This post is part of Mashable’s Spark of Genius series, which highlights a unique feature of startups. The series is made possible by Microsoft BizSpark.. If you would like to have your startup considered for inclusion, please see the details here.
Name: Off & Away
Quick Pitch: Members bid in auctions on stays in hotel suites for up 99% off retail rates.
Genius Idea: How many five-star hotels have you stayed at? Of those, how many of those stays have been in the resort’s most prestigious suite? And how many of those stays have been for two nights or more? If your answer is greater than zero, then this post isn’t for you, money bags. The rest of us, though, might want to try our hand at the innovative auction site Off & Away.
Off & Away promises unheard of discounts on luxury suites (up to 99% off retail prices) at top resorts in the U.S. and Mexico. These aren’t the economy rooms you can find on other travel sites. There is one giant catch — one that applies to all auction sites, including eBay, the granddaddy of them all. You must be the highest bidder when the auction ends in order to seal the deal.
Off & Away auctions start off cheap to begin with. Each new bid raises the auction price by $0.10, and each auction runs for a limited period of time. Once the time runs out, the highest bidder wins the auction. The process sounds simple enough, but Off & Away throws a few curve balls into the typical online auction format, making the auction experience a quirky ride that will likely get your blood pumping.
First, you’ll need to buy bids if you want to participate in auctions. Each bid costs $1.00, and you can buy as many or as few as you want. You can then use these bids during actions, but you’ll want to keep in mind that each bid is essentially costing you a buck.
Off & Away gets especially interesting when a hotel deal is just seconds away from going to the highest bidder; this is when the hidden bidders come out to play. Once the auction reaches the final two minutes, each new bid resets the countdown clock to 20 seconds and raises the auction price by $0.10.
Let’s say a resort stay is ready to go to the highest bidder for $49.50 with just seconds left on the clock. A lurking user could pop in with one second remaining, submit a bid, reset the clock to 20 seconds and raise the price to $49.60. Bidding continues until the rest of the bidders give up and allow the auction clock to run down to zero.
To say the formula is a catalyst for frenzied competition between stubborn bidders holding out for the best deal till the very end is a huge understatement. In my own experiences, the bidding competition that happens in the last few seconds can extend an auction for hours — it’s an exciting, adrenaline-enthused experience that often results in disappointment. Most of these hotel deals are so remarkable that your desire to win will outweigh the potential risk of defeat.
The good news is that your used bids don’t completely go to waste. Each used bid can be applied towards $1.10 off another room at the resort in question. You’re obviously not getting the suite experience with these standard room offers, but it’s still a decent consolation prize.
But Can You Really Win?
I’ve tried my hand at a few auctions to no avail. Just the possibility of a win is enticing enough to lure me in and compel me to use my prepaid bids, but I’ve yet to reach the finish line. I’ll keep trying though, and that’s in no small part due to the genius formula cooked up by CEO Doug Aley and team.
Aley assures me that eventually I will win — and that you will too. Earlier today he penned a blog post with tips on how to win. He recommends picking auctions that are less competitive and strategizing ahead of time about how and when to bid. Of course, he also recommends stocking up on bids, but that’s a no-brainer strategy that also works to the startup’s advantage.
Off & Away’s continued success will be dependent on helping more users win. After all, who wants to spend money to buy bids that essentially just go wasted?
Risk Versus Reward for Hotels
The quality of hotel stays offered through Off & Away is impressive to say the least — these hotels are the hotels we only dream about staying at. With the price of sale totally dependent on site users, we questioned Aley about the risk-reward potential for hotels who use the service.
“We have special deals worked out with our hotel partners that ensure that they don’t field any of the risk. Beyond that, our hotel partners and customers know that just because an auction goes for an incredibly inexpensive price doesn’t mean there weren’t a lot of people lurking that were interested in the room. Many times, we have a group of people that are just ’saving their bullets’ for what they think is the end of the auction, only to see their chance to bid slip away,” explains Aley.
