The app uses behavioural science to overcome procrastination and is being launched worldwide on March 14, 2022.

Risking money changes your behaviour

Stake Something cofounder Bret Treasure says:

“It’s probably the most common problem in the world”.

“Everyone procrastinates about something and we accept that as inevitable. It’s not. Behavioural science says couch potatoes can turn into regular exercisers. Students can dial up time on their studies. People can cut down on alcohol and change bad habits. We just need to tap into the part of the brain most open to change: the survival circuitry.

The principal involved is ‘loss aversion’. Experimental psychology shows we are much more sensitive to losing things we’ve already got (like money) than we are to striving for things (like goals). So, risking the loss of money is an effective way to change your behaviour.

With the app, people who don’t make good on their weekly promise donate the money they’ve staked to charity. That sparks them into action and three months later they’ve formed a new habit.”

Coaches partner Stake Something

People can use the app by themselves, but Treasure says it works better with a coach. ‘People are just more accountable when there’s someone looking over their shoulder’.

Australian coaches – health and fitness professionals, life coaches and business coaches – are introducing the product to their clients and using it to expand their footprint overseas. 

Impact of COVID on the international coaching industry

According to the International Coaching Federation, the use of audio-video platforms has doubled in the four years to 2019 (from 24% to 48%). Since the pandemic, in-person training has dropped a further 80% and the use of audio-video has increased 74%. That’s driving internationalisation and Australian coaches are well placed to gain clients if they use technology that time-shifts the coaching experience.

Opportunity for Australian coaches

Many Aussie coaches now have substantial numbers of overseas clients: up to 80% if they are in a strong niche market. 

Treasure says:

“1.35 billion people speak English and Australians are one-sixtieth of that number. It’s a substantial export opportunity.  Apps reduce the need for live coaching and because time differences are our Achilles heel when marketing into the US and Europe, apps suit us much better than live coaching.”

About Stake Something

The Stake Something app is free and available through the App Store and Google Play.

Stake Something is a PTY LTD company founded by Ben Raphael and Bret Treasure. 

Australian coaches’ comments

Habit change coach Loz Antonenko says online delivery through video coaching has been an essential pivot.

She says:

“It has allowed us to extend our coaching to an international audience. We will continue to integrate innovative technologies and apps like Stake Something into our coaching model.”

Business coach Mike Hunt says:

“Using Stake Something, I’ve gone from exercising once or twice a week, to six times a week. It has been a game changer for me personally. Having an anti-procrastination app adds immense value for clients because everyone needs accountability. I’m using Stake Something and video coaching as a lead into overseas markets.”

Life Coach Katherine Dale says:

“Stake Something is not only great for the procrastinators amongst us, but also for the highly driven, like myself. Some of us need to ramp things up, others need to create down-time.”

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