Singapore startup builds world’s first crowdpricing platform

Here’s how you could end up paying less.

Singapore startup Haystakt bills itself as the world's first crowdpricing platform that lets anyone commercialize their creative ideas at crowd-determined prices.

“Like crowdfunding sites, we help anyone pre-determine demand, and achieve negative working capital before entering product,”said co-founder Joel Leong.

Leong adds that what makes the platform unique is the concept of economies of scale- the more people order, the more economies of scale gained, and hence the less everyone ends up paying.

The trick is simple, ordering a project on Haystakt is the same as saying you're willing to buy it at its currently listed price. However, as other people order after you, they help bring the price down for everyone - so it's very likely that you'll eventually pay less than the price you ordered at.

"Quantitatively, the increased access to knowledge and tools results in more creative producers. Consumer demand for unique and authentic experiences are increasing rapidly. Qualitatively, we love building platformed businesses and the Internet allows for a leaner form of distribution and business flow."

Leong founded Haystakt with Melvin Tiong. They were classmates back when they were in Raffles Institution. In order to launch the business, they taught themselves how to program.

The founders started the business by pitching the idea to investors. They soon got started with government funding and angel investment. They refused to disclose total funding.

When asked about the startup future plans to boost the business, Leong revealed that they are currently focusing on growing the supply side like looking for more people to start projects of their own.

"We intend to expand into 1 other SouthEast Asian country in the near future.”
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Company Profile

Name of the Company: HAYSTAKT
Founders: Joel Leong, Melvin Tiong
Website: www.haystakt.com
Source of Funding: Spring Singapore, Angel Investment
Start of Operation: 2013

For startups wanting to be featured, send your message to Lee Anne Babierra at research@charltonmediamail.com

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