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This concept reminds me of Tynan's $10,000 challenge to blog everyday for 2 years, it's an interesting concept to force youself to take action. I've seen some others like this, the founder of Beeminder keeps a list updated (mentioned in the comments on Tynan's post) with competitors (http://blog.beeminder.com/compet... ) It would be interesting to see how this stacks up against the others. Seems at first glance that it's simple to get started and I like how they have the opportunity to challenge a friend to put their money where their mouth is. Tynan's post is here - http://tynan.com/10k
I'm not sure funnelling the money to GFDI is the best strategy, though it's an interesting one and I appreciate your transparency in saying that it's important for your profitability. My concern with it is that it sets the wrong tone to your customer, i.e. "our business depends on you losing".
Stickk.com has an interesting take on this model too - they base it on loss aversion. If you fail to achieve your goal, they send the money to a charity, cause or organization to which or whom you would not want your money to go.
I'd love to hear more about your experiences and how it compares to Stickk.
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Not sure I like the sound of this but then again I don't have to use it and maybe people are that hopeless that they need this.
It's pretty much a betting site.
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Very interesting business model, and I love the core concept. I wish my gym would adopt this payment model, haha.
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@alexshye - agreed. I think with personal goals the two main motivators are competition and responsibility (i.e the notion that by completing your goal, others will prosper too) @alonnir Stickk looks good as directing the funds to charity is clearly the most responsible model. Gympact has a great model because it creates a competitive atmosphere.
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