Friday, September 10, 2010
Posted By Cathy Belk
This past weekend, I read an article in the Sept. 6 Fortune called "Building a Faster, Cheaper Startup." It profiled Ben Franklin's Wheels, an online electric bike retailer, which was started last spring for under $40,000. Through the use of a P.O. Box (vs. a physical location), social media for promotion (vs. purchasing ads), crowd sourcing for brand creation (vs. hiring an agency partner), and PayPal payment/contracting instead of hiring, the investment to get this firm going was approximately 4% of what it would have been 10 years ago.