Meet The Bro Who’s Giving Away One Tenth Of His Company’s Shares To Random People And Why He’s Doing It
Last week, we were introduced to Fan Pay, a new start up that aims to not only compensate people for posting on social media, but they are also giving away 100,000 shares of their company to early adopting users. Handing over shares of your company is an interesting strategy to grow your start up right out of the gates, FOR SURE, but will it work?
Interested in learning more about Fan Pay and why anyone would just give away 100,000 shares to people just for referring other people to sign up, I reached out to the company’s founder Paul Elliott. He was willing to answer some of my hard hitting questions, like, “Hey, Bro, can I have 100,000 shares? I’m a pretty rad guy. Maybe you can just give me 100,000 shares and we can be friends. How’s that sound, fella?”
Anyway, here’s our conversation, minus the part where I pathetically beg him for shares.
BroBible: Before we get to the vShares, can you tell us a little bit about your background and what lead you to launch Fan Pay?
Paul Elliott: I am what you could call a serial entrepreneur. I am always looking for things that could be beneficial to society. I’ve been playing with the idea of Fan Pay for quite some time trying to figure out how to put it together. Awhile back I noticed every company, musician and everything with a fan base period was trying to engage their users to share their content on social media. They’ve all tried all sorts of tactics because word of mouth marketing and referrals are the most powerful ways to get something out there. Its a personal endorsement of something.
Q. How do you see Fan Pay impacting the way advertising is currently consumed on social media?
A. Right now you see all sorts of random ads on your news feeds for all platforms whether it be snapchat, Facebook, twitter, and now unfortunately Instagram. As these companies try to monetize their massive social networks they’re losing the cool factor. I believe by giving people the option of what they want to share as far as content or ads on their social media accounts it spins it into a completely new direction. You’ll see more things for stuff you care about like Coachella’s lineup next year or the new Weeknd album drop date and less of the how to flip houses for money and other stuff you don’t care about.
When people are close in the same demographic and mindset they’ll appeal to similar things.
Fan Pay not only gets relevant content in front of like minded people but it gives people something they want. Everyone knows their social media accounts have a value because it is the people that make up the massive network. Fan Pay gives back to them instead of companies spending billions hammering their ads in front of them.
Q. What specific social media platforms can Fan Pay users share ads on? Will platforms like SnapChat and Instagram be in play, or will users only be allowed to share on the likes of Facebook, Twitter and Google+?
A. For starters we’re focusing on Facebook and Twitter. We’re working to find the right way to be able to do the same on Instagram and Snapchat which are little more complicated.
Q. Do you anticipate any pushback from these social media platforms since Fan Pay and its users will be making money utilizing these networks without necessarily providing the platform itself any monetary benefit?
A. If it is as disruptive as we hope it will go exactly the way it should. They’ll stop us from doing it unless we make them apart of it somehow. Which we definitely want them to be apart it because after all it is their platform. We’re just trying to change the way things are done on it, not take anything from them.