MicroAcquire's Twitter Fundraise
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A story about how Shaan and others helped an entrepreneur buy his first business through Micro Acquire using crowdfunding on Twitter.
"We did what we call a micro SPAC. The idea was to put up $5K into a holding of blank shell companies. We'd give $5K to an entrepreneur, then find them a business to buy on Micro Acquire. We'd vet 50-100 deals and find a business for them to buy.
Other people thought it was such a cool idea that they started saying 'I'm in for 5' and suddenly we had around $85-100K that we raised from random people on Twitter to help this entrepreneur Daniel buy his first business. Instead of getting a job, he was able to buy this Shopify app that was already producing revenue and profitable.
The transaction closed and now he's figuring out ways to grow it and sending his investor updates. I called it at the time - it's like cake mix where you just add water. This is 'just add hustle' - here's the business, the code's already written, the business is already running, the revenue's already there. All you need to do is grow it."
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.