Today on Startup Stories, we’re rethinking social media with Corey Scholibo of Dayo, a startup that rewards people for staying off social media by giving them money to spend with their favorite brands. And now, they’ve expanded the service to help teens and parents deal with social media collaboratively.
Parents create a custom deal choosing, what apps, how much time, and the funding amount. Deals are 30 days long. Dayo walks through the setup with the child and ensures the time on apps are being tracked. If the child goes over the allotted time, they will see money leave their wallet and go back to the parents wallet. They can earn back funds by staying within the limits of the deal for 3-days in a row. Whatever is left in their wallet at the end of the Deal (30 days) they get to keep, and use as Cash, exchange or gift cards (amazon, starbucks, sephora, and hundreds more). The goal is to build trust, autonomy, and learn how to budget, save and make better choices. https://dayo.co
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