What Market Characteristics Does My Startup Broom Have?

Abstract

The paper examines the characteristics of Broom, a startup/community service that I co-founded. Broom was developed as a startup that provided a domestic help service, however, it never made it to the market. Hence I converted it to a community service where I help connect domestic helpers to potential employers (mostly household owners). In this paper, I have analyzed and evaluated various literature presented on market structures and efficiency. First I read about how market supply and demand affect efficiency, then I found out about the importance of human intelligence, and lastly some factors that affect efficiency. I connected and compared the findings to the characteristics of Broom to gauge how efficient Broom is. The findings show that Broom is a continuous double auction market with characteristics such as profit maximization, and price priority that make Broom efficient. However, there are also factors such as non-binding contracts and no or less knowledge of public transaction prices that make Broom in-efficient.