By now, netizens may recognize Japanese Yusaku Maezawa’s name not through his business ventures but his frequent online giveaways and competitions.
The 44-year-old seems to be set on further cementing this reputation as he unveils his latest contest mechanics.
Posting on Twitter once again, Maezawa announced that he would be giving away $91 million to 10 lucky entrepreneurs, whose business proposals impress the billionaire.
As the post was written in Japanese, it’s assumed that the contest is primarily targeted to residents of the East Asian country. Entry submission isn’t free though, as Maezawa requires all proposals to be accompanied by a ¥10,000 ($90) screening fee.
The contestants would have to undergo rounds of interviews and questionnaires before the 10 best proposals are chosen. Each of them would then be awarded with ¥1 billion ($9.1 million) as a form of investment and prize from Maezawa.
That said this reward shouldn’t be seen as free money as the businessman is looking to see a return in his investments and would reportedly seek for a 20% ownership stake in the chosen businesses. His stipulations don’t end here though.
The entrepreneur also has the discretion to put more money into the businesses he particularly deems to be promising.
In fact, Maezawa has stated that he can award as much as ¥3 billion ($27.33 million) in one company alone. Additionally, the percentage of his stakes may also vary ranging from as little as 10% to as much as 50%.
The businessman is looking forward to receiving varied applications heirs to students with good ideas as he’s willing to help them increase the company an applicant may have inherited or fund a startup venture.
Interestingly, Maezawa maintains a relatively relaxed attitude towards the potential failure or success of the winning businesses. After all, he sees the former as an opportunity to gain life experience.
Just a month ago, Maezawa made waves on Twitter after he pledged to give away ¥1 billion on the platform as a social experiment.
He’s also known for launching a girlfriend search, who would reportedly accompany him on a trip to the moon. The search has now been canceled.