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SpendLO is an online marketplace where consumers name their price on local services and are matched with certified professionals who compete to earn their business. Think Priceline meets Angie's List.

SpendLO is an online marketplace where consumers name their price on local services and are matched with certified professionals who compete to earn their business. Think Priceline meets Angie's List.

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  • Team:Corey Leff, B.A., University of ArizonaLeff entered the world of web-based software development in 2005 with the launch of document management company Document Nation, LLC. As Managing Partner responsible for business development, Document Nation, LLC was named a Top 100 South Florida small business in both 2009 and 2010. In 2012, Document Nation was named the 24th best small business in the State of Florida and 230th best small business in the entire Southern region. The concept for spendLO was born out of Founder Corey Leff’s frustration soliciting mass transport vendors during an office facilities upgrade during Spring, 2011. Each time-consuming inquiry required the same responses, yielded vastly different (all out of budget) quotes, and resulted in endless follow-up bordering on harassment. Leff identified the need to streamline these efforts and developed the concept for a consumer driven pricing platform. Brad Leipart, Chief Technical Officer, B.S., Pennsylvania State UniversityBrad Leipart is an IT Executive turned entrepreneur. Prior to joining spendLO, Leipart launched his own software development company, Mr. Leipart served for two (2) years as IT Director at Lyford Cay International School in the Bahamas providing direction in infrastructure, student information systems and curriculum. Prior to joining Lyford Cay, Brad served as CIO for two (2) years at Xlibris Corporation, a self publishing company owned by Random House where he managed the Philippine based infrastructure and application development teams.  Kristin Delaney, Managing Partner, B.A., Trinity CollegeDelaney’s experience with software development and programming began in 1984 with an (outdated) Atari 400, Atari's foray into home computing through an extended BASIC cartridge. Active in the late 90s internet boom, Delaney honed her web design and HTML programming skills, later opening up her own boutique design firm. A venture into the digital marketing agency world, with a focus on e-commerce, enabled Kristin to develop a specialty in conversion rate optimization and display advertising. Delaney is pursuing her MS Degree in Information Design & Technology at the State University of New York Institute of Technology.Advisory Board:Ari Steinberg, M.S., Stanford UniversityMr. Steinberg graduated from Stanford University with a Masters Degree in Computer Science. Steinberg immediately joined Facebook as a Software Engineer following graduation where he worked until September 2012.
  • Substitute solutions: Angie’s List™, review site – Users pay a monthly fee to access consumer reviews on local service providers. Users are required to pay a monthly fee for each city in which they would like to access vendor reviews. Home Advisor® & Red Beacon, lead sales – Users state their needs and are promised “5 quotes in 5 minutes.” Each of the lead purchasers follow-up directly with the consumer asking duplicative questions, providing quotes outside the consumer’s budget, and over-communicate following the quote. Inevitably, at least Four (4) out of Five (5) service providers lose money on each transaction.
  • Use of Funds:Technology Advancement GamificationSocial network integrationIntegrated scheduling platform White label platformStaff Marketing Director User Experience Director Social Media DirectorMarketing Digital marketing Television & Radio advertisements Print advertisingOffice/Hardware Furniture Computer hardware Phone system
  • Use of Funds:Technology Advancement GamificationSocial network integrationIntegrated scheduling platform White label platformStaff Marketing Director User Experience Director Social Media DirectorMarketing Digital marketing Television & Radio advertisements Print advertisingOffice/Hardware Furniture Computer hardware Phone system
  • Changing business economics: Forget supply and demand. Today’s economy is driven by what a consumer is WILLING to pay for a product or service. Everyone wins!:Modified reverse auction platform that enables consumers to “name their price” on services. Local businesses build clientele through this cost-free, risk-free lead generation tool. Local economy is boosted, as Eighty Percent (80%) of every dollar spent is redirected back into community development.Proven Concept:A September 2010 Rice University study indicated that of the 150 businesses interviewed, the number One (1) customer acquisition technique businesses would be willing to pay for is a percentage of the sale generated by an online marketing program. A 2011 Opus Research-MerchantCircle small business survey of 8,456 merchants found that paying a percentage of a sale was the most popular among a range of choices provided.http://www.groupgro.com/2011/03/deals-disconnect/Right place. Right time.: E-Commerce is growing at a rate of 10% per year and is expected to exceed $279 Billion in revenue by 2015. Services represent $5 Trillion in yearly revenue and continue to maintain roughly 40% of the GDP.
  • Transcript

