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 Mike Rosenbaum, CEO and co-founder of Spacer.
In 128 words or less, explain your business idea.
Spacer is Australia’s Peer-to-Peer marketplace for self-storage space. We connect people WITH SPACE to people who NEED SPACE. Think of us as the Airbnb of self-storage. Our business allows hosts to list their garage, driveway, front or backyard, spare bedroom, storage cage, attic, shed, and even spare office or warehouse space to make extra money they otherwise would not receive. Spacer renters who are looking to store their boat, caravan, car, or household items can do so with friendly people in their local community. We are a part of the fast growing sharing economy that is taking over the local landscape.
What strategies are you using to grow and finance your idea?
In any two-sided marketplace; matching supply with demand and ensuring liquidity is key. We invest significantly in marketing (online and offline) to ensure awareness of our brand. Once people are aware, we work doubly hard to ensure we service all their needs and are available to match and answer questions in and out of business hours.
What's the biggest challenge facing your business?
Building out initial awareness of the platform and the services provided is the biggest challenge. For any marketplace, trust and surety in the users is key, and the challenge we face is ensuring our customers have absolute confidence in their rentals. This is achieved via thorough vetting and reviews of all users, payment guarantees and insurance of property.
How do you differentiate your business from your competitors?
Service, Service, Service. We pride and differentiate ourselves by having the marketplace with the best cover and depth of storage spaces on offer for renters, and most importantly servicing the needs of those customers. We go over and above to match renters with suitable hosts, and even if we can't meet a need, we will log the request for when we can.
What one phone, tablet or PC application could you not live without?
Slack. We use this to communicate instantly with our global team across the world.
What's the best piece of business advice you've ever received?
Things are never as bad as they seem nor are they ever as good as people tell you. Stay measured, everything goes in cycles.
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