Please
Login to share this post.
Share This Post
To:
(Separate emails by commas)
Message:
(Message is optional)
Description:
We have an innovative auction platform that takes the traditional auction model to the WEB2.0 era and transforms it into a fun and entertaining shopping experience where one can get exceptional deals on various items ranging from personal electronics to luxury goods.
Since early 2009 a number of penny auctions websites opened their doors, some more serious than others, but at the end of the day, all offered the same business model. As users of those websites, we got frustrated by betting on items and by never getting anything in return. Worse, we could never know for sure whether those websites were using bots to win the auctions against us. Things had to change.
So, in early 2010, we brainstormed on ways to legitimize the penny auction model and make it such that no one could doubt of the existence of bots on the platform and also on ways to offer users a more fulfilling experience by rewarding them adequately. After a few weeks of refining the concept, our site was born, since then we have been working around the clock to code our platform from scratch.
We now have a production ready website. We are planning on launching the website in both the US and in France at the same time. The technology was developed such that it could handle multi currencies and languages.
What I Need:
We will be launching the website as soon as we can raise the capital needed to finance our operations. We are looking for $500k. This money will be used as follows:
- Marketing: We worked with a marketing company to craft a marketing campaign that would successfully launch the website. This campaign will first try to build a presence on the internet to first bring traffic to the website. The second stage would be to build our name.
- Team: We would need to build a team to complement the founders' skills.
- Operations: We are planning on being profitable within 6-9 months of operation, depending on the response we get from our marketing campaign. During that time, some of the funds will be used to fund our daily operations in both countries.
Regarding your return on investment: Our plan is very conservative and our business model shows that we should be profitable on every sale we make (vs. the traditional penny auction model where 50% of auctions are not profitable). Building our presence on the internet via social networks and search engines will require an investment of at least $20k a month and will be our biggest expense.
After reaching profitability (6-9months horizon), we plan on distributing dividends to our investors.
We hope you will be as excited as we are about this opportunity.
I personally will answer any question you might have and will be happy to offer you a test drive of the website should you require it.
Comments:
Add Comment:
You must be a member to comment on this idea. If you are a member , please login to respond.