    • 1. Ari SteinbergM.S. Stanford University, previousstartup experience: ,creator of the News FeedAlex EnchinPrevious startup experience:Co-Founder of , soldto Torstar Corporation (2010)Our TeamCorey LeffFounder & CEOFounder of early cloud startupDocument Nation (2004)Leadership Advisory BoardKristin Delaney,Managing PartnerFormer VP, MetLife InvestorsDavid LeVinePrevious startup experience:Founder & CEO of Advent BusinessSystems, sold to (2005)Elise Hahn,Marketing DirectorFormer Project Manager to numerousInternet Retailer’s Top 500
    • 2. The ChallengeFace it, it’s a hassle to research, review and hire service providers. There are amillion companies out there. Reviews are everywhere, but unfortunately many arecontradictory. Calling around is a waste of time as you’ll repeatedly answer thesame questions. The quotes never come back within budget, and then when youthink you’re done, the follow-up calls and emails from over-aggressive salespeople border on harassment!
    • 3. The SolutionSpendLO, an online marketplace where consumers “NAMETHEIR PRICE” on local services, as certified service professionalscompete to fulfill their needs.(…think Priceline® meets Angie’s List)
    • 4. 40% of theGDP is spenton goods &servicesThere are 132Million U.S.householdsThe Market is MASSIVE
    • 5. 40% of GDPspent onservices100 MillionU.S.householdsTarget MarketsNumber of households where:• Median household income exceeds $60k; and• Owner occupancy rates exceed 70%; and• Households per sq. mile exceed 2k
    • 6. How it WorksUsers fill out a short formdescribing their serviceneeds and the maximumamount they are willing tospend.A network of certified localprofessionals areimmediately notified, eachhaving the opportunity tosubmit their mostcompetitive bid tocomplete the work.
    • 7. Greg S.Greg S.Eric W.Tammy T.Serge P.Analyze Bids and Review ServiceProfessionals
    • 8. SpendLO’s 10% transactionfee is collected uponselection of a serviceprovider, with the balancepayable directly to the Proat the time of service.Select a Service Professional,and Get Things Done!
    • 9. Large incumbents: NONESubstitute Solutions:Angie’s List: Subscription ModelHome Advisor & Red Beacon: Lead Sales/Commission Model10The CompetitionspendLO Angie’sListHomeAdvisorRedBeaconLive, local call center openaround the clockYes No Yes NoNetwork of prescreened serviceprofessionalsYes Yes Yes YesConsumers “name their price” Yes No No NoProvides additional servicesbeyond just those for the homeYes Yes No NoCost FREE $$ tojoin$$ to buyleadsFREESpendLO is theONLY solution thatallows users to“name their price”
    • 10. Stats to Date• 90% of registered users have posted a project.• The average project cost (i.e. accepted bid amount) is$498.50.Competitor Benchmarks• 50% of the projects posted result in serviceprofessional selection.• 50% of the users who post a project post a 2ndproject within 30 days.
    • 11. Distribution Model:Partnership with E.W. Scripps• Gain free advertising exposure throughconglomerate network, includingTV, web, and mobile.• Compensate E.W. Scripps via revenue-sharearrangement.• Rapidly grow user base, starting in SouthFlorida. E.W. Scripps maintains multi-marketsaturation in line with growth epicenters.
    • 12. • Self-funded to date.• $500,000 to be raised in round.FinancingUse of Funds• Purchase digital media exposure complimentary/synergisticwith media conglomerate efforts to maximize top of mindawareness.• Expand development, including scheduling platforms, e-Commerce integration with predictive buying technology, andthe implementation of dynamic pricing for appointmentbased services.• Support required personnel growth.
    • 13. • Proven market sector with Angie’s List holding valuationin excess of $1 Billion.• Domestically produced goods and services drive about40% of economic activity in the United States.• Distribution model that enables rapid nationwide growthwhile minimizing marketing expenditure.• Experienced leadership team with complimentary skill-sets.• You refuse to miss out on the next big tech start-up!You Have a Million Opportunities.Why spendLO?