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? Where is it found online?
What distinct problem does this solve for who and how does this create value for them?
The core problem that we solve is by creating a service that is both driver and user focused. It is a transparent platform where the drivers create their own individual brand, hours, and rates. The users, in turn, are empowered by being able to choose the driver they want for their personal needs. There are no surprise charges, fare spikes, or uncertainty on who you’re going to get. All this with the added privilege of a concierge-level service.
How did you come up with the idea, what was your motivation for starting?
We realized there was a gap in the market when we were discussing what the currently available services were unable to offer us. Shortly thereafter we started to notice all of the potential pitfalls associated with the current low-cost business models and started our own.
What is your big picture plan and vision for the future?
Our big picture plan is to first saturate the Minneapolis/Twin-Cities market and raise $1,250,000 to expand into the New York, Los Angeles, and Las Vegas markets. Integrating promotional offerings with venues as we Keep a fully scalable and self-regulating model we then plan to expand the experience nation-wide and eventually enter the global market.
What is the full launch or release date planned?
Full Launch—May 1st, 2018
Currently we are on-boarding drivers and early adopters during beta and alpha phases. The first beta is already live.
Who is on the team?
What is the specific technology or combination of technologies is used?
A combination of Web based technologies and API integration.
Who is the customer and what is your revenue model?
Our customer base is 40% female 60% male; ages 25-50 with bachelor’s degree+ and a $39,000 – $96,000 income. They are planners that avoid uncertainty and appreciate experience over low cost. The revenue model is a platform based booking and marketing service connecting drivers and riders. We charge a small booking fee to users and experience—based advertising fees to bars, restaurants, and other venues.
What is the size & scope of your market and how will you scale?
The rideshare market is expected to grow eightfold to $285 Billion by 2030 according to Goldman Sachs. We will scale by proving out our alpha testing to an exclusive group of riders and establish a brand standard for drivers during the Super Bowl festivities and make our final pivots before entering our angel round.
What is your greatest strength?
Our greatest strength is that we simply won’t quit.
What is your biggest weakness?
Our biggest weakness is featuritis—The constant urge to keep adding new features.
Money aside, what is one resource you could use that would take this to the next level?
Expanding the breadth of our team from executive roles to drivers.