Citispoon | Enhancing the dining experience.

Winner

Dapo Kolawole
Citispoon Inc
Davenport, IA
WaitCube by Citispoon is a mobile app that allows restaurants to set clear wait-time expectations for their customers. We help restaurants provide real-time wait-times to their customers, so that customers are not forced to settle for a restaurant that wasn't their first choice.
WaitCubeTM by Citispoon is a mobile application that provides diners wait times for a table at any restaurant that WaitCube operates in. We are creating the way for restaurants to provide real time information about wait times to their customers. We are helping them build long term relationships with diners by setting clear expectations, and not forcing diners to settle for second best.

Executive Summary

WaitCube by Citispoon is a subscription mobile Software as a Service (SaaS) application that allows restaurants to provide real time information about wait times to their customers and helps them build long term relationships with their customers by setting clear expectations, and not forcing diners to settle for second best.
The company is focused on the part of the dining experience that is fundamentally broken (Wait-times). It is focused on resolving the pain of choosing a restaurant and not knowing how long the wait will be until you get there or getting there and being told of a wait that is a bit too long.

Market Size -Restaurants
- Total available market is 270,000 in the US.
- Serviceable available market is 6240 in the state of Iowa.

Market Size -Patrons
- Total available market is 29.2 million in the US.
- Serviceable available market is 993,000 in the state of Iowa.

Competitors
Our competitors include; Nowait, Buzztable, Opentable and old fashion buzzers.

Beyond simply enhancing the dining experience, WaitCube by Citispoon constitutes innovation that resolves a fundamental disconnect between restaurants and patrons. WaitCube by Citispoon app is intuitive and easy to use.

The team
Citispoon incorporated in 2014 by co-founders Dapo Kolawole and Ola Kolawole. Dapo has extensive experience in product design and development. The company is an Iowa C-Corp located in Davenport, Iowa, and both co-founders are graduate of the 2014 University of Iowa Venture School.

Our advisers consist of Mike Baxley, president of Bee line Company. Mike is a leader with a record of strategically focused turnarounds, start-ups and new product launches. Strong sales and marketing background integrated with significant manufacturing operations experience. He is successful at delivering profitability goals and re-engineering business processes in domestic and international markets for leveraged, private and public companies. His has a hands-on people-centered management style. He was one of our mentors at the University of Iowa Venture School. Mike has great knowledge and leadership skills and has been very helpful in developing Citispoon.
Linda is a business leader and President at CarexTech, Inc. Linda is passionate and an effective innovator who thinks strategically and drives results by finding key insights into user needs and creatively delivering value.

Business Plan
1. Customer Segments
Citispoon is focused is on casual dining restaurants based in the United States. Citispoon creates value for our segment of restaurants and the patrons who dine at these restaurants. Conducting 95 customer discovery interviews and rigorous research reveals these restaurants need to set clear wait-time expectations so that they can reduce patron walk-away ad build long-term relationships with their patrons.

With patrons, our focus is to help them save a valuable commodity, time, so that they can spend time where it matters and not waiting for a table. Citispoon gives them a tool to find out what the wait-time is before the leave for the restaurant.

2. Value Propositions
Our target market is casual dining restaurants and their customers; WaitCube by Citispoon is helping restaurants do 3 things:
a. Publish wait-times, so that their customers can know the wait-times before they get to the restaurant.
b. Increase revenue by converting diner walkaways due to the perception of a full lobby.
c. Build long-term relationships by setting clear wait-time expectations for their patrons.
As well, we are helping patrons do 2 things:
a. Manage their time so that they only spend time where it matters.
b. Enhance their dining experience by knowing what the wait will be and being able to choose a restaurant based on a wait-time that they are comfortable with.


3. Channels
Citispoon’s channels include;
Direct channels such as direct sales force and web sales to engage restaurants.
Campaigns in social media, search engine marketing, and industry education
Trade shows and trade magazine advertising

Citispoon plans sales tactics used for pull marketing which include mass media promotions, word-of-mouth referrals and advertised sales promotions. This will allow us to create brand loyalty and keep customers coming back.

4. Customer Relationships
We plan on having a customer service department to provide personal assistance.

5. Revenue Streams
Citispoon is based on a subscription SaaS model. This proven sales model allows customers limited trials and starting subscriptions just by entering a credit card number. We will offer a standard and premium subscription service levels. The standard offering does not offer the ability to send out deals and promotions while the premium option does.
Service levels are:
Standard offering - $199/month
Premium offering - $249/month
Both offerings provide customer analytics. We collect the most comprehensive customer profiles, including party size, wait-time and more. This translates to new and targeted transaction opportunities: predictive up-sell, intelligent discounts, and branded giveaways.


6. Key Resources
Citispoon’s key resources are:
Intellectual property: Software code, user interface layouts, system behavior, trademark and brand, graphical elements, and contracts
Developed business relationships with reference customers and a large, deep, personal network of potential customers established over decades
Team members and employees: Management team of experienced business professionals;

7. Key Activities
Citispoon’s activities include:
Pitch competitions
Software development
Working closely with reference customers in our closed beta/early adopter pool.
SEM and organic marketing to attract customers.
Trade events - in the restaurant space, trade shows and other industry gatherings are highly important.

8. Key Partners
Citispoon’s key partners include:
Reference customers and beta testers - these partners help develop the Citispoon software beyond the MVP stage by providing real-world use, feedback on software performance, and ever-improving product/market fit. They also provide word-of-mouth promotion and valuable connections to peers.

9. Cost Structure
Our cost structure will be cost driven to create the and maintain the leanest possible cost structure. To accomplish this, we will use low price value proposition and extensive outsourcing.

Our Mission

We believe the dining experience should begin with being informed of the wait times prior to arriving at a restaurant and not at the restaurant lobby.

We believe restaurants can enhance the dining experience by clearly setting wait-time expectations, preventing customers from walking away due to a long wait.

Our Vision
Enhance the dining experience for all
Our next steps are app development and business development - specifically marketing and sales. During the next few months, we will devote the majority of our resources to beta testing the android app as well as launching the IOS app, working directly with our reference customers, validating our sales channel, and building our sales funnel.

Current Rank

2

Number of Votes

786
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