A new local startup is making waves in e-commerce by letting consumers name the price.
BUYSTAND, a Durham-based startup, is an e-commerce company that allows buyers to choose how much they are willing to pay for name-brand products. After a price is named, the website connects the user with retailers willing to sell at that price. The firm, which was co-founded by Bill Brown, professor of the practice of law and founder of local startup firm 8 Rivers Capital, is looking for ways to get Duke students involved with the company.
“BUYSTAND is the first company in the world to empower people to buy the products they want at their own price,” said BUYSTAND CEO Joe Davey, who has been involved with firm since its inception. “Traditionally, online shoppers have had no ability to influence the price of the goods they want to buy.”
Students could benefit in many ways from the startup, said Julia Hawkins, Trinity ’12, who previously interned for 8 Rivers Capital and now works at BUYSTAND. As an example, she explained that she went on a three-week road trip with her best friend selling grilled cheese sandwiches at music festivals between graduation and before joining BUYSTAND. Hawkins noted that she and her friend would have appreciated a way to find better prices for the supplies they needed—a tent, a sleeping bag and a lamp, among other items.
“If there was BUYSTAND and I could make an offer as low as I wanted, I would have been much happier,” Hawkins said. “Instead I asked for these things as graduation presents.”
She also pointed to the tenting traditions during basketball season, adding that students need cheap tenting equipment and gear more than anybody. Looking forward to assembling a team, Brown said he is interested in not only having Duke students as potential buyers for his firm’s startups, but also as employees.
“We are very interested in working with Duke students,” Brown said. “As you can see, not only do we have them as interns, we hire a lot of them.”
Co-founder Ted Kraus, principal at 8 Rivers Capital, developed the model for allowing consumers to deal with a seller driven retail market in the summer of 2011. Brown said Kraus’ idea was left “on the shelf” for some time. Then, 8 Rivers matched Kraus with Davy. After the two met for a cup of coffee, the company was on its way.
“When those two guys got together, we had the critical mass to take this thing forward,” Brown said.
Brown also said the location of his firm and BUYSTAND in Durham is beneficial for growth. Although most startups are in Silicon Valley, Brown said being in Durham allows for less competition for capital. He said his team at 8 Rivers is the smartest and brightest group of people he has ever worked with—including at Goldman Sachs and Morgan Stanley.
“Here, we’re able to get some of the best talent in the world from people who like the environment, the cost of living and the University community,” Brown said.
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