#45: Frank Chien - CEO and Co-Founder of PrizePool - Winning the Lottery While Saving Money

Frank Chien is the CEO and co-founder of PrizePool, a new type of banking account where you can win one of the over 4,000 cash prizes totaling $50k every month simply by saving money. Frank graduated from the University of Washington and went on to work for Microsoft, Deloitte, and later Facebook before founding his first company called LearnSprout in 2011 (backed by Andreessen Horowitz). In 2015, it was acquired by Apple and from there, he joined a VC called iterative.vc. Aiming to revolutionize the way people save money, he founded PrizePool which has raised money from World Innovation Lab, Bling Capital, and SciFi VC among others.  Topics: The business model mechanics of PrizePoolPricing: freemium vs. charging right out of the gate.How LearnSprout was acquired by Apple in 3 years.Why people save less and how to fix it.Book recommendation: Paul Graham EssaysWebsite: PrizePoolLinkedIn: Frank Chien