Ultrinsic
Cedarhurst, N.Y.
With a college exam looming, Jeremy Gelbert found himself struggling for the motivation to sit down and focus. His friend Steven Wolf gave him a little incentive: He said he'd shell out $100 if Gelbert got an A -- but if Gelbert didn't, he'd have to pay Wolf $20. Gelbert took the bet and aced the exam.
That's when Ultrinsic was born. If the thrill of putting money on an exam provided some motivation for Gelbert, then it might do the same for other students, he reasoned.
"We recently got notice from the U.S. Patent Office that we got the patent for betting on grades," Gelbert says. "So that is a big win for us."
Gelbert, 23, and Wolf, 27, work full-time on Ultrinsic but aren't taking salaries. The company isn't yet profitable. About 7,900 students have created accounts, but only a few hundred actually have money in them.
Gelbert is confident the idea will take root.
"The business model is there. We have proof of concept," he says. "Now that we understand the model we are going to go ahead and ramp up. I wouldn't do it if I couldn't make money."
More galleries
