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GymPact Co-Founders Yifan Zhang and Geoff Oberhofer on how the service’s financial incentive helps its clients keep up with their fitness goals.
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Kurds are an increasing number of Americans -- health clubs but joining budget doesn't necessarily mean that they go right how many of you've done that you joining -- -- -- -- -- going well these next entrepreneur orders have a new service that will motivate you to reach your exercise goals in the way -- I've not seen before.
He plunged ahead.
Jeff -- -- of a co founders.
-- the company called G impact.
That was conceived in the in -- Harvard dorm room as I understand it and they are joining us now welcome to both the -- Who came up with this idea what was the Genesis forest.
-- -- -- and so both of us came up the -- as to gather a week where actually seniors out Harvard and the idea came from the behavior economics hot as.
Where we're looking at ways to use financial incentives to help motivate difficult behaviors like getting -- -- to the -- I'm just has been a frequent and glory isn't aged fourteen felt he would not as -- be agree applications actually get people here that and that's how the whole thing started.
And Jeff just extend this a little further so the folks out there understand.
You you put your money and -- to motivate you to go and if you don't -- some of that money is taken out it goes into a pool.
From which people who do go get paid right so there's a carrot and a stick.
Exactly say you committed to exercise a certain number of days per week.
And if you meet your patent you actually earned money from the people who didn't make me.
Okay about the victims at a I've heard of paying people to lose weight now it's paying people to just get to the gym tell you guys -- five minutes old.
What happened when you opened up the gates for membership.
Jeff.
Yeah -- incredible I mean fassel's that the -- prison company we had over 151000 finance and our first week we're expecting bet -- hundreds by an -- it's been very exciting.
And are working around the clock to try to make -- users happy it.
And Jeff I gotta figure out how you guys make money and all that's what what is your cut on what end of this do you cut out -- piece of the action for yourself.
So we take small transaction fee com from the money be taken before rewarding our other users.
OK and and is that enough to pay back at least so far the initial investment from your your angels.
Yeah how long it's been enough to run the programs they'll file are not trying to make a huge amount of money -- that is trying to run the program.
OK so I can go to my gym I need more details here -- -- I can go to my GM I sign up for the service.
How can you prove that I actually went to did you.
Yeah so we'd actually use GPS technology found iphones we have iPhone out.
I have and so we actually it's time to make -- -- and -- and -- -- Denver at least thirty minutes -- -- -- -- out yet -- unhappy I don't really able kind of turned off what is going to be monitored -- like an ankle bracelet is it that.
Ha ha ha.
Well I mean most of our users don't even worry about it because they're honest that is -- revision but there are gonna locker work out and check out on their non.
Okay how much money can I make it -- show up for a whole week five times a week ticket my -- up tick box in my.
It all my classes and I'm on the ATM machine and then they've treadmill.
Arafat on street is pretty good lose we we average server words between fifty cents and a dollar work Nazi probably earn about five dollars with that schedule and what Liz Liz by the -- -- it's like you she's a triathlon.
Kind of not so she's -- to do it in a crazy way.
That doesn't make any sense so you wouldn't make any might make a lot of money -- -- all of us I think you make more money from me not going then what.
Ergo.
I all the -- is absent not I've found -- -- also not supplant our biggest thing that we want to do because he had sold many android users and other library users asking us on the in the coming months they're gonna have -- -- -- five.
Which will be usable for all Smartphones.
OK and by the Louisiana -- we had a debt by the way before you guys given that you Begin every sentence with a word snow.
And we we got back that's -- US -- you owe us a little bit out in front.
And Jeff we got to leave it that banks -- I think yeah.
