Beta.MN/ Byte is a series underwritten by Bust Out Solutions and published in collaboration with Beta.MN for the early-stage founders between idea and execution.
What is the name of the company and/or product?
What distinct problem does this solve for who and how does this create value for them?
Young adults are rapidly shifting away from long-term, committed dating, to casual encounters and hookups that fit into their busy lives and free mentalities. FUNL recognizes the motivation within this population to seek hookup partners, while also acknowledging the many barriers of entry to doing so. By tackling issues from safety concerns to approach anxiety, FUNL is offering a platform that will become an integral part of young adult nightlife.
How did you come up with the idea?
The idea first came about when I, Garrett Goodstein CEO and Co-Founder was at a bar with my older sister in Seattle. I proceeded to ask her about her love life which she stated was sad. I asked her what the problem was and it turned out to be quite simple. As a young, busy grad student she simply does not have time to maintain a serious relationship. She then confirmed that she was interested in casual hookups but it just wasn’t the time for a relationship. I asked if she was interested in dating apps and she said she felt uncomfortable with them due to lack in security features and constant profile exposure. FUNL is the solution I came up with to deal with those issues I see in her and many others.
What is the full launch/release date planned?
MVP/Beta testing by early fall, release in December 2017.
Who is on the team?
What is the specific technology or combination of technologies is used?
Our initial release will be on iOS, so we’re developing in Swift for an iOS native application. We’re leveraging the Google Maps API to allow for hyperlocal matchmaking, and Firebase for cloud-based data and authentication services.
Who is the customer and what is your revenue model?
For the first time in dating app history, we’re looking away from our users for revenue. Instead, we will be building strategic partnerships with venues in order to drive traffic to them in a sponsorship-like relationship. This, of course, requires a massive user base, and is therefore for down the road a bit.
What is the size/scope of your market and how will you scale?
According to studies done on Tinder, between 20% and 73% of their 50-million-strong user base are interested primarily in hookups. On the low end, that’s 10 million people already using an app for something that, quite simply, we’re going to do better, and own in our brand. In addition to reversing our eventual revenue model and scaling up through sponsoring events first in the Twin Cities and then elsewhere, we are in the process of brand creation in order to dominate social media channels.
What is your greatest strength?
Our age. We’re right in the midst of our target audience, we understand our customers’ needs and wants in a way that’s only possible being where we’re at in life, and we’re motivated to make something huge!
What is your biggest weakness?
Despite a strong technical background in both of us, this will be the first time creating a mobile application from scratch. We’re so lucky to have a wide array of mentors and resources to help us through the process, but it’s going to be a tough one.
What is one resource you could use that would take this to the next level?
Savvy marketing will be crucial in scaling to the point we need to get to. If you’re a social media marketer who is young, energetic, social, and motivated, we’d love to talk to you!
Is there anything else you would like to add?
We’re young, we’re energetic, and we’re so incredibly excited to be working on something that will seriously restructure the way people approach nightlife. Please feel free to reach out to us at firstname.lastname@example.org or email@example.com!