This document describes an idea for an auction platform called Minution that uses a second-price sealed bid auction model. It aims to solve problems with traditional auctions like overpaying by having bidders submit blind bids and the winner pays the price of the second highest bid. This allows vendors to promote products and run giveaways while ensuring customers never overpay. The founders aim to generate $1.5M in revenue by the end of 2013 by targeting the $2 trillion market for digital goods and are seeking $1.5M in venture capital.

2. IDEA
Platform for promo sales and smart giveaways
based on the sealed-bid second-price auction

3. THE PROBLEM
Sleepless nights in bidding an auction... Overpaid items...
Lost in last seconds... “You were overbid” notifications...
Wasted time... I’d better used “Buy it now”...
... delusion in auctions
Classic auction is not suitable for mass-market products

4. THE SOLUTION
Second price auction
with blind bids and fair pricing

5. MINUTION ADVANTAGE
Vendor can sell numbers of items
to various customers in one deal

6. CUSTOMER BENEFIT
No overpaying
Ever

7. VENDOR OPPORTUNITY
It’s an awesome method to make promotions and giveaways
Perfect pricing tool which makes your way into the market easier
For free

8. CHOOSE A PRODUCT YOU LIKE

9. PAY WHAT YOU WANT
Each item has two prices: Bid with your price in the gap
Asking (market) price – ex. $29.99 Choose an amount how much is
Reserve (discount) price – ex. $9.99 this product valuable to you

10. WINNERS PAY LESS
Fair price is the price that your losing rival is ready to pay
Ex. $15 instead of $20 and $16 offered

11. DISTRIBUTION
Direct sales
Social media
Affiliate program

12. THE MARKET
$2 TRILLIONS
spent globally in 2010 on digital products
$2 000 000 000 000 are huge money!
segmentation is under discovering

13. THE COMPETITION
Direct: social-buying services (Groupon, Privalia, AppSumo), daily deals sites
Indirect: marketplaces (Amazon), auctions (eBay)

14. THE MONEY
Minution makes money by selling bids from: $0.19 to $4.99
Alternatives:
Subscription to premium features for the sellers
Advertising and promo tools for brands and shops

15. THE PLAN
500K of customer signups
generate 200K of successful bids by the end of 2012
$1.5M+ in revenues from 6M+ customers by the end of 2013

16. THE TEAM
created and launched first and the biggest penny auction in Russian Internet
30k of signups in 3 months
first day profitable

17. Pavlo Bogacci
founder and CEO
entrepreneur, theory economist, game theory
10+ years of Italy - Ukraine export trading experience
Rodion Vshevtsov
CTO
Agile Ruby on Rails developer
made high-load projects such as http://ratepoint.com
Yegor Zubarets
CIO
Agile product development and lean startup building

18. THE ASK
$1.5M venture capital
strategic partnership and advisors

19. THE POINT
http://minution.com
is up and running and need some fuel to hit the road

20. THANK YOU!
Pavlo Bogacci
+380637756666
bogacci@minution.com
http://facebook.com/bogacci