’ve always thought businesses should have a bottle return service in the office.

What is the one book that you recommend our community should read, and why?

The Tipping Point: How Little Things Can Make a Big Difference.”

I think this book is applicable to any medium, including the internet. It provides great insight on the origin of trends.

If you weren’t working on SettlementApp, what would you be doing?

Working on another startup.

Three people we should follow on Twitter, and why?

@HarvardBiz – great business tips and case studies
@freep – local news in the metro detroit
@nytimes – great conversational topics

Who would you love to see interviewed on IdeaMensch?

Mark Zuckerberg.


Erick Bzovi on LinkedIn –
Erick Bzovi on Twitter –

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