Jet.com's $18K Contest ROI
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A story about how an outside participant in Jet.com's customer acquisition contest turned a small investment into millions.
"When Jet was growing early on, they had this awesome contest about who could acquire the most customers for Jet. The prize was 100,000 shares of Jet. Some guy participated and basically did paid marketing but in a unique way. He invested $18,000 into paid marketing, won the contest, and his 100,000 shares became worth $20 million when Jet sold.
This guy, as a fan of the company outside the company, probably made more than anyone else in the company besides Mark, which is amazing. It was basically like Robinhood's campaign where you're on the waiting list and refer people to move up the spot, but Jet did it first. It went incredibly viral - I believe they even had billboards promoting this."
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.