Photo - BID4
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BID4

Real-time bidding e-market place for consumer products.

UAE
Market: Internet and IT, Information and media, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 14.02.2020
Min investment
$  100.000
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Total required
$ 500.000
Rating
equalizer из 1000
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Idea

BID4 is real-time bidding e-market place where customers can bid or use the buy-now functionality to purchase products and services. One of the key features of BID4 is the fact that only 10 people can bid per similar item, keeping competition high within a small group of enthusiastic buyers and giving the buyers the confidence and equal opportunity of actually winning a bid. We will also have an implementation of a compare API, which tells our customers how much our competition are selling similar items helping them make a buying decision without visiting multiple platforms.

Current Status

- Member of in5 tech incubator.
- BID4 is at a working prototype stage.
- Currently have meetings and negotiations with two angel investors.
- We have been chosen by Dubai start-up hub to join the community.
- We are the first RTB platform to only allow 10 people to bid per item.
- We already have access to over 5000 products and services ready for sale.
- Not a free market platform where anyone can post items and sell.

Market

Global market but currently targeting MENA.

Problem or Opportunity

Problems

- Converting shoppers into paying customers.
- Customers do not have the purchasing power since most products online have defined prices.
- Customers do not have an avenue to attend or engage in online auction events.
- Customers lack confidence if actually winning a bid due to the high volume of people bidding per similar item.

Solution (product or service)

Solution

- Autonomous and algorithm driven online application, which completes a full transaction in milliseconds on pre-set parameters. Depending on the demand of the product, the set timer for each transaction can range from 60 seconds to 24 hours

- BID4 will have a compare API infrastructure, which displays pricing data from other competition, hence making our customer make a buying decision on BID4.

- Only 10 customers can bid per item, increasing competition and maximising sale within a small group of people

- When the timer is over, the highest bidder wins the bid.

- Depending on stock availability, customers who lost the bid will be notified if they want to continue bidding in the next bidding window on the same item

- Bid 4 will also have a buy-it-now functionality on certain product

Competitors

- Christies
- Sotheby
- Ebay
- Emirate Auctions

Advantages or differentiators

- Only 10 people can bid per similar item.
- Compare API to provide customers with price data.
- Use app to engage in physical bidding and buying process, while remaining anonymous or absent.
- AI and geo-location to provide customers with tailored shopping experience.

Business model

BID4 generate revenue by charging each vendor a negotiable 10% commission upon sale per item and also from sales of auction events ticket both online and at physical locations.

Money will be spent on

- Online and Offline marketing
- Salaries for employees
- Migration to iOS and Android application
- Governmental and legal fees for utility patent

Offer for investor

To gain equity within our company every $100000 will give the investor a 5% stake in the company.

If you decide to loan us the money we will provide you with a 25% equity and payback within 0-5 years of the company going live and drop the equity down to 15%.

Team or Management

Incubation/Acceleration programs accomplishment

in5 tech Dubai.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
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Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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