When I was growing up, my mother used to embarrass the hell out of me by having the gall to talk to people at tables near us in restaurants. I’m not sure exactly what happened but as I’ve grown older I’ve become very much like my mother (you can stop laughing now…). Tonight I was sitting in Cactus Club having dinner at the bar and working on our business plan. Somehow I ended up in a conversation with the woman sitting near me at the bar. It turned out to be the highlight of my night!
I had overheard a conversation she was having with her friend about playing baseball. As the friend was leaving I asked if they played together and if I could ask a few questions about the experience. The friend had to leave but Linda graciously tolerated my questions.
I asked if she paid the fees for her team by cheque. She said that she didn’t have to pay for her team but that paying for her four kids various team sports drove her crazy! I quickly explained FundRazr to her and spent the next short while listening to her become very excited about the concept and tell me her pain points and how what we are doing will solve them for her. Linda’s husband Tom came to pick her up and we(!) explained it to him as well. He seemed very interested in the fact that it wasn’t going to take very much investment to make this business a reality.
I went home very enthused on a number of points:
1. I didn’t have to explain very much of the concept for Linda to “get it” right away
2. Target customers like Linda are feeling the pains we want to ease and more importantly know that they are in pain. Even better, they can see how our solution will solve the problems for them.
3. Linda made a comment “I’d even pay more for that” after I explained our business model of charging a small levy on each transaction. To me, this indicates we have a strong value proposition.
4. I believe both Linda and Tom are at least curious about the potential for investing in the idea.
Linda has agreed to meet with Nat and me over lunch sometime soon and help us understand exactly what she would like the product to do. In addition, Linda would like us to talk to her school group about the various fund-raising and fee-raising issues they have (she is unhappy cutting cheque after cheque to them as well). I’ve agreed to do this but a little later on in the process so that we can get our story more fully baked.
We are DEFINITELY on the right track…