Crounty is a startup launched last Wednesday from Fast Company CTO Matt Mankins. It’s names comes from the words “crowd” and “bounty” : it lets you get help from a crowd to find what you are looking for, of course with promised bounty in return.
Mankins got the idea from Defense Advanced Research Projects Agency’s (DARPA) Red Balloon Challenge. DARPA offered $50,000 to the team that will find five red balloons placed around the United States.
The winning team from Massachusetts Institute of Technology (MIT) won the challenge through the power of social networking.
“They agreed to split the $10,000 [per balloon] so that the person who finds the balloon gets $5,000, the person who referred them would get $2,500, the person that referred them would get $1,250 and so on. By using that strategy they were able to find and locate the balloons the fastest,” says Mankins.
Crounty uses the same principle. According to one site, “Once you confirm that the bounty has successfully been claimed, Crounty divides your $100 bounty up as follows: $50 goes to the person that gave you what you were looking for, $25 went to the person that referred them, $12.50 went to the person that referred them, and so on, with the remainder going to the Crounty.com service.”
Crounty has only been in business for 2 days, but people are already flocking; looking to rent out condos, find lawn chairs, and others.