We haven’t written about StickK, the company that allows you to put a contract on yourself in order to help you commit to improving your lifestyle, since the service was launched back in February 2008. Good thing the company got in touch with us and pointed out they’re doing quite nicely, which gives us a good excuse for an update on them.
StickK was founded by three Yale economists (two professors and a graduate student) and basically allows you to accomplish a goal by setting up a contract against yourself, whether it’s about losing weight, stop biting your nails, writing a novel or whatever else you feel you need to achieve in life. The site takes credit card information up front and charges it on a weekly basis should you fail to meet your self-submitted goal(s). You can designate someone to be your referee — a friend, co-worker or spouse, for example — but in the end, if they fail to do their jobs, StickK.com will take your word for it. → Read More
stickK is designed to promote a healthier lifestyle by allowing users to create “Commitment Contracts” that oblige them to follow through with commitments such as exercise and quitting smoking. stickK was developed by Yale University economists Dean Karlan and Ian Ayres who tested the effectiveness of Commitment Contracts through extensive field research. Economic and behavioral research before Karlan and Ayres considered the effectiveness of the model, and their own testing found that people who put stakes (money or reputation) on the table are far more likely to achieve any goal they set for themselves. Taking out a commitment contract though doesn’t mean a thing unless there is a penalty for breaking the contract, and stickK covers that as well. Users can set up a contract to include payments to charities if they fail to meet their contracts, and friends can be used to make the final call on the result as well, reducing the chance that users will lie about the result of a contract. Steven D Levitt of Freakonomics fame wrote about stickK in January (Ayres is an occasional Freakonomics Blog guest blogger) and approved of the concept, a strong endorsement for the site. stickK has raised $1.2 million in angel funding and had over 1,000 commitment contracts as of early February. CrunchBase Information Stickk Information provided by CrunchBase → Read More
