The Social Experience Company | Application Preview
The Social Experience Company is seeking government grants to cover essential startup costs, including legal fees, staff hiring, securing a physical location, and purchasing necessary equipment. The business aims to expand significantly over the next five years, targeting 7-10 different markets and licensing its innovative software to over 100 companies.
The key reason for approving this funding lies in the company's technology, which has the potential to revolutionize the nightlife industry, promising substantial returns for investors, estimated at 20x-25x.
In terms of competition, three direct competitors in Memphis are highlighted. The first, In Love Memphis, has a strong market presence but is limited to a specific demographic and faces legal issues. The WKND Hang Suite offers a broader customer base but struggles with capacity constraints. Statuz Lounge has a large space but is hindered by its location and associated crime rates.
What sets The Social Experience Company apart is its development of a software platform designed to enhance the customer experience in nightlife venues. This software allows for safer and more secure transactions, facilitates direct access to admission and food services through an app, and improves customer service. Moreover, it enables detailed tracking of key metrics, providing insights into customer behavior that most nightlife businesses currently lack. This data-driven approach positions the company for scalable growth, distinguishing it from traditional local establishments.
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General Information
Business Registration Number: 87-2754503
Location: Memphis, TN, United States
Length of Operation: 1
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: NO
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Funding Usage
The funding will be used to finalize any necessary fees associated with starting a company. Funding will also use it to hire staff. It will also be used to purchase a physical location to set up operations. lastly, the funds will be used to purchase equipment needed for operations.
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Business Plan
I plan to grow the business in the next five years by scaling the business to 7-10 different markets around the country the next five years. I also plan on licensing my software to over 100 companies in the next five years Investors should invest in my company because we have technology that will transform the nightlife industry. That innovation will see significant ROI, ranging from 20x-25x returns.
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Self Identified Competition
Direct Competitor #1: In Love Memphis • Products/services offered: Lounge Space, Food, Alcoholic Beverages • Price points: $20-$30 Admission, Lounge Space $400-600, Alcohol $10-$15 • Revenues (# units sold/dollars generated): 50-100 units, 5k-10k a night 4 days a week • Location(s): 7144 Winchester Rd, Memphis, TN 38125 • Customer segments/geographies served: Hip-Hop/ Mostly African Americans • Competitor’s key strengths: Top of the Market for Memphis • Competitor’s key weaknesses: Only cater to one segment, have been under investigation for multiple crimes committed at or near the venue, including murder. • Direct Competitor #2: The WKND Hang Suite • Products/services offered: Lounge Space, Food, Alcoholic Beverages • Price points: $15-$20 Admission, Lounge Space $100-$250, Alcohol $10-$15 • Revenues (# units sold/dollars generated): 30-50 units, 2k-5k a night 6 days a week • Location(s): 115 Vance Ave, Memphis, TN 38103 • Customer segments/geographies served: Broad Customer Segment/Multiracial • Competitor’s key strengths: New option for customers, More of a lounge than a nightclub, Open 6 days a week. • Competitor’s key weaknesses: Capacity level is small, Won’t become a significant player in the market because of capacity level. • Direct Competitor #3: Statuz Lounge • Products/services offered: Lounge Space, Food, Alcoholic Beverages • Price points: $20-$40 Admission, Alcohol $8-$12 • Revenues (# units sold/dollars generated): 200-300 units, 5k-10k a night 4 days a week • Location(s): 4672 American Way, Memphis TN 38118 • Customer segments/geographies served: Hip-Hop/ African American • Competitor’s key strengths: Huge Space • Competitor’s key weaknesses: Location for customers is the worst in the city, Crime likelihood is high. The most significant difference between my company and my competitors is that we are creating software to integrate into the nightlife industry to create a customizable experience for the customer. That technology will be beneficial for the customer in ways of making it safer and more secure, giving customers access to purchase admission and food and beverage options directly from an app, and giving better customer service support for customers that will enhance the customer experience. It will also give us the ability to be highly accurate with our metrics. That is something the nightlife industry cannot say they have currently. We can measure metrics like Churn, Conversion rate, Purchases per year, Revenue per customer, Percentage of users who pay, and Customer lifetime value. With the app, we have the information of every customer that comes to our venue. That information will make the metrics extremely accurate and give real-time data so we can react instantaneously. The app also gives a way to have a measured response when metrics like Churn come back that favor the startup. We can directly reach our customers individually and personally to understand what drove them away and attempt to drive them back. The fact is most nightlife establishments take cash at the door and don't get much information from their customers other than whether they are over the age of 21. Therefore, they will be at a disadvantage when it comes to building metrics around their business. This advantage could be the difference between growing this startup to something scalable nationwide or being content with just like every other local nightlife business in the area.
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