Off & Away is a Seattle-based startup that’s raised $1.35 million from Madrona Venture Group and additional private investors. The site’s pedigree includes a staff of travel veterans from Amazon and Orbitz. As the startup evolves, look for it to reduce total auction length and introduce better ways for members to apply bids used on lost auctions for better deals.
Sponsored by Microsoft BizSpark
BizSpark is a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.
For more Tech coverage:
For the past few years - and it’s especially true this year - there has been tremendous growth in the number of seed stage investments and the number of angels (people investing their own money) and VCs (people investing their own money *and* other people’s money)
We have been making seed investments since the earliest days at Spark. We take these seed investments very seriously, and we go through the same decision making whether it's a $250k investment or a $2MM investment.
An easy way to describe the decision process is we ask if we believe the founders, their vision and ability to execute have the opportunity to create something ultimately quite big
Even if it starts out quite small (as they mostly do). Sometimes it works and sometimes it doesn’t.
If we believe the company is best served by a quick flip or small exit then we encourage the founders to raise money from investors that are comfortable with that strategy or help them feel out if bootstrapping is a better model.
I do not believe that raising a small amount of capital initially means that you can’t build a huge company. I disagree with people that tell me that there is no way you can build a big company from a mere $250k. You can actually do it with less.
In my mind the opportunity has little to do with the size of the first round of capital.
Small Business <b>News</b>: Management 101
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Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in ...
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"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
bench craft company rip off
bench craft company rip off
Small Business <b>News</b>: Management 101
Is management ability something you're born with or can it be learned through careful study? Just as there can be many kinds of small business owners and many.
ScribbleLive plans to reinvent the <b>news</b> article | VentureBeat
Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in ...
The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
bench craft company rip off bench craft company rip off
This post is part of Mashable’s Spark of Genius series, which highlights a unique feature of startups. The series is made possible by Microsoft BizSpark.. If you would like to have your startup considered for inclusion, please see the details here.
Name: Off & Away
Quick Pitch: Members bid in auctions on stays in hotel suites for up 99% off retail rates.
Genius Idea: How many five-star hotels have you stayed at? Of those, how many of those stays have been in the resort’s most prestigious suite? And how many of those stays have been for two nights or more? If your answer is greater than zero, then this post isn’t for you, money bags. The rest of us, though, might want to try our hand at the innovative auction site Off & Away.
Off & Away promises unheard of discounts on luxury suites (up to 99% off retail prices) at top resorts in the U.S. and Mexico. These aren’t the economy rooms you can find on other travel sites. There is one giant catch — one that applies to all auction sites, including eBay, the granddaddy of them all. You must be the highest bidder when the auction ends in order to seal the deal.
Off & Away auctions start off cheap to begin with. Each new bid raises the auction price by $0.10, and each auction runs for a limited period of time. Once the time runs out, the highest bidder wins the auction. The process sounds simple enough, but Off & Away throws a few curve balls into the typical online auction format, making the auction experience a quirky ride that will likely get your blood pumping.
First, you’ll need to buy bids if you want to participate in auctions. Each bid costs $1.00, and you can buy as many or as few as you want. You can then use these bids during actions, but you’ll want to keep in mind that each bid is essentially costing you a buck.
Off & Away gets especially interesting when a hotel deal is just seconds away from going to the highest bidder; this is when the hidden bidders come out to play. Once the auction reaches the final two minutes, each new bid resets the countdown clock to 20 seconds and raises the auction price by $0.10.
Let’s say a resort stay is ready to go to the highest bidder for $49.50 with just seconds left on the clock. A lurking user could pop in with one second remaining, submit a bid, reset the clock to 20 seconds and raise the price to $49.60. Bidding continues until the rest of the bidders give up and allow the auction clock to run down to zero.
To say the formula is a catalyst for frenzied competition between stubborn bidders holding out for the best deal till the very end is a huge understatement. In my own experiences, the bidding competition that happens in the last few seconds can extend an auction for hours — it’s an exciting, adrenaline-enthused experience that often results in disappointment. Most of these hotel deals are so remarkable that your desire to win will outweigh the potential risk of defeat.
