Startup Stories - JOOS - DeFi for the creator economy

A quick Introduction to JOOS

JOOS is a decentralized app for Content Cr­eators. We give them the tools to break the chains of platform dependency and to have a direct connection to their community without intermediaries. With JOOS, creators can have a stable and independent income through regular payments by their fans and sell shares to investors, who get a part of the creator’s profit in return.

About the Creator economy

Most of us are in touch with content creators daily without realizing it: We watch streamers, listen to podcasts, read blogs or enjoy digital art. The term Creator Economy is in itself quite illustrative, but revolutionary - an economy of creators, but without “old” intermediaries like publishers, studios or labels, who hold financial and creative power over the content and the relation between creator and fan base.

It is now easier than ever for people to consume the content they are interested in and are passionate about. They do no longer have to accept what is put in front of them like on old-fashioned TV. And if the creator is passionate and delivers great content, even if it is only within a small niche, there is an audience for it.

The Need

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We were talking earlier about the “old” intermediaries. Now, platforms like YouTube and service providers like PayPal have taken their places. They are gatekeepers, owning content and audiences and are handling the payments expensively. How much does a content creator make in this context?

We set out to change that, to break the chains of platform dependencies, by connecting fans and creators directly: Creators can use our app to get paid in crypto directly, with no one, not even us, touching the money. Additionally, they can issue shares (token), and fans and investors can buy these shares to receive a part of the profit. This is a whole new level of bonding between creator and fans. A close community without interference.

The blockchain fascinates us. With our web3 approach we declutter the creator economy from expensive intermediaries and make direct exchange of content and payments accessible to everyday creators, communities and fans. And the best thing is: for a minimal transaction fee, that is only a fraction of what creators have to pay right now.

The Birth of a Startup

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We’ve enjoyed creators since the early days of online content creation and have been streamers ourselves. We understand that it’s a tough job where a regular and reliable income isn’t guaranteed, because creators are at the mercy of the platforms. We want to change that.

At the same time, we’ve seen how creators grew from having a small following to becoming successful content creators, established with quality content. Often enough, we talk about creators and say: “I remember him, when he just had a few 100 followers”. How awesome would it be to not only view these success stories from the sidelines, but participate in this journey as part of the community? 

So, we came up with the idea to make buying shares from creators possible. It’s not only about new investment opportunities, but about tightening the bond even more. It’s like buying stocks from your favorite football club: You don’t do it only to invest, but to be a part of what you’re passionate about.

And as a fan (or an investor) you can now be an essential part of the creator’s success story.

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The motivation

Imagine you’re at a farmers’ market to buy organic vegetables. But instead of having a trusted relationship with the farmer and receiving the vegetables from his hands, there is someone standing between you and him, taking your money (keeping a cut) and giving it to the farmer. And in exchange, he also grabs the vegetables, touching them all over, leaves his finger prints and gives them to you.

This is not only hygienically questionable but also makes little sense at all, right? If it’s not logical on a farmers’ market, then why would it make sense in the creator sphere?

We like the idea of putting power back into the hands of those who do the work and those who enjoy the work.

The Challenges

When you start a startup that has the potential to really make a difference, your head is full of ideas, your heart full of energy, and you’re incredibly impatient. Everything must happen right now. But Rome wasn’t built in a day and saving the world takes time.

You cannot implement everything right at the beginning, so you must decide: What to include into the product right now and what to file under “later”. That is especially challenging when you’re passionate about your product, because you're excited about everything!

So, it is vital to curb your impatience: Just because you focus on the next steps right now doesn’t mean you have to lose track of the vision!

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The importance of an incubator

Luckily, we have a splendid complementary team covering the core aspects of JOOS. But every startup benefits from a vast network of sparring partners, coaches, experts and like-minded people. Even a casual conversation over an evening beer can have the greatest outcome!

F10 is incredibly valuable for us. We can always find people to talk to. At the same time, everything that helps you to focus, to organize your thoughts and to give you structure is an immense help. That’s why we joined the F10 program. 

Ideally, every founder has an area of expertise, but founding a startup is a 360° job. Without F10, it would have been way more arduous. 

The Outlook

Imagine you pass a super talented street musician, you like his or her performance, you buy a CD and put the money in the guitar case. It feels good because you know you support him or her directly, with no one in between. 

In the online creator economy, sadly enough, it is different: it is a web of ad-based revenue models, expensive transactions and powerful algorithms. With our decentralized creator economy app, we want to put the relationship between fan and creator back on its feet the way it belongs. With no one interfering with content and transactions.

One direction broadcasting is developing into something new: The fan base wants to be a part of the experience and not just consume.

Connecting fans and creators is the most exciting trend we observe and want to enforce. And we’re in love with the idea that communities of creators and fans interact directly without intermediaries. No platform dependency, no ads, no gatekeepers. It’s time for creators to take back creative control and revolutionary technologies like web3 will support this trend immensely.

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Are you a startup looking to write your story of success?

‍Register now for our demo day and apply to our new incubation program.

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