By Britton Buttrill

If you need something a little more fast pace and competitive for your online auction habit, check out Wavee.com – the creation of six Emory University graduates that launched last fall.

In November 2009, Emory grads Jacky Lai, Terence Poon, Jeff Chan, Paul Tsyrlin, Daniel Yang, and David Chan launched the auction site, which allows consumers to maximize their dollars, while competing with other shoppers for massive discounts on electronics.

That means, if you bid correctly, you could get a MacBook or that flat screen TV you’ve always wanted for a few hundred bucks rather than thousands. Wavee.com has a special relationship with drop shippers and other electronic retailers, which allow them to acquire various products.

The concept is simple: a customer joins the Wavee community and buys credits for 60 cents each and is then ready to start bidding. Using the credits, the customer bids against other shoppers for the item of his or her choice at an incredibly low price (typically 70 to 90 percent off retail).  However, if the customer doesn’t win the new item, he or she can reinvest the money spent bidding to buy the item at retail cost.

Co-founder Lai got the idea to start Wavee in 2008 through a series of phone conversations with his future business partners.

“I started thinking about auctions and how we can make money through this model,” Lai said, noting that profitability came within just a few months. It also brought competitors, who have set up similar auction sites.

Lai also believes that Wavee is a good alternative to other online shopping sites such as eBay and Amazon. “The whole thing about Wavee is the fact that a shopper has nothing to lose, Laid said. “If you come on and bid, you can apply everything you bid towards the item. The worst-case scenario on Wavee is the best case anywhere else. If you start bidding, and you don’t win you simply pay retail.”

In March, the company added even more value by launching a rewards store, giving consumers the opportunity to earn points that can later be redeemed for products in the store.

Wavee is also offering a special promotion for Atlanta INtown readers. Log onto www.wavee.com and enter the code ATLNTOWN25 for twenty free credits.

Collin Kelley

Collin Kelley has been the editor of Atlanta Intown for two decades and has been a journalist and freelance writer for 35 years. He’s also an award-winning poet and novelist.

7 replies on “Emory grads create Wavee.com”

  1. You should consider a follow-up story; the current climate at Wavee is stormy at best. Numerous complaints of non-delivery of products won at auction – since November 2010. And recently (today) emails were sent by Wavee indicting that they are voiding all auctions for the period of November 20 – December 15 and issuing bid credits rather than monetary refunds to the consumers for the additional monies paid on items won at auction. Interesting that the email arrived after close of business on Friday. It should be an interesting week coming up.

  2. At this point, the Atlanta BBB rating for WAVEE.com is an F with 475 complaints and increasing weekly with many unresolved. I, for one, have been waiting for 3 months for the Macbook I won in one of WAVEE’s penny auctions. Since then, at least 100 Macbook auctions have been won, but I doubt that anywhere near that number have been received. There are soooooooo many complaints written for all kinds of reasons that it borders on absurd. To keep your reputation clean, you might want to consider doing more research and a follow-up story and then completely disassociate yourself from these 6 Emory University grads who are demonstrating a complete waste of university resources. These guys are a disgrace to our university system, clearly learning only that money at any cost is the name of the game and that being honorable and living up to one’s obligations is unimportant.

  3. You need to do the rest of the story. I was in the November group and purchased 2 camera’s buy it now from Wavee for Christmas gifts for my kids. They charged my credit card, but have never taken the charges off and did not give me the credits either which I would not except anyway. I have called customer service 8 times, talked to different person every time. Sent 20 messages that have never been returned. They will not let you talk to manager or when you ask to talk to the owners of a small company(Jacky Lai, Terence Poon, Jeff Chan, Paul Tsyrlin, Daniel Yang, David Chan) they tell you I can pass on your problem. I am sure Emory and their parents do not know the business practices they have adopted. This is the problem with our country. Hard working people robbed by get rich quick scammers. As a consumer website that has endorsed them, you should now inform your followers to these issues.

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