Plain Sight Overview
What are you working on? Can you give us a brief overview of your company?
Plain Sight is networking reimagined. We help like-minded people meet and connect remotely or in-person. We do business with the spaces where the connections happen, and provide a curated experience to the end users. Remotely, think of spaces for founders, creatives, and freelancers to check-in. In-person, think of spaces like coffee shops, coworking spaces, and networking events to check-in.
What about you? Tell us a little bit about yourself and what inspired you to start this journey :)
I've spent the bulk of my career building bridges to social capital and financial opportunities. Four years ago, I started Detroit Demo Day which has provided over $4 million in funding to early stage businesses looking to start, grow, and scale. Prior to that, I ran an evening workspace for side-hustlers in my hometown of Chattanooga.
The people who would come to the workspace inspired me to start Plain Sight. They were constantly looking to get better connected to people in the space and around them. I knew that technology could solve the problem and have been determined to do so since.
What's your background? What is the unfair advantage that will make you succeed in this industry?
I started my career overseeing federal workforce development programs. That taught me a lot about the barriers to opportunities and ways to overcome them. Everything came back to network and access to human capital in order to build on your network. I am someone who realizes that I'm only in the position I'm in because of the meaningful connections I've been able to make along the way. Investors like Dan Gilbert, Founder of Rocket Mortgage and Owner of the Cavs, and Jason White, CMO of MTV and former CMO of Beats by Dre, have invested in the business because they wanted to invest in me. I live and breath this work.
The Business Model
What is your business model, and who are your customers?
We do business with the spaces where the connections happen. We charge them based on the size of their space for promoting their space, providing value to their consumers, and providing them with detailed consumer data that will help to tailor their offerings. We've worked with Delta for their Sky Lounges, General Assembly for their virtual events, and real estate companies like Bedrock looking to drive more traffic to their tenants.
Did you already find a product-market fit? How do you acquire and retain your customers?
We've found product market fit. We have nearly 8,000 active users, 150 spaces listed and $80,000 in revenue. All during the pandemic when we haven't been able to maximize in-person.
The spaces bring us the people and our ongoing curation of connections keeps them there.
How big is your operating market? Could you provide some independent research/insights?
The Consumer Relationship SaaS market is $40.2B market.
On our path to $100M, $70M of that will come from spaces. Of that, groups and event spaces will make up 60% of revenue, public spaces & work spaces will make up 30% of revenue, and travel spaces will make up 10% of revenue.
The remaining $30M will come from reservation fees that we charge to the end user, as well as premium features.
What's your competitive advantage, and how are you going to build a sustainable economic moat?
Our team and human capital is our biggest competitive advantage - can't duplicate us. We built this business to improve in-person connections 5 months before the start of global pandemic. We then adjusted and figured out how to not just survive, but grow during that time. Now as in-person begins to return, we are positioned to be dominate as a hybrid-platform
Where do you see you 5-10 years from now? What's your exit strategy?
We will be the Spotify of networking. The best at curating and tailoring your experience for the purpose of growing your network.
Our exit strategy is to sell to a company like Eventbrite or LInkedIn.
What do you believe is the biggest risk for the company?
The climate is fragile. The lockdowns, reopens, vaccines, etc. all create a lot of uncertainties. The world is in a very transitional state. Marketing and communicating your value can be hard during these times, but we are well-positioned because of our hybrid approach.
Did I Invest In Plain Sight?
I’m still in the process of writing a full deal report and decide whether or not I will invest in Plain Sight. I send my investment reports every Saturday to subscribers of the Angel Notes newsletter (you can join through the form below). See you soon!