Forfeit launched on Y Combinator's "Launch YC" recently.
Forfeit is an iOS/Android app that takes your money if you don’t do what you say you’re going to do. You must submit photo/timelapse evidence of you completing said habit, which they then manually verify on their end, or they take your money.
Founded by Josh Mitchell & Eddie Raven. Josh is currently a junior at Stanford, and Eddie is a Software Engineer. Throughout the pandemic, they began working on creating Forfeit, and have been refining it over the past few years.
HOW IT WORKS
🔹 Set a Forfeit
Set a bet that you'll get a task done - and specify how much you'll pay if you fail to do it. For example, "I'll submit a photo of myself at the gym by 9 AM or I'll Forfeit $10."
🔹 Submit evidence
Submit evidence of you having done the task. Forfeit accepts photo, timelapse, and self-verification evidence
🔹 Wait for verification
A member of the team will review your Forfeit within 12 hours. If the evidence shows you completed your task - great! If it doesn't, or if you failed to submit evidence on time, they take your $$$
✅ Forfeit works for pretty much anything you'd want to do, but just can't stick to👇
⭐ Waking up on time (eg, a photo of your toothbrush) ⭐ Working out (eg, a photo inside a gym) ⭐ Reading (eg, a timelapse of yourself reading for 30 minutes) ⭐ Meditating (eg, a timelapse of you meditating) ⭐ Running (eg, a photo of you in your running shoes outside) ⭐ Finishing an essay on time (eg, a photo of your essay submitted on your student portal) ⭐ Walking the dog in the morning (eg, a photo of your dog on a park trail) ⭐ Doing laundry (eg, a photo of your laundry in the washer).
Many people find it hard to form habits, and for some, Forfeit's app can act as a powerful motivator. The company has gained a loyal group of users who rely on the app to achieve goals, and integrate it successfully into their daily lives.