www.resallex.comhttps://www.resallex.com/news/Hey guys, check out our new launched startup. I've been involved in bitcoin since I bought in ~2011 (I think). Hopefully, I can give something back to the community now.
Resallex offers the ability for consumers to instantly purchase standardized contracts for consumer services, such as snow removal or lawn maintenance. We effectively allow you to order services online MUCH faster, cheaper, and at a higher quality than anywhere else.Who we are: A Cornell-based graduate team out of Ithaca, NY. Personally, I am a JD/MBA student.
How does it work? Resallex is modeled off of financial markets, specifically derivatives. Similar to the way you can buy or sell a futures contract, which is simply the trading of a contractual obligation, you can now buy or sell a consumer service contract. Resallex first standardizes the particular service as a contract, specifying quality and permitting the contract to be freely traded. Then, Resallex takes the roll of a market maker, effectively selling the contract to customers through the purchasing process at resallex.com. Since Resallex does not provide services, we must then purchase the same contract from local vetted and pre-screened providers, which exits our position. These contracts are then freely tradable within our exchange, allowing any of our pre-screened and highly qualified providers to service the actual contractual obligation.
What are the Implications? There are 3 major implications of our model that, we think, makes it superior to any alternative model of ordering services, whether online or offline.
- We are faster. We’re taking the time to secure a service contract from days or weeks to one minute. The ability of our algorithms to accurately price our standard contracts based off limited information shortens the contracting process down significantly.
- We will be cheaper. The nature of commoditization is that the only method of differentiation is price. Since we effectively standardize the quality and the specifications of the contract, providers must compete only on price, and therefore the most efficient providers will prevail. We expect price competition to increase over time. We pass these savings on to you.
- Exchange efficiencies. Allowing for the exchange of contracts between competing providers creates the incentive for the most efficient provider to service a contract,and other providers to sell that contract. We liken this concept to McKinsey’s ‘natural ownership’:http://www.mckinseyquarterly.com/newsletters/chartfocus/2008_07_pc.htm. This results in coordination among competing providers, efficiently allocating scarce resources. We could elaborate on this for days, but we will save that for another post.
What are the limitations? There is currently one major limitation: Customization. Customization is the antithesis of standardization, and therefore cannot coexist within our current model. However, as our algorithms and processes increase in sophistication, we may begin offering greater options that appeal to more customers’ needs. If you require a high level of customization, then we currently suggest other options.
Our Reach: We are launching within specific areas in an around New York City and Upstate New York. Our reach is geographically limited to the extent providers have successfully navigated the application process and created accounts. We only offer to ‘sell’ our contracts in areas where we have a sufficient number of providers to guarantee we can ‘buy’ the equivalent contract and exit our position. Fortunately, the incentives for providers to create accounts are very high: the service is completely free, every contract is completely discretionary (as in they can always choose to take or reject any of our offers), and the potential for supplemental revenue is enormous.
Interested in purchasing & managing your contracts through Resallex? If this sort of service is of interest to you and we currently do NOT offer service in your area, then there are two things you can do to speed up our roll out to your area:
- Sign up for our mailing list when prompted during the purchase process: This gives us an indication of relative demand for different areas. We can then focus our provider sign-up efforts for those areas.
- Inform your local providers of the opportunity/Get them to apply for a Resallex account: We need n-number of providers in an area before we open it up for customers to purchase our standardized contracts. Save us time by getting providers to come straight to us and applying.
- Like us on facebook or follow on twitter.
Why Bitcoin? We have always been big fans of market dynamics and lowering transaction costs. Bitcoin offers an interesting alternative to conventional payment methods. While we are not a Bitcoin exclusive service, we do offer the ability to transact with us in Bitcoins at zero premium.
The Future We have no intention of limiting ourselves to our current offering of services. We plan to expand into other service industries we deem 'standardizeable' and 'calculable'. We are interested in auto repair, transportation, shipping, auto detailing, and many more. If you are interested in some services more than others, please let us know.
www.resallex.comhttps://www.resallex.com/news/Happy to answer any questions you might have.
