Two roads diverged in a wood, and Mark Yosowitz ’94 took both. And then some. He has been an English teacher, a big firm lawyer, a Hollywood screenwriter, and a corporate executive. These days, he finds himself something of a start-up guru as Senior VP of a company that hopes to change the way we use electricity through a clever new device called the Modlet.
Yosowitz began to realize his life was not destined for a traditional path shortly after he graduated cum laude from the University of Pennsylvania in 1990. He was at an interview for a management-track job when he had a “light bulb moment.”
“It just hit me. It’s not my time to work in a large corporate environment,” he recalled. He promptly thanked the interviewer for his time and left.
Within a month, he had moved to Madrid with nothing more than a suitcase. Yosowitz found work teaching English as a second language and as a freelance writer. After a year in Spain, Yosowitz decided he was ready for the real world. Following in his father’s footsteps, he applied to law school.
At Brooklyn Law School, Yosowitz excelled, earning spots on the Moot Court Honor Society and the Brooklyn Journal of International Law. He graduated cum laude and, in 1994, joined Shearman & Sterling’s International Corporate Finance Group. There, he traveled extensively throughout South America, putting his Spanish to good use while working on corporate finance, mergers and acquisitions, and international project finance matters.
Yosowitz moved to Shearman’s San Francisco office, where he continued to work on corporate finance matters during the dot-com boom, while developing a niche for prospectus writing. But as Yosowitz learned more about the businesses he was describing, he grew frustrated. “I wanted to be on the other side of the table,” he said. In 1998, he returned to New York, to work as a strategic consultant, helping develop ideas into business plans, and eventually, offering memos for seed capital. One of his clients was Opus360, a workforce management technology company that he guided through several acquisitions, three rounds of financing, and an IPO in April 2000, the week the NASDAQ dropped 900 points. “We were the last company before the door slammed shut on that whole era,” he recalled. He moved to California to help run Opus360’s Los Angeles office, but the company stagnated in the post-tech bust and was sold.
Yosowitz once again found himself considering disparate choices. He knew he could go back to law or consulting, but he’d missed writing since his days in Spain. He decided he’d try his hand at writing a screenplay. His first didn’t sell, but was good enough to land him an agent right out of the gate. His second screenplay was bought by Paramount Pictures. Yosowitz was hired to do rewrites on the film, but, as is often the case in Hollywood, the project died in development. When a friend from Penn called to see if he was interested in returning to the business world, he said yes.
With a few partners they founded Educational Direct, a federal student loan consolidation company that Yosowitz, as President, grew from a pure start-up into the fourth largest in the United States, with over $5.5 billion in loan origination. The company eventually became a lender with a $2 billion line of credit, and was sold to a private equity firm in 2006. But when the credit markets collapsed and private lender participation was eliminated in 2008, the business was over. Yosowitz was charged with dismantling a company it had taken him five years to build. “It was an emotional process,” he said, but also a learning experience. “We had to take it apart in the same thoughtful manner as we did in building the business.”
By 2009, it was time to look for new opportunities. Through his investment company AMP LLC, Yosowitz took interests in a variety of early-stage businesses. At these companies, Yosowitz continued to play the part he played throughout his career, advising on business and legal matters, and managing strategic investments from term sheets to completion.
Yosowitz’s current project is ThinkEco, a leading NYC green technology company and inventor of the Modlet, a “smart outlet” that monitors and controls appliance electricity usage. Generally, when plugged in, appliances drain power even when not in use. The Modlet eliminates wasteful energy use by automatically turning off power to appliances when they are not needed, increasing energy efficiency and savings for both commercial and residential consumers. So far, the Modlet has been shown to save six to ten percent on monthly utility bills. The device has been featured on the Martha Stewart Show, the Today Show, and in The New York Times’ Technology section.
Teacher, lawyer, screenwriter, executive, and entrepreneur: Yosowitz relished all of his roles, and has no regrets. “I am the sum of my experiences to date” he said. ”There are more hills to climb, and I look forward to the next opportunity.” One more road to travel.