Elevator Pitch: Paying to Skip the Velvet Rope
"Imagine never having to wait in line again. Line Genie offers this service at bars and nightclubs. Customers simply make a reservation at one of our participating venues by purchasing a $50 or $100 gift card, good for food and drinks, on LineGenie.com. They and a guest then get to skip the line and don't have to pay the cover charge. The venues benefit by receiving an upfront spending commitment. We earn a commission on each gift-card sale. We also include a text marketing service for venues to send offers to customers who have bought our gift cards. Eventually, we plan to become the OpenTable for any industry faced with inefficient lines, such as theme parks and museums. We're raising money to fund sales and marketing, expand to more cities, and develop mobile applications."
Create more buzz
I wonder what Line Genie's marketing strategy will be. Getting enough nightclubs on board to make its product interesting to patrons will be challenging. Maybe the company should allocate a chunk of its fundraising toward unique publicity that will get it some press. It might also be worthwhile to see about raising money from nightclub owners. If those owners have relationships with other nightclubs in the city, it could make the sales process a little easier.
—Hambleton Lord, Managing Director, Launchpad Venture Group, Boston
Go Beyond Boston
This is a good pitch, but I'm not sure Line Genie is solving a big-enough problem. I'd be surprised if there were 20 nightclubs in Boston that have long lines of people outside the door. For now, I think the company should bootstrap. New York City seems like the critical market for establishing its viability. If the company can build a presence there and in a couple of other cities, then it might be able to attract some money.
—Martin Lowenthal, Member, Boston Harbor Angels, Boston
Try new Industries
I'm not a big fan of technology for bars and restaurants, because they are relatively unstable businesses. But I do like that Line Genie aims to become the OpenTable for other industries. If it could identify other sectors to go after and figure out how to acquire those customers effectively, then I would take a look. If Line Genie could collect data for business intelligence, such as customer feedback, that would add even more value for the businesses that use it.
—David Verrill, Founder and Managing Director, Hub Angels, Cambridge, Massachusetts