How to start a social network company

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18.05.2012
My Sollars uses the power of social networks as an innovative loyalty marketing solution. The company faces three challenges: to gain corporate customers, promote its platform and find investors. Founder Miguel Molina Coscullela has shown that he can attract customers and users. Now he is looking for investors.

My Sollars is the only loyalty marketing programme that actively fights climate change and rewards carbon neutrality. The platform enables companies around the world to engage with their customers, drive sales and demonstrate their commitment towards the planet by sponsoring carbon offsetting. Word Climate Credit, the company behind My Sollars, has developed a social networking game where users can use their Sollars to compensate their CO2 consumption, and corporate partners of My Sollars gain access to a consumer platform and generate brand exposure through social networks – online and offline.

The company is in an early stage and faces several challenges. “I would say our focus today is 33% attracting new customers, 33% streamlining the user experience and 33% fundraising. And, as you know, they are all amazingly interconnected,” says founder Miguel Molina Cosculluela.

Of course, the key to a company’s success is its customers and Molina Cosculluela has shown that he is able to attract them. My Sollars has already won sponsoring partners such as sportmania.ch and helvetiq.ch, which reward customers with discounts on their products. Helvetiq.ch, for example, gives a 10% discount to every buyer who joins My Sollars.com. In this way the platform My Sollars is also attractive for consumers.

Financing is the third challenge in gaining corporate customers and attracting consumers. Molina Cosculluela just has started a seed financing round. “We are currently looking for a first round of investment to expand our team and achieve the milestones we have set for next year. Investors with experience in internet start-ups, especially social media, who are interested in the project should contact us.” Investors will find more information on investiere.ch.

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