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Memarket

Memarket is a proposed mobile-application-based local area skill and time trading platform

 

Mission Statement

Memarket’s two main missions are to:

·       Empower individuals by enabling them to access timely, relevant and specialist skills to achieve their personal, professional and community goals

·       Strengthen communities by bringing them closer together, and nurturing an ethos of shared goals and reciprocal support

 

Keys to Success

Memarket will succeed in providing a trusted and compelling means of trading time and assets where others have failed by:

·       Being a mobile-first application, allowing users to receive timely, location-aware notifications based on their preferences

·       Being city-specific:

o   This will focus the attention of the user on opportunities that are within easy reach

o   Will add to the sense of local identity and shared pride

·       Having smarter searching and matching algorithms that will match users based on multiple factors, including proximity, time restraints, individual requirements and privacy settings

·       Having a formalized, transaction-based logic, the most important elements being:

o   The ‘give-first’ imperative whereby users are required to provide their time or assets to others to obtain the time or assets of others

o   A digital currency providing them with tangible specific leverage to use within the system

§  This currency avoids the limitation of finding two users with exact complementary request and offer characteristics

o   A formalized process guiding users through the Memarket trade lifecycle:

§  Placing request

§  Receiving offers

§  Accepting an offer

§  Performing a trade – currency trade after mutual confirmation

§  Mutual rating and review

Description of Business

Memarket is primarily a social movement facilitated by an online platform accessed by users through a mobile application.

Memarket will allow any users to offer their specific skills and lend assets (tools, specialist equipment, personal property) to other users in their community who are making such a request. The service would be free to all users, and the trades would involve no exchange of cash between parties.

The types of trades facilitated by Memarket are too numerous to list, but fall into three ‘trade types’:

1.      Teach / Learn – Where a specialist skill or knowledge is transferred from one user to another

2.      Serve / Recruit – Where a specialist task is performed by one user for another

3.      Lend / Borrow – Where the assets of one user are lent to another user for an agreed time

A virtual currency will provide the means by which users obtain equity in the system in order to obtain the service of other users. The trading of this currency (MeMarks) will ensure continued engagement in the system, with users continuing to ‘offer’ in order to earn the right to ‘request’ and obtain the trades they’d like to receive.

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