BrewDog's millionaire founder James Watt launches app
BrewDog founder James Watt says he leaned on his girlfriend Georgia Toffolo for advice during the development of his new influencer market venture, a month after stepping down as chief executive of the craft beer giant.
On Monday, the entrepreneur announced plans for Social Tip, a new app platform which he said is designed to allow normal consumers to become influencers.
The business will allow Britons who post on social media about brands they like, which are signed up to Social Tip, to be rewarded with money based on the level of engagements.
Mr Watt, who has remained an adviser and non-executive director at BrewDog, said he spoke to the former Made in Chelsea star and influencer, during the creation of the new business.
He claims BrewDog largely 'grew on word of mouth' and believes Social Tip will allow companies to grow their audience in a similar way.
Mr Watt (right), who has remained an adviser and non-executive director at BrewDog, said he spoke to the former Made in Chelsea star and influencer (left), during the creation of the new business
On Monday, the entrepreneur announced plans for Social Tip, a new app platform which he said is designed to allow normal consumers to become influencers
Mr Watt said: 'The businesses we are speaking to are really excited about the prospect of this.
'We will be marketing ourselves from day one, so people see the opportunity to make money from their posts, but companies will also be wanting their customers to be aware of this, aware of the opportunity to share their experience while profiting from it.'
Mr Watt said the economics of using influencers have 'massively changed' for businesses, suggesting that they could gain more value from rewarding ordinary people who use, and have paid for, their products.
'On a macro level, a lot of major influencers aren't offering the return to businesses now that they were a few years ago,' he said.
'What people engage with is changing and people are looking for something more authentic.
'We don't think there is anything more authentic than customers who actually use and cheerlead your products spreading that.
'Yes, they have smaller individual followings, but there is more benefit to having hundreds of those than spending the same amount on one big name.'
The company said it has already partnered with dozens of brands, including Huel, PureGym and Dash water.
Mr Watt will run the company alongside Thomas Matecki, former chief technology officer of fintech firm Zilch, and Georgia Lee, former managing director of food delivery firm Supper.
Social Tip will officially be launched and become available for download in the summer.
Mr Watt, who stepped away from the helm of BrewDog after 17 years, has also invested in '15 to 20' start-up businesses, including leading a £500,000 funding round for soft drink firm Living Things last week.
Social Tip said it has already partnered with dozens of brands, including Huel, PureGym and Dash water
Mr Watt, who stepped away from the helm of BrewDog after 17 years, has also invested in '15 to 20' start-up businesses, including leading a £500,000 funding round for soft drink firm Living Things last week
He handed over the reins of BrewDog to chief operating officer James Arrow, but still has a non-executive role of 'captain and co-founder' in the business and retains his 21 per cent shareholding in the firm.
The Aberdeen-born businessman started up his own brewery with co-founder Martin Dickie at the age of 24 on an industrial estate in 2007. They decided on the name because Mr Watt's father Jim had recently got a puppy.
Coming from a family of fishermen, he used to help his father on his fishing boat in the North Sea. On his LinkedIn profile he claims to be a 'fully qualified deep sea captain'.
He graduated from Edinburgh University with a degree in law and economics. After landing a job as a trainee solicitor he quit after two weeks - branding 'conforming' as 'painful at best - and, three years later, started BrewDog with Mr Dickie.
The business struggled at first but took off when, after around six months, Tesco placed an order to sell its beer across the country.
In 2014, Mr Watt won Great British Entrepreneur of the Year, and in 2016 both he and Mr Dickie were awarded an MBE.
The pair grew up as best friends and became flatmates when they both lived in Edinburgh.
Mr Watt, who is divorced with two daughters, has very much been the face of the company since its inception.
But his tenure has been marred by controversy in recent years, with the firm accused by former workers in an open letter in 2021 of having a 'culture of fear' within the business, with 'toxic attitudes' towards junior staff.
He later admitted to being 'too intense and demanding' amid a workplace culture row where he was accused of inappropriate behaviour and abusing his power.
Pictured are Martin Dickie and James Watt - BrewDog's founders
Mr Watt will take on the newly created non-executive role of 'captain and co-founder'
Mr Watt and Mr Dickie grew up as best friends and became flatmates in Edinburgh
The former Made In Chelsea star, 29, and Mr Watt first got together over the summer of 2023
Speaking with Steven Bartlett on the Diary of a CEO podcast about his leadership at the company, he admitted to previously pushing people 'too far' because of his 'high standards.'
But the CEO - whose company has been accused of having a 'rotten culture' - said that his actions were done with '100 per cent good intentions.'
More than 15 ex-staff previously spoke out against Mr Watt with some claiming he made female bartenders feel 'uncomfortable' and 'powerless'.
Mr Watt has said the allegations are false and denies behaving inappropriately.
Last year, it was reported he sought specialist help after he was described as 'semi-autistic' in the wake of the allegations.
He was diagnosed with ADHD - which causes people to be restless and impulsive - and Asperger syndrome, a form of autism.
Mr Watt has been dating Ms Toffolo, 29, since the summer of 2023 after being set up on a blind date by a friend.
Ms Toffolo - who is known by her friends as Toff - admitted she hopes her boyfriend Mr Watt will be 'the one'.
Toff said: 'I would love him to be the one but hey, so far so good. I don't know. It is still very early days. But we're really happy.
'James actually walked into a wall on our first date, which was really funny. But, I think I knew [how strong their connection was] from the second date.
'I mean it was just classic James and I. The first date was, like, stereotypical, really lovely time, knew I really liked him, great.'
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