Jason Weaver, former CEO of Shoutlet in Madison, has started Spendship, a new social media company for mobile phones that’s based on the idea of paying commissions to people who recommend certain products to their friends. Spendship has already raised $500,000 from investors even though it won’t be available until October, and the company is hoping to attract $1.5 million by the end of August. Revenues will come from licensing fees and transaction fees for each purchase.
Former Shoutlet CEO launches Spendship
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