Wazzub turns to crowd-sourcing, out of money?
Yeah, I don’t much either.
Wazzub launched all the way back in 2011 and after an admittedly successful viral campaign, seemingly went nowhere.
The problem of course was that Wazzub sought to be yet another social portal built around search, of which there are already dozens upon dozens (and who knows how many hundreds of failures).
Wazzub’s business model relied on affiliate agreements and advertising to generate revenue, which didn’t really work out (it never does in MLM). Last June there was talk of a Wazzub app being released, but it appears to be little more than a mobile version of what’s already on Wazzub’s “PerfectInternet” webpage.
Wazzub claim over 540,000 people “have joined” PerfectApp, but what that actually means is unclear (downloads, active users, visitors to the website? etc.).
The page itself (perfectapp.perfectinter.net) reveals little to no information about the app itself.
Now it seems the long drawn-out process of whoever is behind Wazzub finally running out money might be at an end. The company recently put out a press-release announcing the use of crowd-sourcing to fund its latest venture.
Published on April 22nd, Wazzub’s press-release shows the company is hoping to raise $100,000 in funds.
Something called a “PI 3D Tab”. Wazzub names NEO3DO in the release, who appear to manufacture Android powered tablets that can display native 3D.
We are a group of impassioned 3D believers and dedicated workers. We know you’ll love the NEO3DO devices because they are able to deliver your favorite 2D and 3D content in a brilliant form factor and with full support.
On their website (“neo3do.com”), the company advertises a $349 8″ tablet, which Wazzub appear to want to rebrand and pre-install PerfectApp on.
NEO3DO have a reseller program, which Wazzub already appear to be a part of:
NEO3GO is already listed as one of our current business partners.
The $100,000 the company hopes to raise is going to go into PerfectApp, to make it 3D compatible:
Perfect Internet with the blessings of the main investor is using Crowdfunding as a means to generate funds for the further development of the Perfect App which will also include 3D technology integration for the PI branded 3D Tablet in cooperation with our strategic alliance with NEO3GO.
It is our goal to collect US $ 100,000 to develop and to produce the PI 3D Tab and to present it on our big live event in Las Vegas on June 25, 2014.
What happens if Wazzub don’t raise $100,000 before June isn’t clarified.
Oh and there also might be some securities violations going on, with “donators” promised shares in Wazzub’s long-promised initial public offering:
For each CFU at the cost of $ US 100 you will receive the following:
– 500 preferred shares of PerfectInternet Inc. at the day of IPO
– US $ 10 discount on your future order of a PI 3D Tab. The more CFU’s you own the more discount you will receive.
– US $ 0.02 (2 US Cents) additional return on investment for each PI 3D Tab that we will sell between June 25, 2014 and October 31, 2015.
Call me cynical, but I’m pretty sure Wazzub haven’t registered themselves with the SEC.
Meanwhile I don’t really get how adding 3D to their app is going to turn the business around. Building an MLM business model around third-party search was always a terrible idea.
Introducing the app was a band-aid solution and now this appears to be the application of a bigger band-aid yet. From the sounds of it, I think Wazzub’s investor isn’t willing to stump any more cash and so now the company is directly asking what’s left of their affiliate-base to pay for their next attempt at turning things around.
And who’s going to turn up to this Las Vegas event in June? Just getting there is probably going to cost more than your average Wazzub user has earnt in the past three years combined.
In any event, I suppose I’ll mark it down in my calendar and check back towards the end of June. Who knows, maybe 3D is really is all Wazzub has been missing all this time.
Y’know, aside from their own actual products, a customer-base and ownership that isn’t shrouded in secrecy.
That’s exactly what sunk FunkyShark (other than the penny auction idea): selling starter shares to the public.