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CatchVybz

Real-time atmosphere at food/drink establishments

USA, Massachusetts
Market: Information and media, Food industry, Entertainment, Tourism, sport, Mobile applications
Stage of the project: Operating business

Date of last change: 30.03.2020
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Idea

Instagram meets Yelp except CatchVybz prevents fake reviews & allows users to search for places to go based on the distinct vibes, real-time atmospheric trends, and unique offerings. Great news for businesses: potential customers will already know if a destination meets their desired atmosphere and mood before they get there, thus increasing the likelihood of the business receiving positive vybe-ratings and a stronger online reputation.

Current Status

I launched the app on January 15th, 2020 in select neighborhoods without any marketing funds and already some of those areas' best restaurants have made profiles in the app and have been posting. Within just one month after launching, we were featured on: WBZ Radio 1030. Starting in March, I will also be featured in an Editorial Piece coming out in Scene Magazine (this magazine is under contract with Encore Casino so a copy of my piece will live in every single hotel room there.)

Market

The market size and the space we can attain is significant as CatchVybz is at the intersection of Social Media, Review Apps, and Online Travel.

-- Social Media Market Size: $30.5B (N.American)
((FB & IG combined Monthly Active Users # 3.23B people // Yelp & TripAdvisor Monthly Active Users # 666M people))
-- Review Apps Market Size: $7.5B
-- Online Travel Market Size: $800B (expected to reach $1,091B by 2022)

Problem or Opportunity

As Boston businesses struggle to deal with the impact of the coronavirus (some Chinatown restaurants reporting up to a 90 percent drop in sales) others are bracing for a similar fate as the outbreak worsens. Even the Boston hotel industry is feeling the impact as travel restrictions prevent the normal flow of business travelers from entering the city and spending their consistently guaranteed dollars.

While some companies are prepared to embrace a work from home policy, other businesses that do not have that ability, such as the city’s restaurants, cafes, bars & clubs are panicking on how to weather the coronavirus storm as patrons are increasingly choosing to stay home for fear of exposure to the virus.

Our newly launched, Boston-centric mobile app, CatchVybz is spearheading this issue as it allows establishments to visually share the atmosphere and crowd size in real time. Our onboarded business accounts will begin regularly posting stories of their chill times in the app to assuage potential patrons’ concerns of unknowingly walking into a high-risk destination.

Plus in general...No more wasted Uber rides, going from place to place to find your ideal scene, embarrassing first dates, or disappointing nights out! Online review sites are saturated with outdated, emotion-based rants, fake reviews, and inaccurate information. And social media platforms are filled with robots, spam, and bad actors intent on manipulating the conversation. CatchVybz helps users find the exact atmosphere they're looking for in real-time, saving them time & money while giving businesses a free and fun way to list new promos, increase their brand visibility and engage & connect with customers. And as annoying as it is for the consumer, it’s worse for the business owners who spend hours worrying about lies and misinformation that paint their establishment in a poor, inaccurate light-negatively impacting their bottom line.

Solution (product or service)

CatchVybz solves everyone’s problem: delivering accurate information and featuring real-time and historic stories helping you plan your next day or night out. It’s a detailed, rating app powered by a social media platform of crowdsourced photos, videos and vybe-ratings.

And unlike standard reviews, vybe-ratings require location-verification to avoid fake reviews entirely, giving entertainment seekers the power to make informed decisions on where they find their ideal spot.

Plus, stories posted at/or tagging the business are automatically categorized for you by the day and time gathering atmospheric trends from the beginning

Competitors

There's other apps doing similar things but they all are attempting to solve the problem in different ways. (One thing that's set us apart since day one is focusing on the exponential value of solving the problems in DIFFERENT ways rather than the incremental value of trying to be better than apps that came before. CatchVybz solves problems in unique ways. Based on market research (including early stage startups across the country at a similar stage as us with similar brand names, industries, and sectors) still no one is solving the problem in the way CatchVybz is.

Plus, the feedback we've now been receiving post-launch by both the businesses and consumers is solidifying that CatchVybz is headed in the right direction.

Competition is inevitable when you create something which will become valuable. It's just a matter of who executes it the best. Then whomever provides the best value to the customers so the app in turn, sees frequent user engagement and can begin gathering very helpful trends and analytics immediately.

Advantages or differentiators

Crowd-sourcing data of which comes with real-time accuracy and trend analysis gathering valuable information fr om the very beginning. This information will give us early stature in Boston, allowing us to pivot our launch efforts due to people fearing the corona virus.

2.) NEW CTO Rami Mansour who has exited other tech startups and will be doing the re-write commencing April 2020 to get the app ready for rapid scaling and fundraising by June 2020.

3.) We've done focus group work with businesses and consumers about our MVP wh ere we received great feedback!

4. Advised since Idea Stage by two very different Advisors, Alec Stern & Edward Madongorere. The reason this has been an advantage is because they have provided me with very different perspectives since day one; Alec representing company/high-level exec advise and Edward, providing advise coming from a current founder himself who has already raised and successfully launched his own product while bootstrapping the company so together, they offered such different point of views which really allowed me to thrive in my own decision making. Alec, for example, is a globally recognized co-founder of Constant Contact who was around from their idea conception, starting out in the attic, and to IPO and later to a $1.1B exit! Edward is a minority founder out of Boston who is the co-founder & CEO of Moon UltraLight.

5.) Unlike most early mobile apps, CatchVybz is backed 100% by Gaslight Marketing & Communications, a Boston based marketing firm that's launched and promoted dozens of mobile apps but never before has created a partnership with a startup until CatchVybz due to Gaslight's President, Scott MacKenzie being a frequent diner/entertainment seeker/traveler and seeing tremendous value out of the app.

Finance

We have several revenue models at all stages with our primary revenue model being Sponsorship, Affiliate, and SaaS. By end of Year II, we are projecting $54M in revenue.

Happy to email our ProForma showing our 2020 month to month cost rate and our 5 year revenue projections. Within 4 years, we'll be doing well over 1B in annual revenue and that's with modest scaling assuming we continue with limited funds.

Business model

For more information regarding our business model, please see the green labeled slides in the appendix of this overview doc. https://docs.google.com/presentation/d/1TGmks4hPLSYTbsoKDOClshkrKoOqVe_n0mCYk-MtOVg/edit?usp=sharing

Money will be spent on

Key Hires, Technical debt, IP, Scaling

Offer for investor

Offer for $50k investment at the current 4M Valuation Cap:
 1.5% ownership in the company (in 5 years when we exit at 1.1B, you will make $16.5M which is over $16.4M what you invested. Even if we get acquired early for $500M, you still made $8 MILLION off your $50,000 investment in only 2-4 years.)
 20% discount on future shares
 5% interest
 20% warrant coverage saying we won’t price it till we go IPO but when we do you get it at the price from the round

Team or Management

Risks

The only risk to be taken here is being the first investor to not wait until a concept like this can get to a later stage to invest.

NOW is the time for a mobile app like this. Plenty of research behind this in the document link attached in the Business Model section above.

Incubation/Acceleration programs accomplishment

N/A

Photos

Photo 1 - Real-time atmosphere at food/drink establishments

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video