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RideConnect Pitch Deck
Rideconnect is a smartphone app designed for drivers to create private channels with customers, allowing them to set prices and keep their earnings without high fees from rideshare companies. The platform aims to improve trust between riders and drivers while offering various transportation options, including long-distance and delivery services. With a competitive subscription model, Rideconnect targets the taxi and limo markets initially, featuring unique aspects like customizable customer channels and social network integration.
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RideConnect Pitch Deck
- 1. RideConnect Pitch Deck Shareyour ride with your customers privately
- 2. Fees paid bydrivers to rideshare companies are high, and the number of fares they get per hour decreases the longer they drive for those services Surge pricing makes it more expensive for riders, and there's no way to choose from alternatives Drivers have no way to get recurring income from repeat customers or to offer combined transportation services Current rideshare options have low trust between riders and drivers Problem
- 3. Solution A smartphone appfor drivers to create private customer channels, set prices and share their ride directly. Drivers keep the money they make, we don’t charge a fee per ride Make Money by giving rides to customers. Drivers can offer any type of transportation service e.g. long distance, delivery etc. Create Customer Channels Group customers by location, price, product or other factors Social Growth Satisfied customers promote drivers within their communities, in return they get incentives
- 4. Market Validation Growth ofthe rideshare market
- 5. Market Size Initial targetmarket is the Taxi & Limo and the Car Sharing markets. The platform can scale into the remaining markets
- 6. Product Create Customer Channels> Schedule Availability > Offer rides or receive ride hails http://just.rideconnect.it/video
- 7. Business Model $15B Taxi &Limo rides with RideConnect 15% of available market $300 Minimum Premium Subscription Fee per month For commercial drivers $10.8M Taxi & Limo drivers using RideConnect 36,000 commercial drivers on the top tier plan ● Free platform that lets any driver offer transportation service to direct customers privately ● Subscriptions that allows drivers to access a bigger market of riders and more features, thereby offering greater opportunity to make money ● Feature Store lets drivers and riders access market specific features at an additional charge ● Background validation system that securely confirms identity and credentials of drivers and riders without compromising the security of their data
- 8. Competitive Advantages 1st ToMarket Driver Incentive Ease Of Use There is currently no rideshare brokering platform where riders can reach multiple transportation vendors in one app Drivers can keep the money they make. They only subscribe for the level of access to the market that they want Users can ask for rides from commercial drivers while also giving rides to friends and family with the flick of a switch Design & Brand Private Safe Drivers can customize their customer channels to represent their business e.g. long distance rides or medical transportation All users are connected either through their personal social networks or through rideshare channels. Total strangers can’t reach one another Users can specify criteria that drivers and riders must meet in order to rideshare with one another in addition to demanding background checks in-app
- 9. Competition Transportation Services MarketplacesSocial Collaboration Tools Uber Airbnb Facebook Lyft Craigslist iMessage Chariot WhatsApp Via Didi Chuxing Gett Flywheel Blablacar Ola Cabs
- 10. Key Differentiators Feature RideConnectTransportation Services Marketplaces Social Collaboration Tools Price Negotiation* Yes No No No Scheduled Rides** Yes Yes No No Ride Hails Yes Yes No No Private Ride Channels Yes No No Yes Walkie-Talkie Yes No No Yes*** Ride Community Yes No No Yes Route Mapping Yes Yes N/A N/A Vendors operate independently Yes No N/A N/A * Ability to propose, counter or offer a price for a service ** An chronologically sorted set of rides that remind the user at the right time and optionally sends the ride hail *** Voice chat is a key feature in messenger apps
- 11. Santosh Krishnan Founder &CEO Santosh founded RideConnect in 2015 to address problems in the rideshare industry. He saw a lack of trust, safety and open pricing. Through the RideConnect app, Mr. Krishnan hopes to solve these problems. This is his third venture, the first being OneSolutionHire. In 2003, companies attending job fairs were having low to no qualified applicants for open job reqs. Mr. Krishnan’s venture improved those odds to 5 per requirement per event. Mr. Krishnan comes from an entrepreneurial background combined with extensive management consulting experience.
