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This guy used an insane get-rich-quick scheme to become a start-up millionaire in three weeks

James Fake

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Yeah.. lol. I copied/pasted the title from a news aggregator I use. I think the public and general slow-lane minded people would probably see it as 'quick rich scheme' which is why they prob wrote such a click baity title.
 

smarty

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I could believe and even understand this cool story.
However what I don't understand here is how was he able to get jet.com ?

The specifics of Jet’s business model aren’t important, for our purposes. What’s important is that, in the run-up to its launch, Jet ran a contest to try to get more people signed up for its “INSIDERS” program, which entitled them to a free 6-month trial of the site and other perks. To stoke interest in the contest, the company offered 100,000 shares of Jet stock to the person who could sign up the most new INSIDERS, and 10,000 shares to the nine people with the next-highest numbers of sign-ups.

sounds like the next cool-news hype story where the important details are never made clear.
 
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parkerscott

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I could believe and even understand this cool story.
However what I don't understand here is how was he able to get jet.com ?



sounds like the next cool-news hype story where the important details are never made clear.

Watch it turn into another fake like the kid who made 80mil trading futures in high shcool
 

mt_myke

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This was a good read... now he owns 100,000 shares in a super-hot startup valued stupidly high and hasn't launched yet.

http://fusion.net/story/54990/guy-got-rich-using-jet/

The story mentions two sites Swagbuck and Gifthulk. I'd been thinking about doing something similar - paying people (in one way or another) to give up info or try a piece of software. Has anyone here done that to validate or promote their businesses?
 

mt_myke

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However what I don't understand here is how was he able to get jet.com ?

He didn't get jet.com. There is a company jet.com that ran a contest where the winner got 100,000 shares, pre-IPO. He made a calculated guess and spent $18k to win the contest, and is now a shareholder.
 
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smarty

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Has anyone here done that to validate or promote their businesses?
The question should be, do you believe enough in the idea and in yourself to do it? The only true learning, is the personal experience itself.
 
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mt_myke

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The question should be, do you believe enough in the idea and in yourself to do it? The only true learning, is the personal experience itself.

Not sure I understand your answer. I've seen many people advocate spending money on ads. I was wondering if anyone here had experience using systems like this instead of or alongside ads. I can believe in myself and even have a technically great product and still fail if no one uses it.
 

Journey2Million$

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That was a fun story, except why does Jet want to have no margins? That means no profit right? Is it just a temporary thing to take away market share from Amazon?
 
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mt_myke

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That was a fun story, except why does Jet want to have no margins? That means no profit right? Is it just a temporary thing to take away market share from Amazon?

The article said something about a $50/yr membership fee. From the competition and Business Week coverage it sounds like part of their business model is getting a lot of signups from people who don't or rarely use the service. Then again, if you consider that's in some ways similar to Amazon's Prime service, and how that turned out for them, it might be a pretty bad plan.
 

pds

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For those of you who don't know much about Jet.com, they're basically trying to take the Costco model online by passing every cost savings on to the consumer in exchange for membership fees. Marc Lore has proven himself before with Diapers.com so it will be interesting to see how this turns out.
 
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SBS.95

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Interesting story. The guy's from York PA which is about 90 minutes from my hometown.

EDIT: Wow, there are some real butthurt people in the comments section. It's much easier to be happy for other peoples success but it looks like everyone just acts jealous and "Holier than thou."
 

Mr3Thirty5

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The story mentions two sites Swagbuck and Gifthulk. I'd been thinking about doing something similar - paying people (in one way or another) to give up info or try a piece of software. Has anyone here done that to validate or promote their businesses?
Usertesting.com sends your software,website,app, etc... out to registered testers to test. Not sure how much they charge though.
 

mt_myke

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EDIT: Wow, there are some real butthurt people in the comments section. It's much easier to be happy for other peoples success but it looks like everyone just acts jealous and "Holier than thou."

He hasn't even made a dime yet. The company may never IPO, or it may crater after IPO before the lock-up period expires.
 
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SBS.95

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He hasn't even made a dime yet. The company may never IPO, or it may crater after IPO before the lock-up period expires.

Exactly. The guy spent $18,000 on a gamble and people are acting like him (potentially) succeeding is somehow bad for "the man". Even the possibility of someone getting the one-up is offensive.
 

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