Most people don’t have enough spare cash lying around to invest in startups.
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 personalised 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).