stickK users set up a "commitment contract", a commitment device where they agree to achieve a certain goal, such as losing weight, exercising more, quitting smoking, or conserving energy.[3] They sign a legally binding contract that will send their money to third parties, including either individuals (referred to as "Friend or Foe") or a number of organizations and charities.[4] If users pick "Charity" as a recipient of their forfeited money, stickK selects the charity for the user. Users can also pick a specific organization whose views they oppose[3] referred to as "anti-charities".[5][6]
The site also allows for referees—people selected by the user to help monitor the progress of their contract. When a user submits a report to the website, the referee is asked to confirm the accuracy of the report. Users are also allowed to designate other users and friends. Such people, known as supporters, receive emails about the users' progress.
The company was founded in New Haven in 2007[10] and subsequently moved to New York City. It was initially funded by a $150,000 investment from the three founders, and later raised about $2 million from a pool of investors in two rounds.[11] The web site was launched in the beginning of 2008.[11]
Usage of the site is free for individual users, with the initial business plan involving advertising revenues.[9] The company later created non-free B2B products, offering corporations a co-branded version of StickK for the use of their employees or members.[11] In May 2010, stickK.com launched Choose You, where individuals can write commitment contracts and have their friends or family pledge money to the American Cancer Society if the contract is fulfilled.[12]
According to Goldberg, users who put money on the line and have a referee tend to do best. 78% of these users achieve their goals, as compared to only 35% who put no money down.[13]Steven Levitt, co-author of Freakonomics, wrote about and approved of the website and its concept.[4] StickK also appears in the [popular press] book More Than Good Intentions, where it is mentioned as an example of a type of commitment device that can be adapted to development programs in microsavings and health.[14]
According to Karlan, the company's name comes from 'stick'ing to it, and the second K is the legal shorthand for a contract.[15] It also refers to carrot and stick.[13]
This section needs expansion with: Basic company data (number of employees, revenue & profits). You can help by adding to it. (June 2008)
Further readingedit
Ayres, Ian (2010). "A Commitment Store". Carrots and Sticks. Bantam. pp. 166–189. ISBN978-0-553-80763-9.
Referencesedit
^ abc"Make A Commitment". Forbes. Retrieved June 24, 2020.
^ abcGrayson, Pamela Weiler (February 4, 2009). "Dieting? Put Your Money Where Your Fat Is". The New York Times. ISSN 0362-4331. Retrieved June 24, 2020.
^ ab"An idea for Lent – Carrot and stickK". The Economist. February 7, 2008. Retrieved December 23, 2008.
^Grimshaw, Jeff; Gregg Baron (2010). Leadership Without Excuses. McGraw Hill Professional. p. 148. ISBN978-0-07-160004-0. Retrieved June 8, 2010.
^Sunstein, Cass; Richard Thaler (2008). Nudge: Improving Decisions about Health, Wealth, and Happiness. Yale U Press. p. 46. ISBN978-0-14-311526-7. Retrieved June 10, 2010.
^ abAubrey, Allison (March 6, 2008). "Put Your Money Where Your Girth Is". NPR. Retrieved December 23, 2008.
^ abPantin, Travis (November 23, 2007). "How Yale Professors Lose Weight". New York Sun. Retrieved December 23, 2008.
^ abcWouters, Robin (September 30, 2009). "StickK Raises More Funding For Self-Commitment Service, Eyes B2B Play". TechCrunch. Retrieved February 22, 2010.
^ abSchweitzer, Sarah (April 15, 2008). "A Web contract for personal goals". The Boston Globe. Retrieved December 23, 2008.
^Appel, Jacob; Karlan, Dean (2011). More Than Good Intentions. Dutton Press. pp. 160–161, 235–236. ISBN9780525951896.
^Sittenfeld, Linda R. (March 11, 2008). "StickK.com: Take a Contract Out On Yourself". CNBC. Retrieved December 23, 2008.
