SocStock, a web-based company that lets people fund their favorite small businesses in exchange for double the amount back in products, services or experiences, is set to relaunch today.
SocStock, a graduate of the latest
Brandery accelerator class, will officially be back online today. On Oct. 25, the company will hold a launch event, SocStock
Community Pitch Night, at the
Know Theatre in Over-the-Rhine. SocStock and Cincinnati businesses that use the platform will be there to talk about the creative financing option.
"This is a way for small businesses to raise zero-interest cash by reaching out to customers and community members for a cash advance to help their business grow," says SocStock Senior Associate Jillian Zatta.
SocStock allows businesses to raise funds quickly from people who truly support them. At the same time, it gives customers a buy-in through investments in a favorite local business.
"It's a very good consumer engagement tool, and it makes customers feel more connected to the small businesses they frequent," Zatta says. "It's also a way for customers to really help a business by doing more than buying from them."
For every $1 invested, the business will pay back $2 in a combination of company products, services or experiences.
SocStock also can serve as a valuable marketing tool.
"They can give customers access to a special collection, invite them to a fashion show, a personal styling session or discounts," Zatta says.
Zatta and SocStock's founder
Jay Finch have finance backgrounds and relocated to Cincinnati from New York, where they worked at
Goldman Sachs. They plan on making Cincinnati SocStock's home.
"We want to stay here. We want Cincinnati to be our home. There's definitely a place for us here," she says.
By Feoshia H. Davis
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