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Tim Draper and Bill Burnham Join Wigix Board of Directors
Online non-financial goods stock market service (phew!) Wigix has announced two new members of their board of directors. Wigix’s Board is led by CEO and co-founder James Chong. Tim Draper, founder of Draper Fisher Jurveston and wall street analyst Bill Burnham have joined the Wigix Board. Earlier this year, Wigix raised $5.35 million in Series A funding, led by Draper Fisher Jurvetson.
Check out our initial review of Wigix to learn more about this unique service. The company is calling themselves, "the world’s first online stock market for all non-financial goods." I see it more like Amazon’s third-party sales with negotiation.
Here are my concerns with Wigix from the review, "The bottom-line with Wigix is whether they will be able to get enough buyers and sellers to move over their inventories from ebay (and other auction sites) to Wigix. Many heavy sellers have enormous switching costs due to the feedback profiles on eBay and the easy Paypal integration."
I use both eBay and Amazon. Both can be bears to deal with, but they are both rewarding for us. I tried Wigix and was not impressed at all. We had more problems with WIgix than we have had with eBay. Wigix Inc. operates out of China. Their main site is “wigix.cn” and wigix.com is a secondary site. Trying to get customer service is difficult as you can only reach them through email or postings on the message board which they may or may not answer. When we did get a answer it was through a Chinese computer tech that although spoke English was not fluent in the nuances of English and could not fully answer our questions. Wigix Inc also does not do a good job of following United States law and customs since they are mainly operating in China. The Wigix Payments system is the worst concieved idea for a banking system that we have ever seen. You can only withdraw funds the first 15 days of the month. Even then you have to put in a request and Wigix Inc will withdraw the funds on their own time. We were told this policy and we could not withdraw our funds the first 2 days of Decemeber 2008. After several emails and postings a Wigix tech person manually withdrew our funds to PayPal. Wigix.com is a Chinese scam that people need to stay away from.