The fitness and diet industry is a multi billion dollar market in North America. Technology based startups are looking to capitalize on this industry. Health Rally has developed a social network around the idea that people will realize health goals if family and friends are watching, and providing quantifiable rewards for hitting milestones.
An example is a person aiming to lose 20 pounds, they register on the site . Various friends and relatives would join a “support team” to help reach the designated objective. Support team members each pledge a small amount of cash, which in the end adds up to a hefty sum if the person accomplishes his or her aim in a predetermined amount of time. The site would monitor the progress of the participant in real time.
Health Rally would derive revenues from take a 7% service fee from financial transactions facilitated by the site. There will also be a credit card transaction fees up to 3 percent.