Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with David Wei, cofounder and CEO of Venuemob.
In 128 words or less, explain your business idea.
Venuemob is a TripAdvisor for functions and events. We provide a comprehensive online resource for finding and comparing function venues ranging from bars, restaurant private dining rooms to warehouses and boats!
We work directly with venues and connect them with anyone organising their birthday party, corporate function, engagement party, wedding and more.
What strategies are you using to grow and finance your idea?
We closed an investment round of $450,000 lead by Optus/Singtel last year and have been rapidly growing our team and client-base. We now work directly with over 600 venues in Melbourne and Sydney and see 4000 events go through our company every year. We've been generating revenue from day-one.
What's the biggest challenge facing your business?
For Venuemob, it's all about giving our customers really suitable venue recommendations. If a customer is looking for something quite specific or a little bit different, we'll do all that we can to find something for them! Events and functions are all about giving a personalised service and so this certainly keeps us on our toes.
How do your differentiate your business from your competitors?
First of all, we're a free service for customers looking for venues. Secondly, we provide some of the most comprehensive and unique data about venues. We give a breakdown of each individual area of a function venue as well as show high quality photos and 360-degree tours. And finally, we have a team of locally based event managers who provide personalised recommendations to customers and ensure they find a venue for their event as quick as possible.
What one phone, tablet or PC application could you not live without?
Hipchat – a team chat app. It replaces those long chains of emails within a few team members. Saves us time and unclogs the inbox.
What's the best piece of business advice you've ever received?
Focus on sales and revenue-driving activity as quick and as much as possible.
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