Meet the Innovators: Mr. Wonderful Sits Down With Jet Token
Now that we’ve got Mr. Wonderful on board as a Strategic Advisor to the StartEngine platform, he’s chatting with some of StartEngine’s startups in a series called Meet the Innovators.
After sitting down with Knightscope, Mr. Wonderful interviewed Jet Token, a private jet charter and membership company that’s integrating blockchain technology into private aviation. Watch the interview below and read a recap of what he discussed with CEO George Murnane and Founder & Chairman Michael Winston.
Bringing Optionality to Private Aviation
When asked about his experience owning private jets, Mr. Wonderful set the tone when he replied “Not anymore! I’ve been through everything you could possibly imagine with owning jets.” Ownership presents headaches, and charter is inefficient.
Currently, private aviation charter works the way commercial aviation used to work before Expedia and other similar services brought transparency to the market. Travelers have to work through brokers, who present a set of available options. As it stands, it’s difficult for travelers to know if these options are the most cost- or time-efficient, said George.
Jet Token’s iOS app plans to provide more optionality with a more transparent process for private air travelers. Future iterations of the app plan to offer instant booking as well as commercial flight options so users can put together the most cost- and time-efficient itinerary.
As a seasoned private traveler, Mr. Wonderful saw the opportunity. “Optionality is what business travelers want. The romance of travel has been gone for me for a long, long time. Now all I care about is efficiency.”
Integrating Blockchain into Private Aviation
When founder Michael was living in Israel in 2017, he developed what he claims was one of the most sophisticated Ethereum tokens. “But nobody cared!” he added. While he was standing on the patio overlooking the airport, watching the planes take off and land, he realized he had developed blockchain technology that could make it possible to book flights more easily.
“The word ‘blockchain’ is thrown around a lot,” Mr. Wonderful challenged. “How does it actually add value to your app?” The Jet Token app plans to leverage blockchain in what they believe is an important way. Once this feature is launched, the goal is for it to allow users to easily sell unused hours through the app. Currently, the company believes selling back unused time with existing membership or fractional ownership models is more complex and time-consuming. Jet Token plans to simplify that experience by linking hours to a cryptocurrency that can be easily and securely transferred between parties.
Taking Flight with Equity Crowdfunding
Jet Token has a track record when it comes to equity crowdfunding. After raising approximately $1.07M via Reg CF on StartEngine, they are currently looking to raise much more via Reg A+. This strategy raised an important question: “Why stay with StartEngine for the Reg A when you could go for more traditional methods like VC or private equity?”
“We were oversubscribed on the Reg CF and wanted to let people in who missed the chance to invest” Michael replied. Jet Token also loves the idea of acquiring investors who could also be customers. “It’s a nice double-dip. If we had a smaller number of Reg A investors by raising somewhere else, we might not get that benefit.”
When asked why they decided to stay with StartEngine, Jet Token said StartEngine’s critical mass of users is just one of several reasons they like the platform. In addition to the active community of investors, Jet Token likes that businesses can withdraw capital as their raise is in progress, meaning they can use money raised sooner to hit new milestones. “When it comes to compliance, process and people, they’re excellent. … They really are the vanguard in equity crowdfunding.”
“I think Jet Token is a great story,” Mr. Wonderful summed it up. “Blending a tried and proven model with new technology…optionality and price is the future of business travel, small or large.”
Jet Token’s Reg A+ is currently live. If you’re interested in learning more or investing, you can visit their campaign page now.
Jet Token, Inc. is conducting a Regulation A offering made available through StartEngine Primary, LLC.
This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
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