We love great business successes like Amazon.com that brought consumers great new ways to shop and save, and delivered astounding profits to its founders and investors. A Win-Win! But now that Amazon is the world’s largest retailer and Jeff Bezos is the second richest man on earth, what comes next?
At Rebates.com, we think there is another evolution… We think there is a Win-Win-Win situation that naturally follows to deliver that last “win” to consumers. This is commonly called a Web 3.0 offering. Web 3.0 businesses have the power to turn commodity businesses over to community control. In the process, these businesses can drastically cut consumer prices by seeking to limit founder and investor profit taking from the outset.
Now that Mr. Bezos is wealthier than most countries, we hope he can focus on building spaceships while we seek to replicate his infrastructure and offer consumers a way to shift profits back to you, the consumer – by way of slashing prices.
Rebates DAO is the first of a new breed of Web 3.0 projects that is designed to take the best of what the world has to offer and flip the operating paradigm from private ownership to community ownership. Instead of being optimized to make a profit, we could eliminate profit altogether and optimize to make sure everything is priced at break-even à the lowest possible price for consumers.
When a business becomes community run, it converts profit potential into people potential. The result is a cooperative organization that evolves commodity businesses (like Amazon, Google, Facebook, Netflix, Instagram, etc…) and reimagines them as community led resources. By removing the requirement for founder and investor profits, these community businesses can provide very similar services AND slash profits to slash prices; and improve everyday lives. Additionally, these businesses answer only to their users and therefore can evolve in healthier directions without having to worry about the bottom line.
OK, but this will take work.
Yes! It will take a lot of work! And to succeed, it will take some sizable assets and marketing investments.
So then, are you a not-for-profit?
No, we are a for-profit business, and we plan to make a profit… But there is an important wrinkle – with every single transaction, the Rebates community will earn a little more of the voting power it needs to take control of the entire enterprise. And when it gains control, it can slash profits to zero… It could return every penny to the community in the form of lower prices or seek to reinvest to further improve Rebates. Maybe it could direct the company to tackle some of those other commodity businesses (search, network content, social media)…