Plot (formerly ParkEvergreen) founded in 2016 is changing the entire game when it comes to parking at airports. Listen to the podcast by @NathanLatka with Ben (Founder) - http://apple.co/2q9qph6
@leanux_bala more detail if Hunters prefer to read versus listening to podcast:
Time Stamped Show Notes:
01:18 – Nathan introduces Ben to the show
01:51 – Park Evergreen revolutionizes the way parking is sold and managed at airports
01:55 – Airports currently use a whole stack of services, suppliers and contractors that are outdated
02:15 – Park Evergreen uses geolocation technology to bring physical parking online
02:25 – Travelers can find a reserve pay per parking through Park Evergreen’s app
02:35 – Park Evergreen is somehow a marketplace
02:49 – Park Evergreen is more focused on the traveler’s experience
02:54 – Ben and his co-founders came from the consulting space
03:10 – Park Evergreen started out with customers who wanted to find paid street parking
03:23 – Park Evergreen currently has a couple of deals
03:30 – Park Evergreen started growing their revenue in June
03:54 – Ben is just happy that they got a great product market fit
04:03 – Most USA airports are now going into modernization projects
04:44 – There’s an interesting balance between travelers who prefer to leave their cars and those who prefer to just take an Uber car
04:53 – Park Evergreen’s average customers are business travelers who are gone for only a couple of days
05:18 – The airport modernization includes parking expansion
05:54 – Travels tend to get cheaper each year and more and more people are travelling
06:02 – The millennials demographic has the most frequent business and pleasure trips
06:28 – The parking growth is growing 4-5% per airport, per year
06:34 – Park Evergreen was founded in 2016
06:43 – Park Evergreen didn’t want to compete with parking meters and pay machines
07:08 – Park Evergreen was making a couple of thousand a month
07:22 – Park Evergreen made $15K topline
07:33 – Park Evergreen’s biggest cost was for CAC
08:02 – “It’s a tough market, people are used to their options”
08:10 – Park Evergreen pivoted because they’re tired of their mobile apps parking solutions
08:18 – SpotHero and ParkWhiz are the biggest in the space
08:28 – Park Evergreen has raised $150K from 500 startups
08:43 – Team size is 5
09:01 – The equity is divided by 5 co-founders
09:19 – Park Evergreen is bootstrapped and the 2 co-founders have been building everything for free
09:25 – Ben is in charge of closing deals and doing the strategy
09:40 – It’s a balanced team
10:03 – The team had some contractual work on the side and some have full-time jobs
11:11 – Park Evergreen charges a flat fee per space that they manage per month
11:39 – The average is $100 per space
11:55 – The average top 10 US airports manage 18K parking spaces
12:00 – Some double or triple 18K
12:10 – Park Evergreen’s market size in terms of market space is over 4M
12:50 – When a traveler books his flight, he books his parking space, too
13:06 – Park Evergreen shows the traveler 2 hours before his flight, the fastest route to the airport and to the parking space
13:22 – Park Evergreen can tell you exactly how long it will take a traveler to go from one place to another around the airport
13:46 – “I want our travelers to know when they look at their phones in the morning, before they leave their house, what time will they arrive at the gate, ready to get on the plane”
14:20 – Park Evergreen started their user acquisition in March for the contracts
14:30 – Park Evergreen is using SMS initially
15:08 – “The only way to park is to use Park Evergreen”
15:18 – Park Evergreen is doing 500 spaces for their initial pilot
15:35 – Park Evergreen’s contracts are on an expansion plan
16:16 – As soon as you get to the airport, you can get a Park Evergreen ticket with a code that you will use to text
16:45 – You can pay Park Evergreen ahead of time via text
18:40 – The Famous Five
3 Key Points:
1. Airport parking is a great space to be in at the moment because of the modernization projects that are on the way.
2. To stay competitive in this space, provide the best traveler experience that you can.
3. It’s can be quite difficult to broaden people’s understanding of their options, but that does NOT mean you shouldn’t try.
