Headquarters: Oakland, Calif.
Launched: March 2012
Mission: Make auctions interactive and fun.

Traditional auctions are outdated, according to new startup Outbid. The Internet auctioning service allows people to auction off anything they'd like in real-time.

Here's how it works: Schedule your event and invite people to RSVP for what Outbid calls "a live interactive party that you control." There's a gamification element: As soon as a person bids, a countdown clock resets, allowing other users to keep bidding. The live element lets the auctioneer interact with their friends and people looking to buy items.

The idea stemmed from Copart CEO Jay Adair, whose automotive auctions company funded Outbid. Typical items up for auction include jewelry, art and sporting goods.

By Laurie Segall @CNNMoneyTech - Last updated May 31 2012: 10:16 AM ET
Join the Conversation
A swarm of ocean robots

A venture capitalist's quest to capture whale song gave rise to an innovative fleet of data-gathering robots.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.