Ian Glennon, Kerem Aslan
High Concept Statement:
Get paid just for your referral code! A marketplace for coupons/referrals. Like RetailMeNot and CouponMe except rewards for those supplying codes, not just those using codes.
Need or Demand:
There is a desire by individuals to make money for referring people to services/tools. Referrals incentivize the referee to send codes to friends/family, but why not allow them to send codes to complete strangers?
Product / Service / Solution:
Referrals allow people to earn points (credit cards), money (banks), discounts (cleaning services, transportation), and a whole range of other rewards. However, many connections in an individual’s network do not sign up for the referrals they send. This tool allows individuals to both post and redeem referrals. It is similar to RetailMeNot, however it rewards the provider of the referral code, not the user. Users would need to either 1) Use x amount of referrals in order to post one of their own or 2) Pay to post their referrals. As an example, in order to share my referral code that provides me with a $50 bank deposit for anyone who signs up, I would need to use a referral code provided by someone else online for Lyft (first ride), American Express (Credit Card), and MassageEnvy (first massage).
While individuals want to make money from referrals, those that they send their referal code to rarely use them. This allows for the creation of a “passive income” for very little input work. Additionally, it serves as a platform for individuals to find referrals for platforms they would like to use, and, ultimately, benefits the companies promoting their referral programs.
RetailMeNot (somewhat), CouponMe (somewhat)
We would collect a percentage from each “sale” of a referral code. Additional revenue could also be gained from adds. Finally, users could pay to post their referrals and circumvent the minimum referral use system.