Chasing Two Rabbits: Building a Platform for the Everyday Economy
Facebook. Lyft. Airbnb. Google. Apple. LinkedIn. Exeq. What do all of these companies have in common [ besides having amazing teams and users😉 ]? They all implement a business model referred to as a platform. Platforms have more than one type of user, and they are built to facilitate relationships between those types of user. For instance:
1) Facebook connects people to each other…and to advertisers.
2) Lyft partners riders and drivers.
3) Airbnb allows travelers to speak with home owners.
4) Google brings us to the knowledge creators.
5) Apple brings people to developers via the App Store.
6) LinkedIn allows people to connect with those offering jobs.
7) Exeq connects consumers and merchants.
But as Tomasz Tunguz, a venture capitalist at Redpoint Ventures, has famously said:
If you chase two rabbits, both will escape. Pick one and seize it.
This is the trick to building a platform: you have to pick a user and build everything around them. The second user will then come to connect with them. For us, everything is about you the consumer. We keep your data secure. We give you new insights into your spending. We allow you to interact with the merchants you love…and love to hate. We are consumer-first.
But Exeq is also a multi-sided platform, connecting users to the places they shop at, ultimately allowing us to create new relationships between us as consumers, and stores as businesses. This will provide immense value to consumers and merchants alike. Here are some examples:
- Imagine a world in which because you spend over a certain amount of money at your favorite coffee shop, that you get a special price for coffee due to the volume that you buy.
- Or one in which your favorite brands know exactly just how loyal you are to them and they send you a notification every time you’re in an area near one of their establishments with a special discount just for you.
What we’re talking about here is a much more efficient economy powered by our own spending, and done in a way that’s totally and seamlessly integrated into your life. No punchcards, no loyalty programs, just a platform that connects you and the places you shop at, which at scale will allow users to ultimately spend less and live better.
Now, we know that one can’t only spend all of the time.
So with Exeq, we help our users create budgets, and stick to them utilizing all of the information we have on stores, their pricing, your budget, and the lifestyle you like to lead, so that when you do spend, it’s in the smartest way that makes the most sense for you.
With Exeq, we hope to be the platform for the everyday economy — one that allows you to spend better, merging the lifestyle you love with the way that you spend, all the while connecting you with the merchants you spend money at in new, amazing ways.
And eventually….we’ll catch two rabbits….to the benefit of both.
For Better Spending 🤑,
Derek Brown — CEO @ Exeq
Check us out at Exeq.com, join the over 36,000 people on our waitlist and be the first to hear about our NYC Beta launch at the end of this month! 💥💥💥