IEtoken — A Business School using tokens to teach the meaning of the value
I am teaching in the International MBA at IE Business School, and due to the current hype with blockchain and cryptocurrencies, I think that any business student should know at least the basics of blockchain/crypto and be familiar with the new incoming tokenized economy. So I decided to issue a token at IE Business School with the approbal of the IMBA Startup Lab, the ietoken, to teach the meaning of the value and how to create this value from zero. Probably we are the first business school using a token! :-)
Inside the IMBA, I am teaching to the Startup Lab students, and all of them are developing different startup ideas in groups, so this topic could help in the development of their projects. They are 168 students, so I have issued 10.000 ietokens per student, 1.680.000 tokens in total, no professor, no staff, no one but students are having ietokens. Also I wanted to add some social value to the project, so I created a single wallet with the 30% of the total tokens (720.000 ietokens), this amount of tokens will go to a social project chosen by the students of the IMBA Social Impact Lab, another branch of the IMBA.
I started the experiment this week, when I sent the tokens to the first of the five classes I teach, they asked me:
Students: Professor, but does this token has any value?
Me showing a 1€ coin: Well, I offer you this euro to any student that gives me the 10% of the tokens.
Students: (No one wanted)
Me showing a 10€ bill: Ok! 10€ for the 10%!
Students: (Still no one…)
Me showing a 20€ bill: Ok! It is being hard! 20€ for the 10%!!
Students: (Still no one…)
The story repeated until I paid 30€ to one of the students for his 10%, we used the Waves decentralized exchange, I sent 5 Waves ($6.4 each) to the students’s wallet, so the value was reflected immediately, and suddenly all the students saw in their accounts 10000 ietokens = $382.
The whole ietoken project was worth $91680 in that moment, a value created in minutes from $0.
That was the first day, but after a few days the value only went down to $173 per student (0.0027 waves) , pretty good taking into account that before no student had any money. The thing is that there are some offers to buy ietokens, so any student could sell his 10000 ietokens and cash out $173 for the weekend, but no one did. Why? They are expecting to create some value!
The experiment will end at the end of the month, when some investors are going to listen to the student elevator pitches, that could be a good opportunity to trade the ietokens with the investors, they are not going to represent shares of the companies, but could be a good way to give some money that the students can use to transform their ideas in real startups.
After that, the ietoken will survive in the ietokens holders, the value could go to $0 or higher than ever, everything depends on the students creativity, I will try to give them some push by rewarding the best ideas. And maybe if in the future we think about launching an official ietoken in the whole IE, we could reward the holders with a nice exchange for the official one.