|Description||Investment Social Network|
|Angel, 7/2007 |
|Angel, 1/2008 |
|Angel, 9/2008 |
The UpDown is a new investing social network with a slightly different take on investment communities. Founded by three Harvard Business School students, UpDown users are able to invest a simulated portfolio starting with $1 million and are paid based on their ability to consistently out-perform the S&P 500. Also, those users who refer a friend pick up 10% of any earnings that friend achieves.
Beta launch took place in June 2007 and some members have been able to make thousands of dollars off the site. According to co-founder Michael Reich, the company’s ultimate goal is to build up a group of users who consistently out-perform the major indices and then create an investment vehicle that mimics the behavior of those users. The challenge is to pinpoint a subset of users whose investment behavior is both trustworthy and scalable to large investments.
As of April 2008, UpDown has more than 40 thousand registered users. The demographics aren’t clear but seem to be heavily tilted towards students.
Fox BusinessAdded: 2/21/08