Most startups need help marketing their products.
Wahooly is solving both problems by offering social media influencers free equity in startups in exchange for promotion. It's Klout and Kickstarter combined.
Based in Minneapolis, Wahooly gives people a vested interest in the startups it works with. It provides a personalized dashboard for each user, providing real-time information on the companies they've invested in, while also determining each user's equity stake in each company.
"The way we view it, money is short term, but brand advocacy is long term," Wahooly cofounder Dana Seaverson tells us. "These are people who have a vested interest in seeing startups succeed, and the startups we're working with are looking for validation in the marketplace."
In order for the equity-owning user to make money, one of their portfolio startups must with buy back the shares, get bought out, or go public.
Wahooly is in alpha right now but is planning to launch publicly in January with 200 startups on board. It is being bootstrapped by its three cofounders, Dana Severson (Business Development), Tony Holmes (Designer), and Connor Hood (Programmer).
(sigh)
EM
The fact is, we're looking for people who can spread a word. You don't have to be a super user, but if you want to see any value out of Wahooly, you should be an active social participant. Our algorithm isn't based solely on the quantity of followers, rather the quality of your reach.
EM
In regards to conflict of interest: It's a great point that you bring up. Think of our users as stock owners. You could make the same argument about anyone who has money in the market. If someone owns shares of Apple, do you trust their favorable review of an iPhone? It's a subjective topic.
I do appreciate you taking the time to consider the business and raise your issues. It provides me an opportunity to address questions that others might have.
Feel free to email me danaseverson at gmail dot com and I'd be happy to discuss.