Montreal’s Pibster is a reverse auction platform that wants users to sell anything and everything through social media, starting with Twitter.
The premise is simple: a user sets a high price, and every time someone tweets that auction item, the price decreases by a fixed amount until someone clicks buy (assuming someone is interested before it hits the reserved minimum price).
As a demonstration, Pibster is actually auctioning its own platform. The Canadian startup has started the price at $1 million, with each tweet reducing the cost by $1,000. So far, the platform’s cost has come down to $988,000.
However, for an unvalidated business model, the Canadian tech startup has priced its plans a little high: the cheapest options are $39 per promotion or $49 per month—steep prices to pay for an unproven platform.