Who Would Pay For Punishing Themselves?
With a college exam looming, Jeremy Gelbert found himself struggling for the motivation to sit down and focus. His friend Steven Wolf gave him a little incentive: He said he'd shell out $100 if Gelbert got an A -- but if Gelbert didn't, he'd have to pay Wolf $20. Gelbert took the bet and aced the exam.
That's when Ultrinsic was born. If the thrill of putting money on an exam provided some motivation for Gelbert, then it might do the same for other students, he reasoned.
"We recently got notice from the U.S. Patent Office that we got the patent for betting on grades," Gelbert says. "So that is a big win for us."
Gelbert, 23, and Wolf, 27, work full-time on Ultrinsic but aren't taking salaries. The company isn't yet profitable. About 7,900 students have created accounts, but only a few hundred actually have money in them.
Gelbert is confident the idea will take root.
"The business model is there. We have proof of concept," he says. "Now that we understand the model we are going to go ahead and ramp up. I wouldn't do it if I couldn't make money."
For more unusual ways to make money, visit this site.
[Via - CNNMoney.Com]
The Million-Dollar Idea in Everyone: Easy New Ways to Make Money from Your Interests, Insights, and Inventions
IdeaSpotting: How to Find Your Next Great Idea
How to Make Millions with Your Ideas: An Entrepreneur's Guide by Dan S. Kennedy
101 Businesses You Can Start With Less Than One Thousand Dollars: For Stay-at-Home Moms & Dads
Make Your Ideas Mean Business
Link of the day - If You Sell Links On Your Site, I Will Buy Them Off You