Browse all past winners
LocalBusinessBarter

LocalBusinessBarter

Adhi Rajaprabhakaran 1352 Views

Here’s how it works:
If you trade $100 worth of your work and you receive the equal amount of work in return, the service you provide would count as a sale and the service you receive would count as an expense. If you have a 50% mark-up on your product, you’ve only paid $50 to receive $100 worth of work. That’s what makes you a savvy business owner. If you make fifty trades over the year for $100 worth of work each time, that’s $5000 worth of sales and $2500 of profit, that’s a great return on zero dollars invested!
Business owners can use an intuitively designed app to list what you have and what you’re interested in. The app will automatically match you with local businesses that have complementary inventory and needs. The app will use an algorithm that considers geolocation, business genre, high ratings or reputation, and user input to match local business with which lucrative relationships are possible.

Impact

If there’s one thing small businesses love to do, it’s support other small businesses. My former boss says there is a ‘strong brotherhood formed by the struggle of running a business.’ LBB will support small businesses everywhere by creating win-win relationships.
These relationships can make a huge impact by giving power back to Local Businesses better compete with the large chain corporations that use greater economies of scale to undercut them. LBB is a way to a more robust local economy.

What I Will Do With $5,000

$5,000 will go towards: 1. Purchasing an Apple SDK and publishing license for the App Store. 2. Commissioning artwork for a logo and intuitive User Interface. 3. Marketing efforts such as flyering and approaching business owners face-to-face. 4. Employment of services to maintain customer relationships, such as ConstantContact.
The rest will go towards creating an Alpha and Beta versions of the app. We believe that these steps are crucial to gaining traction and getting LBB off the ground.

Idea Links

Adhi’s avatar

About Adhi Rajaprabhakaran

I’m a Sophomore Economics Major at Michigan State University. I have experience working for locally owned businesses and nonprofit organizations doing promotion and market research. I’m an avid tennis player, cyclist, programmer, and entrepreneur. My dream job is to be a socially conscious venture capitalist, helping small companies with a focus on Social Entrepreneurship grow to larger stages. I would love to make my career helping socially-focused companies grow to make a larger impact.

Next 5x5 Night: