Financial Services (105)
"Pay with a tweet"
“Pay with a tweet” is the first social payment system where you can pay online with the value of your social network. The system is really simple. Every time somebody pays with a tweet, he or she spreads the word about your product in his social network. The two founders used the system to promote their book released in 2010.
Why it matters
Leif Abraham and Christian Behrendt realized that in this day and age the value of people talking about your product is sometimes higher than the money you would get for it directly. Brands have started to follow this trend but the real question is what is the exact price of a tweet?
One of the biggest challenges that poor urban entrepreneurs face is lack of access to capital. Banks and financial institutions are hesitant to lend to these individuals due to credit risk and small money lenders charge almost usurious interest rates. State Bank of India has developed a unique model where small sums (sometimes as low as $100) are loaned to individuals who form ‘Self Help Groups’ that together add up to a significant corpus. The bank benefits because the default risk is spread across multiple individuals in same social circle. Additionally peer pressure helps to prevent defaults.
GO|Spotcheck is a marketing research company that pays consumers money for taking photographs of shelves in retail places. Consumers fill in feedback forms into the app, so retailers and brands can learn how to optimize the shelf presence of their product, the design and even the pricing.