Alan Lugo
Mansfield, TX (USA)
Role(s):
Founder/Owner/Principal
FANCOIN INC
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Startup
Location:
Mansfield
Industry:
Technology/Web
Year Founded:
2014
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
"C" Corporation
Description:
FANCOIN is a social media app that incentivizes users to create brand specific media which in turn creates data and media that brands will purchase. The media created will be divided into brand specific channels within the app that other users can use to interact with the brand. With the goal of all app interactions being incentivized, users will gain FANCOINs for everything from logging into the app to creating and watching content. Users are able to collect the coin at a rate determined by the views they have generated in the same sense as one tallies “likes” on other social media platforms. These points can then translate to actual store credit when the user has reached the proper amount of points to be able to exchange for a digital gift card or a tangible gift card. The exchange rates will be determined by management with the base structure being gift cards at the values of $5; $10; $25; $50 and $100. At the moment of exchange, users will be able to redeem their gift cards by cashing in the corresponding points and 50% of the gift card values. Users will be encouraged to purchase merchandise corresponding to the brand it was collected for through further incentives. They will also be able to purchase things within the app such as editing tools, filters, stickers and badges with their FANCOIN. Not only will The Company profit in the advertisement segment, but also in data collection that the users give us. With the prolific amount of social media users that we intend to have, the type of consumer data that they will create will be integral to the brands that The Company will then offer to them for a price. This bypasses the need for focus groups, large market research firms and gives brands a real answer to what their consumers think of the product.