How to get the attention of a billionaire? Challenge him to a game of chess. AJ Steigman came up with the idea to play a
high stakes chess match with Peter Thiel, co-founder of PayPal, venture capitalist, and top ranked player.
Steigman, who recently relocated his company
Soletron to Philadelphia, is looking to win a million dollars in series A funding if he can checkmate Thiel.
"Peter and I have very similar backgrounds in chess," says Steigman, who is ranked 2,274 internationally and 2,283 in the US, compared to Thiel, who ranks 2,199 internationally and 2,287 in the US. "In today's economic climate, a lot of people don't have the resources to go after their dreams. This match would signal something to the market, and to entrepreneurs, that unconventional tactics pay off."
Steigman, a chess prodigy who's been getting media coverage for his game since
age 5, is no stranger to the big leagues. After co-founding Soletron in 2010 with Shane Robinson, he has already created strategic partnerships with top names: Bruce Chizen, former CEO of Adobe and Oracle board member; AND1's Tom Austin; Super Bowl MVP Santonio Holmes; and VCs John Friedman, founder of Easton Capital, and Bob Rice from Tangent Capital. Soletron's legal counsel is
Baer Crossey, located here in Philadelphia.
Steigman describes Soletron as Etsy for street wear, and Spotify for retail. "Soletron is a social networking e-commerce platform in lifestyle retail verticals." Holding no inventory of its own, Soletron provides a platform for up and coming designers in Brooklyn, Atlanta, Los Angeles and Philly.
The social aspect of Soletron is blowing up, with enormous growth, from 1,000 followers in February to 82,000 today. The company blog boasts 5,000 articles, and Steigman says a patent-pending social networking technology is the driving force moving forward.
Steigman is currently participating in a summer internship program at Wharton, and plans to make Philadelphia his permanent home, after living in over seven cities in the past year. "I really want to relocate and centralize," says the South Florida native.
The chess match concept appeals to an international audience, and is beginning to get worldwide press. Steigman awaits Thiel's response. "I don't know any sport or activity where someone has challenged someone else for an investment."
Source: AJ Steigman, Soletron
Writer: Sue Spolan