9/23/2023 0 Comments Rough draft ventures medium![]() ![]() Influencers set their own monthly subscription fee from $5 to $50 per month. On Fanfix, around 3,000 creators-who are required to apply for the ability to post content and earn revenue from the app-have paying fans, and 500,000 users pay creators for their content, according to the company. Faxfix also has one membership tier while Patreon has three. Its business model functions similarly to Patreon, but the app targets Gen Z influencers and fans, while Patreon has a large portion of millennial users, according to website analytics company Similarweb. “We didn’t even have TikTok accounts.”įanfix allows creators to earn revenue by posting exclusive content to paying subscribers. “We had zero background in the creator economy prior to this business,” Gestetner told Observer. The friends created Fanfix to address that need. Traditional social platforms had few tools to help social media creators earn a living, they said. In 2020, college junior Gestetner watched as his cousin, Ben Steiner, built a following on TikTok but struggled to monetize it. Venture capital funding skyrocketed to a reported $5.07 billion in 2021, and the number of social media users that considered themselves creators shot up by 48 percent from 2020 to 2021, according to payment company Stripe. Years later, while the two were in college (Gestetner at Tulane and Pompan at Vanderbilt) the creator economy-accelerated by the Covid-19 pandemic-took off. Harry Gestetner, 22, and Simon Pompan, 23, met at Harvard-Westlake, a top-ranking private high school in Los Angeles. ![]() What they lacked formal training, they made up for with networking-convincing investors of their app’s potential. In two years, two college students built an app, signed internet star Cameron Dallas as a co-founder, became multi-millionaires and secured roles as senior vice presidents of a global media company. The winners of last year’s Forbes startup competition were Pillar Technologies, a Boston-area startup that has since relocated to New York, and California-based Opus 12.Harry Gestetner (left) and Simon Pompan. The startup competition is accepting applications from today to Sept. 2, where one winner will be chosen out of four finalists. Peter Boyce of Rough Draft Ventures and Forbes Media CEO Mike Perlis will also be on the panel.įor the winner, Sound Ventures and Rough Draft Ventures may invest up to $100,000 each while Forbes will provide $300,000 in an in-kind media grant. Kutcher and Oseary will be on a panel of judges for the pitch competition on Oct. Kutcher, who was perhaps best known for his role in the TV show “That ’70s Show,” started the firm in 2015 with Oseary after the two previously ran another firm called A-Grade Investments. Rough Draft Ventures, the program supporting student startups that’s run by General Catalyst, will also participate.īased in Los Angeles, Sound Ventures has invested in dozens of startups, including SkySafe, Zenefits and Boston-based Apptopia. But there’s a small catch: you or one of your co-founders must be under 30 years old.įor the second year in a row, Sound Ventures will participate in the $500,000 Global Change the World Competition that will take place during the Forbes Under 30 Summit, which runs Oct. Here’s your chance for your startup to receive an investment from Sound Ventures, the venture capital firm co-founded by Ashton Kutcher and Guy Oseary. ![]()
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