So, ibibo started things off by offering Rs. 1.5 crore in cash. Now Sulekha’s funding the Web 2.0 user party with rewards worth Rs. 1 crore, with the top member getting Rs. 1 lakh worth of gifts. Sulekha’s algorithm awards points for contribution on the site, comments received etc on blogs. Details in this release. So is this what some of the $10 million in funds from Norwest Venure Partners is being used for?
(did I hear someone say “bubble”?)
Here’s what Alok Mittal had to say on the issue on the issue of sharing wealth with users, during a ‘Blog the Talk’ discussion on Social Media: “I think this will go the way loyalty programs have gone -out there, but really not meaningful. You want genuine buzz, desire to participate. Otherwise, you get Amway – not bad, but not the same as the Harley Davidson Club.”