In Limbo, bidders asked, ‘How low can you go?’: This seems silly to me. Once it loses its novelty, I think they’re going to have a tough time finding products that companies essentially want to give awa.y
Developed by start-up Limbo 41414, the online and cellphone auction rewards the lowest bid with a catch: The winner is the person with the lowest bid that no one else also bids. If two people bid a penny, they both lose.
Limbo, launched in January with $9 million in venture capital, aims to profit mostly by selling sponsorship rights to the auctions. To get things going it has bought some prizes, from iPods (one went for $4.30) to a Mini Cooper ($50.43).