The good news is that your used bids don’t completely go to waste. Each used bid can be applied towards $1.10 off another room at the resort in question. You’re obviously not getting the suite experience with these standard room offers, but it’s still a decent consolation prize.
But Can You Really Win?
I’ve tried my hand at a few auctions to no avail. Just the possibility of a win is enticing enough to lure me in and compel me to use my prepaid bids, but I’ve yet to reach the finish line. I’ll keep trying though, and that’s in no small part due to the genius formula cooked up by CEO Doug Aley and team.
Aley assures me that eventually I will win — and that you will too. Earlier today he penned a blog post with tips on how to win. He recommends picking auctions that are less competitive and strategizing ahead of time about how and when to bid. Of course, he also recommends stocking up on bids, but that’s a no-brainer strategy that also works to the startup’s advantage.
Off & Away’s continued success will be dependent on helping more users win. After all, who wants to spend money to buy bids that essentially just go wasted?
Risk Versus Reward for Hotels
The quality of hotel stays offered through Off & Away is impressive to say the least — these hotels are the hotels we only dream about staying at. With the price of sale totally dependent on site users, we questioned Aley about the risk-reward potential for hotels who use the service.
“We have special deals worked out with our hotel partners that ensure that they don’t field any of the risk. Beyond that, our hotel partners and customers know that just because an auction goes for an incredibly inexpensive price doesn’t mean there weren’t a lot of people lurking that were interested in the room. Many times, we have a group of people that are just ’saving their bullets’ for what they think is the end of the auction, only to see their chance to bid slip away,” explains Aley.
Off & Away is a Seattle-based startup that’s raised $1.35 million from Madrona Venture Group and additional private investors. The site’s pedigree includes a staff of travel veterans from Amazon and Orbitz. As the startup evolves, look for it to reduce total auction length and introduce better ways for members to apply bids used on lost auctions for better deals.
Sponsored by Microsoft BizSpark
BizSpark is a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.
For more Tech coverage:
For the past few years - and it’s especially true this year - there has been tremendous growth in the number of seed stage investments and the number of angels (people investing their own money) and VCs (people investing their own money *and* other people’s money)
We have been making seed investments since the earliest days at Spark. We take these seed investments very seriously, and we go through the same decision making whether it's a $250k investment or a $2MM investment.
An easy way to describe the decision process is we ask if we believe the founders, their vision and ability to execute have the opportunity to create something ultimately quite big
Even if it starts out quite small (as they mostly do). Sometimes it works and sometimes it doesn’t.
If we believe the company is best served by a quick flip or small exit then we encourage the founders to raise money from investors that are comfortable with that strategy or help them feel out if bootstrapping is a better model.
I do not believe that raising a small amount of capital initially means that you can’t build a huge company. I disagree with people that tell me that there is no way you can build a big company from a mere $250k. You can actually do it with less.
In my mind the opportunity has little to do with the size of the first round of capital.
bench craft company rip off
Small Business <b>News</b>: Management 101
Is management ability something you're born with or can it be learned through careful study? Just as there can be many kinds of small business owners and many.
ScribbleLive plans to reinvent the <b>news</b> article | VentureBeat
Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in ...
The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
bench craft company rip off bench craft company rip off
Small Business <b>News</b>: Management 101
Is management ability something you're born with or can it be learned through careful study? Just as there can be many kinds of small business owners and many.
ScribbleLive plans to reinvent the <b>news</b> article | VentureBeat
Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in ...
The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
bench craft company rip off bench craft company rip off
Small Business <b>News</b>: Management 101
Is management ability something you're born with or can it be learned through careful study? Just as there can be many kinds of small business owners and many.
ScribbleLive plans to reinvent the <b>news</b> article | VentureBeat
Anthony is VentureBeat's assistant editor, as well as its reporter on media, advertising, and social networks. Before joining VentureBeat in ...
The WORCESTER PARK Blog, Surrey ¦: Sky <b>News</b>
"I came out of my front door this morning to see a VERY low flying BA jet passing over Trent Way - just seen on the news that it had to make an emergency landing after just 10 minutes. Never seen one that low even though we're used to ...
bench craft company rip off bench craft company rip off
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