Introduce yourself and tell us about Passfeed?
My name is Richard Wang, CEO of Passfeed, a robust, social shopping app. When customers shop on Passfeed, they get a unique shopping experience where they can use our built-in Digital Wallet to pay for any of the 1.5 million items available for purchase.
What led to your interest in starting Passfeed?
We seek to capitalize on most consumers’ frustration with the current banking and credit card fee environment. The dream was simple: people should be able to shop and share deals and savings without having to pay third-party service providers a chunk of their hard-earned money. This set of ideals laid the groundwork for what soon became one of the fastest-growing Apps on iTunes.
What is your startup’s unique selling point?
Aside from iPoints, our Refer a Friend feature allows you to share a special link with family and friends over text and social media that encourages them to sign up with Passfeed. When they do, you receive 2% of every purchase they make! And the best part: there is no limit to how many friends you can refer! In addition, Passfeed offers a daily Flash Sales promotion that counts down the minutes until the Flash Sale is over. Clothing, fashion items, watches, and electronic accessories are just some of the items discounted for purchase on the Passfeed App.
What sacrifices have you made to become a successful entrepreneur?
I’ve spent tireless hours refining our shopping app, going through the growing pains of expanding into the US market from China and learning that promoting in the states has many more restrictions than overseas. Traveling back and forth between my New York and China team is also a challenge since there is a 12-hour time zone difference between China and the US. Let’s just say whenever sleep is available, I take full advantage.
How are you currently marketing Passfeed?
We have a PR/Social Media team in our NYC office, who work daily to promote our app online and on social media. Our PR team pitches story ideas and events to public speakers, editors, and journalists for potential publication while our social media gurus make interactions on Facebook, Twitter and Instagram. They also shoot videos that we can post to show our humorous side while keeping ourselves relevant to the public.
What advice do you have for aspiring entrepreneurs?
Persevere. Startup mentality is all about trial and error and when in doubt, piggyback off of what other successful companies have done and build upon it. Also, we like to say “Never Be Boring” – a mantra that goes into every item we place on our app and everything we do as a company.
What is your favorite business book? How has it helped in your business?
Rich Dad Poor Dad: What the rich teach their kids about money that the poor and middle class do not! by Robert Kiyosaki because it is the best book I’ve read that teaches you how to be successful and stay successful.
What do you like best about being an entrepreneur?
I get to set my own hours! Just kidding. I get to use my business acumen to grow Passfeed as an upstart startup while evolving users’ shopping experiences.
What have been your most satisfying moments in business?
Getting to work with so many different personalities and knowing that people skills are key, especially in a startup environment.
Dennis Sary, Marketing Director