Jet.com Crowdfunding Model Just Turned Referrers Into Millionaires
Walmart just purchased e-commerce site Jet.com for more than $3 billion. That has made millionaires out a number of people who referred other investors to the start-up
Jet.com founder Mark Lore decided to use a form of crowdfunding to growth hack his latest company. The Jet.com team launched a program called Jet Insiders, offering shares of Jet.com to those who generated the most signups. The program was a huge success. It gained 350,000 users pre-launch and the top referrers just became millionaires from simply supporting the company early on.
One of Jet.com's early backers, an insurance agent based in Pennsylvania named Eric Martin, received 100,000 shares in exchange for referring the most people to Jet.com. At the time, Eric disclosed that he spent just $18,000 on online ads in order to drive Jet.com signups. As a result of the recent Walmart acquisition of Jet.com for $3 billion, Martin's share is now worth a reported $20 million. That represents an 1,111x return on investment in just 1.5 years and a staggering 10,674% IRR. Nine other backers received 10,000 shares each and they will all walk around with a reported $2 million each.
Do you think Steemit will follow in Jet.com's path and create wealth for early adopters and promoters?
It would be cool if Steemit paid out "steem" to users who refer high volume contributors to the platform. ;)
That would be great! I've been hesitant to really push the platform because you cant really monetize it well.
lol great post. I think it will. It may already have. What are the ROI of whales we have today? Who invested how many $'s to have millions now? :P
I'm interested in the long-term. New ventures can get amazingly frothy quickly. The returns need to be sustained over a ten year period.
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