By the end of that year he had left his post as CEO of a previous start-up to found Bidpath, a Bellevue firm that links auction companies to the online world. Due to logistical constraints, Laster discovered traditional auctioneers were avoiding the Internet. A special camera, designed by Kodak and Flashpoint, acts as a database that allows auctioneers to take pictures and store verbal descriptions of each item up for bid. At the click of a button, the picture and description appear on a computer screen, coupled with data entry software to record bids and sales. This cuts the task of inventorying and posting a single auction lot from about half an hour to less than five minutes - a significant savings for auction companies that average 1,000 lots a week.
Auctioneers can sell strictly online, online by proxy or by live interactive bidding.
Bidpath collects revenue through monthly licensing fees for its hardware and software, listing fees for online postings and a share of revenues from customer sales. It currently serves 13 traditional auctioneers. Since it began invoicing customers two months ago, Laster said Bidpath's revenues have grown 400 percent. Laster, who is founding his third start-up, struggled during his initial attempt to create Bidpath technology. But when Bidpath crews showed up with a demonstration video camera, fanny packs and headsets, auctioneers balked.