Diversity is a hallmark of Memphis’ population. And the city is known for its entrepreneurial nature. The inaugural class of Memphis Inno's Startups to Watch reflects that racial, gender, and business-focused diversity.
Since its fall 2021 launch, Memphis Inno — MBJ’s brand geared toward startups, technology, and innovation — has expanded its coverage of the local entrepreneurial ecosystem. The section highlights startups and founders who are breaking technological ground in their respective industries, with new ventures and innovative product offerings. Represented among Memphis Inno’s Startups to Watch in 2022 are entities with concerns as varied as medical technology, music and digital content, transportation, finance, and retail.
Some are early stage companies figuring out how to get off the ground, and others already have significant sources of funding and are looking to scale up. All are uniquely Memphis ventures.
Planet Wealth
Ask Greg Sossaman, CEO of Planet Wealth, and he’ll tell you the startup offers people a “free swing at the plate of capitalism.” The company officially launched in July, and the goal is for its platform to help people build wealth, by providing them tools to raise funds and purchase valuable assets. Those can be rental properties, cars, collectible stamps, oil and gas rights, whiskey barrels — really, anything that fluctuates in value or generates cash flow.
Typically, just the act of raising funds can be expensive, with the combined costs of compiling documents and creating a website and video to attract investors sometimes reaching $30,000 to $50,000. But Planet Wealth’s platform provides those tools and services at no cost, giving people the chance to pool together their social capital to raise financial capital.
It’s designed to benefit investors, too. The first cut of earnings from an asset goes to the investors, and everything after that is split. The company makes money by charging 4% commissions on raises that take place on its platform. If someone completes a raise of $500,000, for example, it will take a 4% cut.
Planet Wealth has raised more than $10 million in funds and has initiated the acquisition of a broker-dealer, to give it a clear revenue path.
