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This. Is. Awesome.
This is all about how this dude leveraged (gamed) the jet.com referral program for profit.. and it paid off big time.
What a story!
That said, my cynical mind immediately went to the things that a startup person would think about here (how many shares are outstanding, what was his strike price, what does the cap table look like already, do those options expire, if so when and how can he exercise them, etc.). I've been a person holding "millions of dollars" of options many times in my career. Seldom has it looked that good when (and if) a liquidity event eventually rolls around.
I like your cynical mind. :-D
This would be a great hiring hack for Jet.
Look no further than the list of top performers in the referral program for marketers who know how to cater to this audience (and can prove it).
Crazy! What a fun story!
This is definitely a nice referral hack, and while others noted that, generally speaking, the intention of these sign ups are solely for a reward, with a site that caters to a wide audience such as Jet it may just work. Not to mention their core biz model is on discounted goods, something these individuals have indicated they're interested in to the point of going out of their way to reap rewards.
But, more so than a referral hack....this is really just a way to hack the accredited investor limitation! This guy essentially invested in shares of Jet (well, they're probably common shares verse preferred) but still, very savvy. I hope it works out for him!
Hey @morgan ... thought you'd dig this.
Amazing story! Thanks @lincolnmurphy this is great. Hopefully the guy sees and exit with Jet. Otherwise he'll wish he invested $18k into some index funds.
even if there's no exit, it was totally worth it... he's a growth hacker now... startups will be knocking down his door to get them 8k+ sign-ups for their service in 22 days. He'll have all the stock and crab legs he can eat....
Do you really think signups from swagbucks are worth much if anything? LTV by source usually is Adwords > Facebook >>> Swagbucks. People on Swagbucks are being rewarded with stuff by signing up, they almost never have actual interest in the product?
In this case it might work a little bit as jet.com is for people that want to buy as cheap as possible and people on swagbucks definitely fit that market. But I wouldn't call him a fantastic 'growth hacker' for buying a bunch swagbucks clicks
Good point! What's with these referral guys and seafood? The last fusion post about the Lyft guys featured a photo of them at a lobster dinner!
lol, seafood as a brand is synonymous with success, and it was manufactured by nature!
Good for the guy and I hope it pays off too because there may be a huge tax burden. If he is granted common stock (versus the standard options), that is taxable income!
Great story and a gutsy move. I was shocked that the incentivized referrals were deemed legit by Jet. But let's be honest, "free trial sign ups" is a vanity metric used to keep investors happy at this stage. No one is looking under the sheets at expected conversion rates, and much less LTV. The short-term goal is simple...make a big BANG and take it from there.
Can't blame the guy for pumping air in a bubble and getting paid for it. Great tactics to beat the rules.
Neat story. What happened to jet.com though? The domain is down. First I heard of it and I'd like to sign up :)
That's amazing...$2.20 CAC. Not a bad strategy.
I liked his analytical approach of analysing his chances. He believed in numbers.
It's a good story, but let's face it: he spent 18k to make it.
I would be surprised if he had make with no cost (at leas low cost).
Couldn't have said it better! It's the no income having grindaholic I'm going to root for. An $18k tax return? (Even if it was just a portion of what he invested, i think his accountant should get some credit here too)
Great, but only stock options. It is still a risk until the business is successful, his stocks actually mean something and the time he gets the money in his bank.
Great story! Aside from the equity, I think Jet.com just found their Affiliate Marketing Manager!
York, PA. Represent.
Crazy guy with crazy story! Hopefully he should turn his money green.
And guys you too need to be crazy to get something super crazy like 100K stock options.
He was very determined, he spent thousands of dollars on Facebook ads. That takes guts.
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