Brothers to write about making $1m. The catch - the money hasn't been made yet

Most people become rich before they would even consider writing about how they did it, but not Shalom and David Khotoveli.

By YIGAL GRAYEFF
December 7, 2005 06:15
3 minute read.

 
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Most people become rich before they would even consider writing about how they did it, but not Shalom and David Khotoveli. The brothers, aged 16 and 21, have signed a book deal with UK company Best Global Publishing to write about making their first $1 million. The catch is that they still have it all to do. The Khotovelis, who live in Rishon Lezion, want nothing less than to create an Internet phenomenon that sweeps the globe. They plan to do this by offering businesses the chance to participate in the writing of the book, which they hope will become a bestseller. All the companies have to do is pay to submit a "witty" answer to any of the questions, or tooxtas, listed on the Khotovelis' web site, tooxta.com, which was launched last Friday. The initial motivation for the companies is that their answers will appear on Tooxta alongside a link to their own site. Once the web site has earned $1m., the brothers will write their book describing the development of their company, and include the tooxtas and the businesses that submitted them. David Khotoveli said he and his brother came up with the idea for Tooxta, which they believe is a new take on Internet advertising, after a brainstorming about possible business ideas. "We threw ideas at each other and eventually came up with this," he said in an interview on Tuesday. They chose the name Tooxta, he said, because they wanted to incorporate elements of the word "text." Since the company has very little money - it was set up with an investment of $1,500 - the Khotovelis decided to turn conventional business practice on its head and create a trademark before offering something as substantial as a product. "We didn't have the funds to offer a new product, so we said let's do the opposite: Let's create a brand that everybody will know about and only then will we offer products and services," Khotoveli said. He believes that if the company does earn $1m. it will do so within a few months, and that the project is a zero-sum game. "Either it will explode and have a massive impact or it will do nothing," he said. Should Tooxta achieve its goal, Khotoveli plans to hire employees and offer new products and services in an attempt to emulate the giants of the worldwide web. "We will reinvest the money to make Tooxta one of the best recognized brands on the Internet - in the same league as Google and eBay," he said. Once person who thinks the brothers will succeed is Best Global Publishing co-founder Jason Pegler, who offered them the book deal after they approached around 50 publishers. "I thought they showed a lot of initiative and they really believe in what they are doing," Pegler said from London. "If they believe they can succeed then they will."

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