Forfeit is a commitment device application that enforces habit formation through financial stakes. Users set specific tasks, deadlines, and monetary penalties for non-completion, requiring evidence submission for verification. The platform uses AI and human review to validate adherence, providing a tangible incentive structure to overcome procrastination and build consistency.
Funding
$500K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals struggle with procrastination and find it difficult to consistently adhere to their goals, lacking effective methods for self-accountability. Traditional habit-tracking methods often fail because they don't provide sufficient motivation to overcome inertia and maintain consistent effort.
Solution
Forfeit is a habit-tracking application that enforces accountability by requiring users to stake real money on completing tasks. Users set tasks, deadlines, and a forfeit amount, and must provide verifiable proof of completion, such as photos, timelapses, or data from integrated apps. If the user fails to provide sufficient evidence by the deadline, the staked amount is forfeited. This financial incentive promotes consistent adherence to personal goals and reduces procrastination by creating tangible consequences for non-compliance.
Target Audience
Forfeit targets individuals who struggle with procrastination, lack self-discipline, and seek a tangible method to enforce accountability in achieving their personal and professional goals.
Features
- Photo verification using AI to match submitted photos with task descriptions
- Timelapse verification reviewed by human verifiers for tasks requiring longer observation
- Integration with Apple Health and Health Connect to track health-related goals automatically
- RescueTime integration to monitor and limit time spent on specific websites and applications
- GPS check-in feature to verify presence at specific locations by the deadline
- Self-verification option for tasks that do not require external validation
- Customizable leniency modes, ranging from strict enforcement to accepting appeals with evidence
- Flexible scheduling options, including setting forfeits for specific days or a certain number of times per week