Few consumers knew QuinStreet's name, but many had filled out one of its forms. It ran websites and campaigns that drew in people shopping for a degree, an insurance policy or a loan. Then it passed their interest to schools and companies, which paid per qualified lead or click. In early 2010 its biggest market was for-profit education. That industry was booming as unemployed adults went back to school.

Results Over Impressions

Doug Valenti and Bronwyn Syiek founded QuinStreet in 1999. Their bet was that advertisers would rather pay for results than for impressions. A company could earn a margin by matching high-intent shoppers to buyers. QuinStreet built and bought content sites in its chosen fields. It invested in the data needed to price each lead. Advertisers paid only for results, and QuinStreet carried the risk of turning ad spending into qualified leads.

From Colleges to Insurance

QuinStreet priced its IPO at $15 a share in February 2010. New federal rules on for-profit colleges soon cut into its largest business, and the stock fell. The company shifted toward insurance and financial services, where demand grew. Through all the changes, its model stayed much the same: advertisers still paid for results. QuinStreet remains publicly traded on the Nasdaq.

Cover: Morning, Crossroads of the Forts de Marlotte, Louis Auguste Lepère. Art Institute of Chicago, public domain. Chosen for a crossroads (matching buyers and sellers).