stickK allows you to put out a contract ... on yourself. We interviewed their Jordan Goldberg:1. Tell us about Stickk-- why did you create it?
ANSWER: stickK was founded by three Yalies--a student (me), and two professors, Dean Karlan (behavioral economist) and Ian Ayres (law professor). The idea was born out of research conducted by the professors on the effectiveness of commitment contracts.
2. How does Stickk work?
ANSWER: stickK.com is a website that enables users to create "commitment contracts" which are contracts that bind the user into achieving a personal goal, such as lose weight, exercise regularly, quit smoking, or anything else you can think of (write a term paper, study for the LSAT a certain number of hours each week, clean the apartment, read 100 pages each week, brush teeth 3x a day, etc.). Users can opt to put money on the line to ensure that they meet
the goal, or designate a referee (perhaps a boyfriend/girlfriend, or roommate?) to verify their progress and hold them accountable.
If users put money on the line, if they fail to reach their goal, the money is forfeited to a recipient the user designates during contract creation: A charity, a friend (i.e., roommate, spouse, colleague, family member), or an "anti-charity," which is an organization whose views are contrary to that of the user (i.e., if you are pro gun-control, designate the NRA to receive your
money if you fail for added incentive).
3. What are the results so far with user trial ... and adoption?
ANSWER: We have over 4,500 registered users, and approx 2,000 commitment contracts.
4. What is your strategy to attract users?
ANSWER: We have seen a fair amount of media attention, and we're starting to form corporate partnerships to increase our exposure.
5. What is your funding approach-- boot-strapping or seeking VC-- and why?
ANSWER: We are backed by an Angel investor, and we are currently seeking another round of financing. We chose to go with an Angel investor because it was through a personal contact whom we trusted.
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