The achievements of Billy McFarland simply highlight what free enterprise is all about. The young entrepreneur who is the founder of the successful enterprise Magnises, has taken an idea and turned it into a huge success
McFarland came up with the idea of an elite card that can be used by millennials to gain access to discounts at restaurants, clubs, concerts and various travel opportunities. It is all done with the Magnises Black Card which has a $250 annual fee but lets the user in on hundreds of great deals.
The Black Card, which is made of metal and carried by the user, works by transferring data from an existing card to the Magnises card which allows its use in place of the credit or debit card. This opens the door for discounted purchases which include all kinds of venues that are partial to the millennial generation. A mobile app is available to find and take advantage of all the good deals that are available.
There are no spending limits or requirements and the concept is wildly successful. The Black card is currently available in Washington DC and New York City. There are plans for expansion to Boston, Los Angeles, Atlanta, Chicago and London. The business model is a very smart one. It geared to the urban areas of the larger cities where the millennials live and work. The venues which they are attracted to are located there as well
As of the end of 2015, there were over 10,000 members of Magnises which prompted the raising of three million dollars of venture capital. This will allow Magnises to expand geographically to other metro areas where the market is ripe for the service.
According to Business Insider, Billy McFarland formed his first enterprise, Spling when he was a freshman at Bucknell, which turned URLs into graphical mosaics. He continues to head that company as its CEO. Spling has Universal and Discovery as clients.
Billy McFarland is passionate about using his business model which works and is set in stone. Expansion plans for Magnises are clear. The company is moving forward with plans to provide the service to millennials on a nationwide and international basis