Problem: Life can be boring; people are often stuck at home without much to do. At some point, you feel like you have run out of TV to watch or people to talk to and are just plain bored. Even when you want to do something, it can be difficult to find what fits into the time and price range you have. On the other side of this boring spectrum is research and traveling. When visiting a place, you do not know, looking for something to do or somewhere to visit can take the fun out of vacation.
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Solution: The solution or “cure” for boredom is the stimulation of the brain or body, and this app will do just that. The app could be called “Live a Little” and would essentially be an app that gives the user something to do. The app's purpose would be to entertain the user beyond mild stimulation from an app or online game. To achieve this goal, the app would be broken down into three main features; this will help set this app apart from possible competitors and give the app appeal to all demographics.
The first main feature would be a map that would use the user's location and show all events in a set radius. This feature could use a GPS system similar to existing platforms like Waze or Google Maps and simply mark the location of events it believes the user would be interested in using Ai and user data derived from a preference sheet or past places the user has been and rated highly. These could be larger events like a baseball game (the app would host ticket sales) or smaller events like a local band playing at a local bar. More than just events, the app could recommend places to visit nearby, like beautiful trails to hike, well-loved local restaurants, or historical sites. The key component is the map feature. This would be exceptionally useful on vacation or in a different city to understand the nightlife, meet locals, or get a tour of the area through local events. This would allow the app to become a traveling must by offering a more authentic experience with less touristy reconditions or small, more local events.
The second main feature would be a feature centered on spontaneity where users can register as individuals or a group with times and dates they are free, and the app would send notifications of things to do. For example, if the user registered in advance that they are free Saturday, then all users in that group might get a notification to go to some event and complete some challenge. The special bit of this feature is that to drive continuous engagement; the app would reward users who go to spontaneous events or complete the challenges with in-app rewards. This feature could also contain smaller functions like sending alerts when group members get home safely or sharing location.
The third and last main feature of the app would be a social networking feature for small businesses or event planners who want people. For example, a local brewery could send out a post where they ask for 50 people to RSVP for a tasting event. This feature would help in marketing the app itself and growing the app among small businesses without big connections.
Marketing: The marketing would be done through social media and through word of mouth. A majority of Millennials value experiences over physical products, and many record these experiences and post those experiences on their own social media platforms.
Competitors: In terms of direct competitors, the two biggest would be online GPS navigation sites/apps (Google Maps, Waze, Maps, etc.) and “Time Out” magazines. However, online GPS services do not need to be competitors they can be parters, and the service they offer is integral in the function of this app. If this partnership does not work out, the competition these services provide is minimal because of the image they have. These services are known for their navigation. They are navigation services, and even if there is a search function for local events, it would never be as extensive as the service proposed above. The Time Out magazine provides a similar service, but it is very broad, there is little personalization, and it lacks the map feature and the other two previously mentioned features. The website has a feature to search New York City, but there is no way to conduct a more specific search, like a single borough or an area within walking distance away.
Market research: The local events industry is undergoing rapid growth. The U.S. events market size was valued at $94.8 billion in 2020 and is expected to reach $538.6 billion by 2030, registering a CAGR of 13.0% from 2021 to 2030. The app itself would be under the category of event management, which has a market size valued at USD 5.84 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2021 to 2028. These events specifically, which will by nature be a large sum local and smaller events, will appeal to younger generations as 41% of US consumers say they purchased from small businesses more than before the pandemic, including more than half (51%) of Millennials and 46% of Gen Z consumers, who also reported an increase in small businesses spending. Furthermore, the market for spontaneous meet-ups and activities is demonstrated by apps like Meetup, which has over 44 million users looking for shared experiences.
Monetization: This app has a lot of potentials when it comes to monetization. Each of the features could be monetized differently with an overarching subscription for the user. The app could charge small fees to event organizers and local businesses to promote activities and attract attendees through the platform. There is also an opportunity to integrate ticketing and take a percentage of sales. User data could be anonymized and sold to relevant advertisers. Premium features like enhanced event recommendations and profile visibility could be offered through a subscription model. With stimulating experiences and discovery at its core, this app provides the cure for boredom while creating value for users, businesses, and advertisers alike.
Contributed by: Yuval Krispin (Billion Dollar Startup Ideas Intern)