Our newest portfolio company launched this week at the Demo conference. Its called LifeCrowd and its all about matching dilettantes with experts to create unique and valuable group activities. The main premise is straightforward: “did you ever want to become really good at ________?”
Sure, but how can you actually make that happen? LifeCrowd acheives this goal by allowing people who want to get good at [pool, poker, kite surfing, ...] find a local expert who can show them the way. What’s in it for the experts — being connected with people who will pay them for their expertise via an activity, course, or class.
What we really like about this model is that the CEO Bong Koh knows how to build these kinds of marketplace businesses. Its got a local metro market model that can be proved in one city and then cost effectively moved into many cities simultaneously. These kinds of businesses are tough to get to critical mass and that’s where an expert like Bong is needed. He has assembled an awesome team to crack this nut.
The other thing we like is that the way to make money is clear: local experts organizing events which people pay for. The dots are not hard to connect on this one, no “miracle happens here” moment.
Venture Beat covered the launch here: http://venturebeat.com/2011/09/14/demo-lifecrowd-meetups-west-coast/
But perhaps the most important part of this deal is that, amazingly, Bong and I went to the same high school years and years ago. We were only one year apart. So here’s a shout out to good old North Penn High School back in Lansdale, PA http://www.npenn.org/northpennhs/site/default.asp.