How do companies make money? They sell a product, service or their time. How do social media companies make money? By selling your information for advertising.
What if a social media company doesn’t tell you how they make money? That should raise suspicion, yet I don’t see anyone publicly raising suspicion about Polywork (if you know someone who is doing this please let me know).
Polywork recently raised $13 million from investors. While that is great for them to be able to use that money and do more (including getting more users), it got me thinking about how they plan to make money and are going to be able to pay back their investors.
If the investors don’t get their money back then they could do many things to the company, including firing the founders, or changing the company in numerous ways. If the company fails then the investors take that as a loss and move onto the next company.
Yes there are some early investors who stay on the company for the long-term, but those are the exception.
How does Polywork plan to make a profit? I reached out to Polywork through their support email and through Twitter DM for their response, and after giving them 17 business days they didn’t respond. Which most likely means that they have no idea, which isn’t a good long-term idea.
I’ve deleted my Polywork account because they don’t see how they are going to make a profit, which I don’t agree with. I also don’t need to be on more social media profiles.
As for what am I going to do with everything I posted on there? I’ve created a highlights page here on my website where you can go and see any awesome highlights that have happened in my life.
This is post number 76 as part of 100 Days To Offload.