The dynamic nature of the biotech industry leads to a large number of surplus instruments and perfectly functional equipment collecting dust. It is not unusual for companies to start and abandon a project in a very short time. But with every downsizing and failed venture springs a new start-up company or expansion. These dynamics call out for an efficient equipment-exchange mechanism that would benefit both those looking to unload unneeded instruments and those launching projects with new equipment needs. Although BioBid was founded with the needs of biotech in mind, the company's services should be attractive to academic researchers as well.
Customers first register on the site, and then it's free to list an item for sale and free to bid.
Using the site is simple. More details and often a photo are supplied by clicking on the individual item. Payment is handled through a third-party escrow service, allowing the buyer to review the purchase for 10 days before funds are transferred. BioBid's 8 percent commission, which trading manager Ken Snoke quotes as the lowest in the industry, is taken only upon a completed transaction. The BioBid team prides itself on providing a format that leads to satisfied customers on both sides of the transaction.