April 12, 2024
stickk, other, uses, stick, american, internet, company, that, enables, users, make, commitment, contracts, order, reach, their, personal, goals, llctype, businessprivatefoundednew, haven, connecticut, united, statesheadquartersbrooklyn, york, united, statesfo. For other uses see Stick stickK com is an American internet company that enables users to make commitment contracts in order to reach their personal goals stickK com LLCType of businessPrivateFoundedNew Haven Connecticut United StatesHeadquartersBrooklyn New York NY United StatesFounder s Dean Karlan 1 2 Ian Ayres 1 2 Jordan Goldberg 1 2 URLwww wbr stickk wbr comLaunched2007 Contents 1 Service 2 History 3 Further reading 4 ReferencesService editstickK users set up a commitment contract a commitment device where they agree to achieve a certain goal such as losing weight exercising more quitting smoking or conserving energy 3 They sign a legally binding contract that will send their money to third parties including either individuals referred to as Friend or Foe or a number of organizations and charities 4 If users pick Charity as a recipient of their forfeited money stickK selects the charity for the user Users can also pick a specific organization whose views they oppose 3 referred to as anti charities 5 6 The site also allows for referees people selected by the user to help monitor the progress of their contract When a user submits a report to the website the referee is asked to confirm the accuracy of the report Users are also allowed to designate other users and friends Such people known as supporters receive emails about the users progress History editstickK was started by two Yale University professors Dean Karlan and Ian Ayres During graduate school at M I T Karlan and a colleague made a wager to lose 40 pounds each and to referee one another so as to stay on target 7 8 Their service draws on their experiences and two principles from behavioral economics loss aversion and time inconsistency 9 They recruited Jordan Goldberg then a student at the Yale School of Management to build the company 10 The company was founded in New Haven in 2007 10 and subsequently moved to New York City It was initially funded by a 150 000 investment from the three founders and later raised about 2 million from a pool of investors in two rounds 11 The web site was launched in the beginning of 2008 11 Usage of the site is free for individual users with the initial business plan involving advertising revenues 9 The company later created non free B2B products offering corporations a co branded version of StickK for the use of their employees or members 11 In May 2010 stickK com launched Choose You where individuals can write commitment contracts and have their friends or family pledge money to the American Cancer Society if the contract is fulfilled 12 According to Goldberg users who put money on the line and have a referee tend to do best 78 of these users achieve their goals as compared to only 35 who put no money down 13 Steven Levitt co author of Freakonomics wrote about and approved of the website and its concept 4 StickK also appears in the popular press book More Than Good Intentions where it is mentioned as an example of a type of commitment device that can be adapted to development programs in microsavings and health 14 According to Karlan the company s name comes from stick ing to it and the second K is the legal shorthand for a contract 15 It also refers to carrot and stick 13 This section needs expansion with Basic company data number of employees revenue amp profits You can help by adding to it June 2008 Further reading editAyres Ian 2010 A Commitment Store Carrots and Sticks Bantam pp 166 189 ISBN 978 0 553 80763 9 References edit a b c Make A Commitment Forbes Retrieved June 24 2020 a b c Grayson Pamela Weiler February 4 2009 Dieting Put Your Money Where Your Fat Is The New York Times ISSN 0362 4331 Retrieved June 24 2020 a b An idea for Lent Carrot and stickK The Economist February 7 2008 Retrieved December 23 2008 a b Levitt Steven D January 21 2008 StickK To Your Commitments Freakonomics Blog New York Times Retrieved December 23 2008 Hood Duncan March 24 2008 Self help How to buy a will of iron MoneySense Retrieved September 23 2019 stickK FAQ Retrieved December 23 2008 Grimshaw Jeff Gregg Baron 2010 Leadership Without Excuses McGraw Hill Professional p 148 ISBN 978 0 07 160004 0 Retrieved June 8 2010 Sunstein Cass Richard Thaler 2008 Nudge Improving Decisions about Health Wealth and Happiness Yale U Press p 46 ISBN 978 0 14 311526 7 Retrieved June 10 2010 a b Aubrey Allison March 6 2008 Put Your Money Where Your Girth Is NPR Retrieved December 23 2008 a b Pantin Travis November 23 2007 How Yale Professors Lose Weight New York Sun Retrieved December 23 2008 a b c Wouters Robin September 30 2009 StickK Raises More Funding For Self Commitment Service Eyes B2B Play TechCrunch Retrieved February 22 2010 1 dead link a b Schweitzer Sarah April 15 2008 A Web contract for personal goals The Boston Globe Retrieved December 23 2008 Appel Jacob Karlan Dean 2011 More Than Good Intentions Dutton Press pp 160 161 235 236 ISBN 9780525951896 Sittenfeld Linda R March 11 2008 StickK com Take a Contract Out On Yourself CNBC Retrieved December 23 2008 Retrieved from https en wikipedia org w index php title StickK amp oldid 1194972721, wikipedia, wiki, book, books, library,
