Everyone sets goals for themselves both big and small, but achieving those goals comes with mixed rates of success; stickK is a new productivity platform that uses empirically proven techniques to up users' odds of achieving their aims. The system is based on Nobel Prize-winning studies from behavioural economists at Yale, and it claims to increase the chances of achieving a goal by three times.
The stickK platform works by signing users on to Commitment Contracts: agreements that users make with themselves to achieve a certain task or goal. Through the psychological principle of loss aversion, these contracts encourage people to stick to their plans.
To raise the ante, stickK augments its Commitment Contracts with actual monetary value. Users can put up 'Stakes' in the form of money, and if they achieve their goals they keep the money -- however, if they don't achieve the goal, that money gets donated to the recipient of their choice.
What's Driving This Trend
- Goal-achievement Platforms
- Opportunity for developing platforms that use proven techniques to increase the chances of achieving goals.
- Behavioural Economics
- Potential for applying behavioural economics principles to motivate individuals to stick to their plans.
- Loss Aversion
- Potential to leverage the psychological principle of loss aversion to encourage individuals to commit to their goals.
Who This Affects Most
- Productivity Apps
- Opportunity for productivity app developers to integrate features that help users achieve their goals.
- Personal Development
- Opportunity for personal development industry to use Commitment Contracts and monetary incentives as a tool for goal attainment.
- Donation and Philanthropy
- Opportunity for donation and philanthropy organizations to partner with goal-achievement platforms in order to receive donations when users fail to achieve their goals.
