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COMPANY NAME:
SwapAce.com
FOUNDER:
Joseph Renzi
ORIGINS:
Founded in 2004, with two years of R&D for patent protected IP.
MARKET:
Any individual or organisation who wants to buy, sell or swap something (or get something for free) is a potential customer.
CAPITAL:
Raised approximately $1m privately and through government grants – looking to raise $3m over the next year for targeted marketing campaigns.
RecentBuzz:
Official alliance with all universities in Australia via UniSwap.com.au (a license of SwapAce.com technology).
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THE PITCH:
With over 22-years experience in information technology, Joseph Renzi saw a gap in the eBay model of net-based ‘buy and sell’.
In 2004, SwapAce.com was created to offer users a ‘unique marketplace’. SwapAce.com is a web-based system that enables users not just to buy and sell goods, but swap and barter with virtually anything (services, products, events, etc.) in a secure online marketplace.
SwapAce.com has patented several features of its system, including its electronic ‘bartering system’, electronic ‘negotiation system’, ‘offer management system’ and ‘reverse’ auction system, which allows users to buy, sell, give away or swap virtually anything; make multiple counter offers and negotiate the terms of the transaction until all parties are happy; and make offers across multiple transactions concurrently, enabling buyers to ‘shop around’ during negotiation.
SwapAce.com combines features to enhance the ability of businesses to trade with each other or the general community (e.g. B2B, B2C, G2C etc.). SwapAce.com also services social/community needs by allowing community to community transactions that can be private (within a community) and free (to help people in need). The SwapAce platform can also be adapted to provide internal company, or industry-based, trading sites.
Renzi finds the small business environment very exciting as the team can quickly test and implement new ideas. He says, “This is the reason that small businesses like ours can take on the online giants like eBay in the internet game.”
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David Southwick
Entrepreneur-In-Residence, Victoria University
“I like the idea about being able to swap and exchange goods and services online. SwapAce has obviously followed a popular trend of using the net as a trading platform for these types of transactions. My main concern is that a revenue stream has not been articulated, Show me the money! The partnership they have created with the universities is a good development, as they will need a number of alliances for this to work. Building a brand takes a lot of time and money and they will need to build relationships if they are to create another household name like ebay.”
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Reuben Buchanan
Integral Capital Group Pty Ltd
“The key for online businesses seems to be to identify and owning a niche, rather than trying to be all things to all people. Swapace has a good chance of owning the “swap” niche if they can build critical mass. The fact that they are established is attractive to investors when compared to a pure start-up (no revenue, concept not proven with consumers). ”
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