Online flea market startup sold for 7b yen

Tokyo

YUSUKE Mitsumoto had a hunch: what if you paid people instantly for their used goods over the Internet, with no guarantee that they would hand them over?

The 36 year-old e-commerce entrepreneur launched an app in June to test the idea. It worked better than he imagined; after 16 hours, he was stunned to discover he was on the hook for 360 million yen (S$4.3 million) - and shut the service down.