New internet start-up Hypejar uses social media to accurately forecast demand for future products
CoolAvenues Newswire | July 08,2013 03:16 pm IST
An online social platform that accurately forecasts future sales of new products has won first place at the Desautels Faculty of Management’s entrepreneurial competition, the Dobson Cup.
Hypejar allows consumers to dictate the level of anticipation, or “hype,” for products before they hit the market and currently holds the largest amount of yet-to-be-released products in a searchable format.
Products range from new phones, gadgets, films, music albums, cars, events and much more.
The benefits are two-fold. Users benefit from the social media platform as it allows them to discover, collect and stay up-to-date on products before they hit the market. Whilst the market intelligence gathered by Hypejar provides brands with valuable insights into demand levels for their products before launch.
Team leader and Desautels graduate Grant Yim says “It is unique in the fact that there is nowhere else to find, in one place, information about products that have not yet been released. Also, existing market research organisations do not leverage social media, and as such their data is expensive and the sample sizes are smaller.”
The team behind Hypejar fought through two months of competition to achieve first place and receive $10,000 from the 2013 Dobson Cup, hosted by the Dobson Centre for Entrepreneurial studies at the Desautels Faculty of Management.
Yim remarked, “From the conception of the idea, we’ve cultivated a very big vision of radically disrupting a recent trend in consumer behaviour to eventually accurately forecast future sales. Winning the Dobson Cup has has served as an awesome validation for our model, and has opened us up to a vast new network of potential investors and advisors who got in touch with us straight after the competition. Winning has also injected further inspiration to allow us, as consumers, to take back something that rightfully belongs to us; the ability to dictate levels of anticipation as opposed to having it be decided by brands and ad agencies,”
The Dobson Cup is held annually and offers an opportunity for budding entrepreneurs to showcase their business ideas and not-for-profit start-ups. It is hosted by the Dobson Centre for Entrepreneurial Studies. Participants whose concepts demonstrate the most innovation, viability and growth potential are awarded prizes from a $60,000 fund ($40,000 for profit & $20,000 not for profit) along with the prestige that is associated with the accomplishment..