StartEngine, one of the leading investment crowdfunding platforms in the U.S., announced the launch of its innovative investor referral competition, Refer And Earn. Starting today (September 27th), the first person to refer the most investors who join the website by December 31st will win a grand prize of $20,000 along with a free Elio Motors vehicle. If the winner is able to achieve more than 50,000 sign ups, StartEngine will double the cash and will give away $40,000.
According to StartEngine, the launch of its referral competition follows the recent Jet.com announcement. Jet.com’s contest winner, Eric Martin, received 100,000 Jet shares and is now set to be a millionaire after that company was acquired by WalMart in a $3.3 billion deal. Howard Marks, co-founder and executive chairman of StartEngine, stated:
“We are thrilled about launching the first referral competition in our industry as this will excite and engage all types of investors. Eric Martin is an investor. He made an investment as an ordinary person before the JOBS Act permitted people like him to invest. Today, everyone can too. With OPOs you can go on StartEngine and invest in emerging companies, although everyone may not have Eric’s luck. We need people like Eric to help us spread this message to the world.”
Co-Founder and CEO of StartEngine, Ron Miller, also shared:
“People can spread the word and invite their communities to join our momentum through Facebook, Twitter, and other social media channels. Now that the world of finance has gone online, we are committed to providing solutions that will drive engagement from those looking to capitalize on meaningful investment opportunities, while driving funding to startups and emerging businesses. Our goal is to help entrepreneurs achieve their dreams, while also providing investment opportunities to everyone and through referrals, and, we feel we can accomplish this goal.”
Last month, StartEngine announced the launch of its new Marketing Fund, which advances qualified companies up to $50,000 to put towards the marketing and promotion of their campaigns. If a company is looking to raise $1 million, it must do the following to qualify for the Marketing Fund:
- Pass StartEngine’s Green Light Review process and objective traction qualification
- Sign StartEngine’s Posting Agreement within seven days of receiving the officer
- Submit final campaign to StartEngine within 30 days of accepting the offer
If a company is looking to raise $50 million, it must do the following to qualify for the Marketing Fund:
- Pass StartEngine’s Green Light Review process and objective traction qualification
- Sign StartEngine’s Posting Agreement within seven days of receiving the offer
- File Form 1A within 60 days (All Regulation A+ offerings must file their form 1A with the SEC before launching their campaign)