Behind the Idea

ItsKarma has been developed to overcome many of the limitations of today's prevalent online auction systems. Using Peer-to-Peer (P2P) technology, itsKarma creates a network that allows users to post items for sale easily, without listing fees, giving them complete control of the sales process. The itsKarma model facilitates more user interaction during the negotiating process via online chats or offline communication, thereby improving the overall experience for end users. Additionally, in an effort to gain rapid acceptance of the network, itsKarma aims to create a sense of community by encouraging users to participate in community service or charitable events. itsKarma will partner with national not-for-profit organizations and waive transaction fees for consumers who participate in these activities.

The P2P network model creates many opportunities that will allow itsKarma to capture a significant portion of the online auction market. Specifically, by utilizing the latest P2P technology, itsKarma creates a new method of buying and selling items over the internet that offers many advantages to users. First, the itsKarma application gives complete control of listings to the user posting the items. There is no limit to the time that items can be posted for sale and no fee to list items. All revenue will be generated through fees accessed only upon confirmation of successfully executed transactions. Second, the application greatly simplifies the process of listing and searching as it streamlines much of the serial posting of information that is required for website based systems. Lastly, the P2P model fosters a sense of community as users can instantly access others that are connected to the network via online chat or offline methods to execute the transactions.

ItsKarma brings together a solid management team consisting of several proven entrepreneurs with a history of developing businesses from concept to profitability. The founders have already successfully raised sufficient seed funding to fully develop and test the underlying business model and develop a prototype of the itsKarma P2P application. They are aggressively seeking partnerships to help launch the network and have begun discussions with several organizations, including Groove Networks and CommerceNet. Additionally, they have established a board of directors, several of whom have already achieved national recognition for achievements in the business community or professional athletics.

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