New Web-based business to take penny auction industry to the next level
Pennies add up to dollars, and dollars add up to profits. This philosophy drives the bustling penny auction industry, in which participants pay a non-refundable fee for the right to bid on items, with the winning bid coming in at well below MSRP. And Houston entrepreneur Cory Owens intends to take the industry by storm as President and CEO of BidSerious, LLC.
Owens is well versed in the online business world, having worn multiple executive hats at a Web-based Houston fulfillment company for 17 years prior to launching BidSerious. When that business merged with a California-based company in 2010, he embarked on a search for the next big idea. His interest in traditional auction sites led him to penny auctions. “I decided to really dig deep and investigate the heart of the penny auction world,” says Owens. “I found that with the right model, a strong penny auction site can be highly profitable.”
BidSerious changes the existing Internet penny auction model by incorporating three key advantages focusing primarily on the customers’ wants and needs. The combination of these three key advantages will change the face of Internet auctions in the future.
Owens expanded his original thoughts on this business model into the present BidSerious structure over a seven-month period. While his extensive business development knowledge helped come up with an attractive business plan, establishing the right connections has proved invaluable as well. “Texas Entrepreneur Network has been incredible about giving advice and pointing our business in the right direction. Our membership in Technical Incubator West Houston has also helped us develop our plan into what it is today.”
BidSerious is currently proceeding with the investment phase of its development. “The process is much longer than you anticipate it to be,” he notes. “But if your plan has merit, and you put in the time and effort, the final result makes it all worthwhile.”