Posted on 12 December 2010
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(1) Who are the founders of the site? Where is that startup founded?
Magnetic is a group of 2 members - Omair (development) and Binny (product). While in College, Omair has constructed a vertical search engine, a market for encoders and a platform for American Idol. Each of these Web sites had thousands of users and Omair for most of his college money generated from these sites. Later, he worked on mission critical payment mechanisms and JP Morgan Chase security gateways.
Binny managed $ 14 million in lead generation and QuinStreet products recipes. Prior to that, he was banking Credit Switzerland technology investment. Paid by his college doing part-time and was selling clothes for children, doing studies of market and written content technology jobs. He received his first money when he was 12 in selling stickers to fellow school. He started his first business when he was 18.
(2) What makes this unique startup? What is the technology behind?
Real-time business intelligence you can get an overview of other shopping habits, saves time when you and money, to instantly by discovering what others are buying from you. Currently there is no information contained between the consumer and a few close friends and local shopping in real time and the wall.
Magnetic disrupts this structure by providing information shopping free, totally transparent, up-to-date in your region of the people who you trust. Magnetic provides a medium through which you can easily share pleasure and access valuable information in a real local shopping on stores, products, prices, deals and reviews.
(3) What are the main features of your startup?
Magnetic is an easy way to say what you want to buy and find what they are buying to your friends. Display helps that you shop smart street access prices and product reviews recommended by your friends and other people who you trust. You can share the inside scoop on countless daily purchases such as food, clothing, gadgets, furniture, books, tickets, gymnasiums, cars, vacation packages, games etc., etc. Magnetic starts social conversations around purchasing and helps you discover prices, deals, opinions, locations, shops, products and shoppers - all this in a competitive game and fun environment.
Magnetic has recently launched the disturbing TechCrunch where we were of the semi-finalists.
Magnetic can be consulted at http://www.didyouswipe.com.
(4) Is your free startup?
Yes
(5) What is your business model?
Magnetic intends to make revenue through:
1 Local merchants lead generation
2 Affiliate Marketing
3 Mobile coupons
4 Loyalty programs
5 Analysis services
(6) What is the main idea behind? How your worth spending time start?
We are active users of Foursquare. After using Foursquare for few months, award wining and town halls, we've been drilled Foursquare. We thought that this is a person, is not very interesting. On the contrary, what is more interesting is that once the person that they get there. We found that almost everyone check block is doing in a place where they are spending money - restaurants, pubs, gas stations, clubs, shows, groceries, and clothes shops etc.
We felt that we could get much value if people share what they were buying a place and how they have been spending on it. It would help to discover new stores, products, deals, reviews and prices - shop smart Street.
(7) What are your plans for the future?
Magnetic means matches users spending patterns with personalized offers and help to keep track of their loyalty points at various stores.
Who are your main competitors?
(Blippy (http://blippy.com/) and Swipely(http://beta.swipely.com/).
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