I’ve got great news for you!
There’s a program launching on December 5th that will allow you to submit ideas for startups/companies and make money off of those ideas without having to create the companies yourself.
It was created by Jo Cook who started Paidverts and My Traffic Value which got to a $30,000,000 valuation at its highest point.
The company went through some rough times, but he had a big vision that required short term losses for long-term gains.
However, the crowd was scared and kicked him out of his own company (like Steve Jobs).
There is definitely some controversy around it, and I don’t know who’s in the right or in the wrong, but I know that Paidverts and My Traffic Value has gotten worse and worse since Jo left.
Note: The site is still in its pre-launch stage. Most of the features I describe here will only be available later on.
The new site is called BananaFund, and it allows you to invest in startups or submit your entrepreneurial ideas and make money through that.
Here’s the quick run-through:
- Submit an idea
- People fund it and buy tokens AKA shares in it
- The BananaFund company builds it and you receive dividends if it’s profitable or sell off your stake in the company to get paid right away.
- Buy tokens in a business idea you like
- Brainstorm ways to make it better to increase the number of tokens you have
- Profit from the dividends or sell your stake and make money
P.S.: The information below is taken from the business proposal Jo submitted. However it is quite long so I summed up the most important parts so you don’t have to read through the whole thing.
Tokens are basically shares.
You can get a stake in each project by buying parts of or whole tokens.
There are 20 blocks of tokens for each project. The first block has the cheapest tokens, and the last block has the most expensive ones. This provides the momentum that businesses will need to complete the funding round.
This is quite simple:
- The entrepreneur publishes a business idea that he/she has. (You get a certain number of idea submissions for free every year, and you can complete actions on the site to get more free submissions.)
- You will need to answer some questions, provide the basic idea of the business, and whatever other documents/information you have about the business.
- You will also need to pick the ownership % to distribute between yourself and the investors.
- The investors bounce around ideas and start pre-bidding on the project at .015 BTC pre-bids.
- This stage lasts for at least 14 days.
- The crowd exchanges ideas, and everyone gets up to 1% of the project tokens for simply helping in the brainstorming process. The entrepreneur has final say though.
- The entrepreneurs can also assign tokens to people for creating videos/logos/etc for the project.
- The pre-bids also start at this time. This lets you “save your spot” in line when it’s time to actually buy the tokens. Since the earliest tokens are cheapest, this is a great way to get up there. You should know that this isn’t just based on the order of which you buy the pre-bids, but the order at which you interact with the project.
- Next comes the token offering.
- There are 20 blocks of coins for every project. The first block is the cheapest, the last block is the most expensive.The earlier you get in, the easier it is to make money.
- If the first coin is $10 and the last coin is $200, if you buy first and the price stays at $200 after the token offering is over, you can sell off your old coin and be $190 in profit.
- The tokens are sold starting with the pre-bids and then are open to everyone.
- Once the project is funded, BananaFund reviews it, assigns a manager, and checks if it’s legal and feasible.
- Next the project is launched on the marketplace and you can buy and sell your tokens of each project.
- The marketplace will be incredibly transparent. You will be able to see who bought what, who sold what, how much of each token everyone owns, etc.
- Next come the daily updates from the manager and the dividends.
- The manager has to provide daily updates about how the money is being spent and where it is going.
- There is also a forum to discuss whatever you want about the project.
- If you’re unhappy in the direction of the project, you can always sell off your stake and invest in a different one.
Referral income is also a big part of Banana Fund.
You can share up to 80% with your downline (which is what I’ll be doing so sign up under me!)
You also get:
- 10% of every coin your downline buys during an ITO (Initial Token Offering)
- .5% of every balance cashout
- .015%-.025% of every marketplace trade
Banana Fund has great potential, and Jo has a proven track record of creating successful businesses.
I recommend signing up and seeing how it goes, and investing money that you can afford to lose. Personally I plan on investing at least $500 in this project as I think it has a high potential for success, but it’s up to you to decide how much to invest.
If you have questions about it, feel free to ask below!