Einstein says you should neighBORROW!

neighBORROW a winner in spigit contest

FOR IMMEDIATE RELEASE


neighBORROW NAMED A WINNER OF THE ENTREPRENEUR CHALLENGE

Won Awards in “Top Idea” and “Most Popular” Categories in spigit.com’s Contest for Innovative Start-Ups,

Seeks “Mayors” to Help Fuel Expansion



New York, NY -- March 12, 2008 --

neighBORROW (www.neighborrow.com), a free, web-based platform uniting neighbors and online communities looking to borrow and lend personal belongings, was voted a winner of spigit.com's Entrepreneur Challenge for innovative start-ups. neighBORROW has been awarded the opportunity to be flown to the offices of Keiretsu Forums in Southern California to present to private equity and venture capital investors. Additionally, neighBORROW will be granted a $1,000 marketing consulting package. “This award validates our core concept of unifying neighbors interested in efficiently and safely lending to and borrowing from others in their community, and endorses the underlying value proposition of our site. We have been impressed with spigit's application since it launched and feel truly honored to have been recognized,” says neighBORROW founder Adam Berk.

neighBORROW enables members to save time, money, and the environment by pooling resources in a concentrated area, reducing the need for ‘unnecessary’ purchases, “neighBORROW is a resourceful model that allows members to get more out of items they own and spend less for items they want, all while reducing the negative environmental impact of inefficient consumption. Listing and lending opens the door to free borrowing and responsible borrowing keeps the door open," says neighBORROW Chief Technology Officer, Phuc Quang.

Since neighBORROW does not supply the goods that are lent and borrowed and is presently in its beta testing stage, the site currently relies on “Mayors” to populate the website with both new members and inventory. “Any active member can become a Mayor by creating a new network, or ‘neighBORROW-hood,’ in their community and we are currently rewarding successful Mayors for their efforts in growing neighBORROW-hoods during our beta test,” adds Berk. One way neighBORROW is rewarding select Mayors is by sharing the local advertising revenue generated by each community.

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About neighBORROW:
neighBORROW, founded in 2005 and located in New York City, is a "green" web-based start-up that facilitates the borrowing and lending of personal items among neighbors or other groups. The website, currently in beta, uses accountability metrics such as deposits, user reputations and borrowing history as well as customizable privacy settings to help ensure the safety of its members’ property. Users have the flexibility to decide what and with whom they are willing to share by participating in both private (invitation only) and public networks. These networks, or “neighBORROW-hoods,” have been created in apartment buildings, dormitories, offices, and other natural localities, and have been used to pool and catalog extensive online inventories of CDs, DVDs, video games, books, tools, sporting equipment, baby items and many other durable goods.



About spigit:

spigit is a platform that provides professionals the ability to showcase new ideas and innovations and in the process build their professional network. Companies and Entrepreneurs can obtain feedback-contributions-ratings from employees, partners and customers. Through our proprietary simulation they can build and refine an idea, find the right resources to contribute, create buzz, and calculate a multitude of targeted metrics to provide insight into viability and simulate the likelihood of success.

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For more information about neighBORROW, please visit http://www.neighborrow.com. To schedule an interview, please contact Adam Berk by email at info@neighborrow.com or by phone at (516) 554-4255.

Costanza should neighBORROW

JERRY: So forget about the books. Did you read them?

GEORGE: Well, yeah.

JERRY: What do you need them for?

GEORGE: I don't know. They're books.

JERRY: What is this obsession people have with books? They put them in their houses - like they're trophies. What do you need it for after you read it?

GEORGE: They're MY books.

JERRY: So you want me to get those books? Is that it?

(Scene ends)

[Setting: Coffee Shop]

(Jerry and Marlene are sitting, a pile of books are on the table.)

HISTORY ALREADY

Photos from the original neigh*borrow-hood

How does it work?

neighBORROW.com harnesses the power of the Internet, utilizes existing inventory and infrastructure, and adds a few proprietary (and some traditional) accountability metrics, to provide users with unprecedented access to the enormous "collective contents" of their entire building, apartment complex, community or neighborhood. The site also provides for smarter, more efficient collaberation for new purchases.

For most items, if you get it locally- there are no shipping costs and no usage fees. Just join and list what you own and may be willing to lend, donate, or trade (or just show off or organize your collection). Then browse through or search for items available in your neighBORROW-hood and request an item from the database when you find something you need or want.

In public neighBORROW-hoods, if you have a doorperson or concierge, it is not necessary to deal directly with the counter party (unless both parties choose to). Your personal information will not be public, nor will any public link exist between you and the items you list (again, unless you want it to). Members will have the option to refuse requests; however, there will be minimum listing and lending requirements to continue borrowing in PUBLIC neighBORROW-hoods. Members will only be penalized if they do not follow through with a committed transaction. Members will be rewarded for frequent participation and for lending high-demand items.

To summarize, you will have access to more stuff, it will cost you absolutely nothing, it will be perfectly convenient, and your privacy will not be compromised.

FREE, FUN, SAFE, CONVENIENT, FLEXIBLE, GOOD FOR THE ENVIRONMENT... what could be better

We have it all figured out. Basic membership is FREE. Borrowing basic items within neighBORROW-hoods is FREE. And due to the nature of neighborhood sharing, even shipping costs have been eliminated. It is possible, finally, to use some of the things you want, without paying with a single penny. You will not pay in other ways either. You will not sacrifice your privacy. People will not be running around your neighborhood or building ringing your doorbell and knocking on your door. We have built a system that allows for anonymous borrowing and lending. You will not sacrifice convenience. In many cases in fact, it will be more convenient than driving to the local video store or belonging to an online rental club. You are not giving up actual ownership, you can have the item back whenever you want, you don't necessarily have to find someone who wants something of yours to borrow something of theirs. We have made it as easy as possible to list items and keep them safe and protected.

Plus, it's FUN to list items and meet other people on the site and in your community. And neighBORROW-ing is GOOD FOR THE ENVIRONMENT!