In 2008, PayPal wanted to make their newest product, the StudentAccount, cool for young teens. Since these kids ignore TV spots and banner ads, I pitched the idea for "MoneyMobs". The concept is essentially "Priceline for Consumer Products".

(The idea has more recently been described by some as a "Reverse Groupon" - though I presented the idea to PayPal before Groupon existed.)

Anyone could use the Facebook App to start a MoneyMob saying, "That TV costs $500, but I want it for $400." When they create the mob, it puts their money in escrow, letting retailers know they are serious about buying. Then they blast the mob out to everyone they know. Whoever wants the TV for $400 joins the mob. And sends it to their network. When the mob gets large enough, a retailer will cave because they can use economies of scale (bulk buying discounts) to offer the price the consumers want. The best part is, since you need to put the $ in escrow, you can only join the MoneyMob if you have a PayPal account. Signups = HUGE. PayPal loved it.