- 12. Allan Pichardo CTO andDev Lead Allan is a software engineer and alternative transportation advocate. He has partnered with Transportation Alternatives and RightRides in New York City to promote multi-modal, clean and safe transportation for pedestrians and at-risk populations. He helped to develop an early prototype of a an internal on-demand mobile hailing system for automating the dispatch of volunteer drivers. In 2015, Allan co-founded Floordoor Records to pioneer the application of location-based marketing and targeted distribution to bridge the gap between physical record sales and live performances.
- 13. Vinny Lingham Advisor Vinny isthe founder and CEO of civic.com and an advisor to RideConnect. From his bio: “Vinny is a serial entrepreneur who previously founded the digital gift card platform, Gyft, which was acquired by First Data Corporation in 2014. After over a decade of experience in e-commerce, he realized that no-one had a universal solution to tackle identity fraud for consumers”
- 14. Current State ● Version1.0.2 of the iOS and Android apps built, tested and available on stores ● Growing user base ● Working on partnerships with organizations to be their rideshare app ● Working with student organizations to be the rideshare they use for their student events ● Currently in use by some Uber drivers in the Dallas area ● Being considered by NGOs to provide manufacturer assisted rideshare incentives to car buyers
- 15. Jumpstarting the Two-SidedMarket ● Provide Uber/Lyft pass through for riders so that they get a ride no matter what during the initial launch ● No subscription fees for drivers who use the app ● Team up with car service companies for events that need transportation (festivals, concerts etc.)
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- 17. Use of Proceeds ●Team - additional developers to build out the product faster, as well as marketing and finance professionals ● Legal - We have at least 2 patents that we'd like to file. We also want to enlist Matthew Daus as our legal counsel. He is a well renowned transportation attorney ● Launch - In order to launch the product we must execute several seeding events where drivers and riders will come on board. We will have to sponsor such events in a well orchestrated fashion ● Real estate - to execute the above three points, we'll need an office as well as a field unit to go out and launch in each of the metros in Texas ● Sales - We'll need a sales team. A part of our revenue model is to white label the app and service for bigger customers such as companies, industries etc. These would involve direct sales on a per license basis instead of a subscription model
Editor's Notes
- #2 RideConnect is a socially enabled carpool and rideshare app. People can engage with others in their extended social network to travel together.
- #3 Students in the US either live on campus, or commute. There aren’t many good options for these groups to coordinate effectively. When students want to go somewhere farther away from the campus, they can take public transportation, which takes more time, or call a car service or taxi, which becomes expensive. When students want to carpool or rideshare, they can iMessage, text, call, use a Facebook group or Whatsapp to reach out to a group of friends. However, this quickly becomes overcrowded and confusing. Not only that, the group is limited to begin with. There really isn’t an option today that makes it easy for students to carpool or rideshare.
- #4 rankings We looked at 620 US universities and we found that out of 12 million students enrolled, upwards of 1.3 Million are impacted by this problem, and that’s a conservative measurement. When you consider students living off campus, and students who live in dorms, this number increases rapidly.
- #5 The problem with carpooling and ridesharing today is that it’s not cool. To address that, our solution takes a user’s social networks, for example, Facebook, and their existing phonebook contacts - people they already have connected with. In addition, we take second degree connections and include them as well, properly identifying them as one degree separated from the user. Then, our solution consolidates these connections so that there’s a unified list that can be evaluated by the relationship between the user and the contacts. Lastly, we provide a ride board where users can post their ride share and car pool needs, ask their friends who’s down for some activity, suggest or announce events where they can car pool or ride share togehter, or simply send a request to everyone in their vicinity asking for an immediate ride. This solution takes the approach of social first, car pool second, freeing users from a commitment of having to give someone a ride, instead letting them propose trips and negotiate with one another on everything from destination to time, even to price.
- #6 The RideConnect app has two central features - The RideBoard and My Community, along with a third feature - RideMode. The RideBoard is a private forum where users can post anything - perhaps just ask a bunch of people if they’re down to do something, or perhaps ask for a ride to a specific place at a specific time. They can even limit who can see that post.