Ted Leonsis, Part 2
I had a chance to ask Leonsis a couple of questions:
How can the social web help during the current economic crisis?
His new investment, Revolution Money, will reduce the “tax” consumers have paid for credit card use. Merchants will be charged .5 percent per transaction. This smaller tax will be passed along to consumers, but it’s far less.
How can the social web help folks on the ground who are scared and in economic peril?
The startup costs of new businesses have plunged–the “eBay economy.” He points to the host’s $9 cufflinks made by a jeweler in England who can find customers overseas. Millions of people can start businesses, some of which can become big businesses.