34,500 Commitment Contracts

Did you know 34,500 “commitment contracts” are out on people?

Let me explain. I read in the Freakonomics blog about a website that help people make and keep commitments for a healthier lifestyle.
. The website states:

stickK empowers you to better your lifestyle. We offer you the opportunity, through ‘Commitment Contracts’, to show to yourself and others the value you put on achieving your goals.

A Yale professor with the help of entrepreneurial spirits opened this place where people come to sign contracts on themselves, for obliging themselves to achieve personal goals. Together with one of his students he started http://www.stickk.com/communities.php/commtype/health.

Based on research he conducted on Commitment Contracts as a tool for helping people save money. He believed that today’s health-conscious and socially conscious market was ready for a service that would allow people a way to achieve their goals. They make a commitment online, and put a financial value on their success or failure. So if they don’t succeed, self-reported, they will be charged the amount they had placed on the goal and this becomes their incentive to complete their goal. Here’s a recent list of commitments by their members:

No stupidly wasted time on-line
Write first, sleep enough
20 miles a week for February
Read more and watch TV less.
Arriver at work by 09:30 daily
Full BodY Makeover
Practice Italian
Couch to 5k
Become a world bridge champion
Find a job

Check out this website. It is a social network for making and keeping commitments. Interesting business model, based on research. I wonder if they are making any money?

Advertisements

One response to “34,500 Commitment Contracts

  1. Thanks for that Chris.
    Staples is launching a new, one-of-a-kind program called Staples stickK to it! Business Challenge to help change the lives of small businesses and give them a platform to ensure success.
    Feel free to check it out on http://staples.stickk.com/
    The commitment contracts are business oriented and rather than putting money on the line the user gains free staples products!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s