By Rhiya Mittal / RhiyaMittal@gmail.com
Picture this. It’s already 6:50 pm and you just arrived to the Wynwood Art District to attend Startup Grind Miami’s monthly Fireside Chat. Only 10 minutes remain until the chat begins but you need to get your medium latte from Panther Coffee after your grueling day at work. For the average person, this may seem like quite the dilemma. But not for you! You’ve already ordered and paid for your coffee ahead of time through your SpeedETab app on your smartphone. You quickly run into Panther Coffee, snigger at the long line of eager coffee drinkers, spot an inviting to-go cup with your name on it on SpeedETab’s signature black and green mat, scoop it up, and leave the store- all in a span of two minutes. You then head on over to LAB Miami, Wynwood’s hub for entrepreneurs and innovators (and the venue for the night’s Startup Grind event), and make it just in time for the Fireside Chat, caffeinated and ready to go! You whip out your laptop and get ready to take notes on tonight’s conversation with SpeedETab cofounders, Adam Garfield and Ed Gilmore, to see how they made the magic happen.
(Side note- the above anecdote is a true story based on my personal experience/)
So, what is SpeedETab? After working long hours at a corporate finance firm in Boston, Adam Garfield would often go out with his friends to grab a beer at a local bar. It was then that he noticed a recurring problem that did not yet seem to have a solution: he would often be standing at the bar after ordering his drink, with his cash in hand, for upwards of 10 minutes, waiting for a bartender to process his order and deliver his beverage. Something had to be done. Adam and cofounder Ed Gilmore decided to take matters into their own hands and create SpeedETab, a mobile ordering app that allows users to discover nearby restaurants, order food and drinks, and pay for their order- all in one go. To retrieve their orders, users simply skip the line at their favorite venues, walk up to the SpeedETab mat by the cashiers, and pick up their items. It’s that easy! Launched in March 2015, SpeedETab has taken the South Florida region by storm and is used at over 100 venues, with plans to expand to New York soon.
Product is king. Focus is key. In the tech environment, there are countless ways to improve a product and add new, shiny features that may seem revolutionary. However, constant feature upgrades and additions may prove to actually detract from the product itself and could be economically impractical. So how does one choose which features stay and which ones go? Adam and Ed believe that in order to be successful, a team’s main focus must be guaranteeing that its main product works efficiently and successfully while consistently delivering and achieving its ultimate goal. SpeedETab’s team focuses primarily on the ultimate user experience, for both its merchants and its clients. Before updating the app in any way, Adam and Ed ensure that the user experience will remain streamlined and reliable, as their goal is to create a frictionless connection between technology and hospitality. To do this, both cofounders constantly keep each other balanced and evaluate each change they make to make sure that the modifications will benefit the company both technologically and economically. Product success will also help in other ways. While advertising, marketing, and sales promotions do build hype around a product, the best PR comes from letting the product speak for itself. Allowing customers to share their own experiences with a product and tell their friends and families about the reasons why they love it is invaluable and extremely effective. The easiest way to make sure this happens is to have a team that focuses on the product itself, not the revenue it generates.
Healthy competition. When direct competitors are out there in the market, do not hide from them, embrace them! Your competitors will have products that serve a purpose similar to yours and may even utilize a similar platform as yours- this is extremely beneficial as it familiarizes the consumer population with your product type. For example, SpeedETab’s major competitors include other mobile ordering platforms such as the Starbucks app, Chipotle app, etc. Users who have been using these apps to order their favorite items from various venues are already educated about the benefits of mobile ordering. This reduces the efforts SpeedETab has to make to inform the public about the uses of mobile ordering, thus cutting down on promotional costs the company would have to incur. Furthermore, SpeedETab can use the fact that it has so many competitors to capitalize on the way that it streamlines mobile ordering from many venues into just one simple app. This way, instead of users having pages of mobile ordering applications on their phones, they can maximize their efficiency by just having one, SpeedETab. So remember, use your competitors’ similarities to further highlight your unique factors.
Team dynamics. To be successful in any venture, it is essential to have a diverse yet coherent team. At the inception of many startups, entrepreneurs often find themselves wearing many hats: that of a brand ambassador, marketing executive, operations director, financier, product developer, etc. While it may seem invigorating at first, this causes many entrepreneurs to burn out quickly, thus making their startup suffer. In a tech-centered business, it is often beneficial to have one cofounder who handles the business aspect and one who focuses on product development and technology. After acquiring the necessary funds, however, cofounders must recruit a structured team of specialists and delegate tasks to ensure that the company’s goals are met in an efficient manner. Communication amongst team members is necessary to make sure all team members are connected and aware of the company’s overall progress and direction. Good leaders should also focus on seeing that relationships between colleagues are both professional and amicable.
Want to gain more advice from leading entrepreneurs? Come to Startup Grind Miami’s next event on June 13. More information will be on StartupGrind.com/miami.
Rhiya Mittal is a student at the University of Miami, currently pursuing a Bachelor of Science degree in Neuroscience along with minors in Chemistry, Health Sector Management & Policy, and Marketing. She hopes to work on further merging the fields of healthcare and marketing and attend medical school in the future. Reach her at RhiyaMittal@gmail.com