Read the following first then answer the question below: In January 2013 – durin

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Read the following first then answer the question below:
In January 2013 – during my IMBA at IE – I was accepted to Venture Lab – IE’s startup incubator.
My idea aimed to solve the problem of inefficiencies in the live events ticketing industry.
In my eyes – empty seats at an event is lost revenue for the venue, as well as sold-out events, where tickets sell on the black market for more than double or triple their face value – again – lost potential revenue for the venues.
In Venture Lab, I teamed up with a classmate with a technical background, and we formed our team. For the next 5 months, quickly gaining industry knowledge, we sought out to validate a solution which could potentially solve this problem. These were our main takeaways from months of research and validation:
Pricing: We defined the main issue as a pricing problem. In live events, seat prices are usually static (the price remains fixed regardless of whether the customer bought early or late). The main problem with static pricing (in all industries) is that it will never maximize revenue, due to the notion that every person who bought the item (was not priced out), could have potentially paid more.
With static pricing, the seller defines a border, where consumers are either priced out (too expensive for them), or underpriced (could have potentially paid more).
With time-based events (travel, concerts, sports), the static problem is amplified, since the value of the item fluctuates according to supply and demand and proximity to event.
Go-to-market: As we were defining our solution, we started looking into potential penetration markets, and zeroed in on Spanish football for the following reasons
The sheer size of the problem – as I showed you in class – 19 million Euros in unsold tickets every weekend in the Spanish first division alone.
At the time – the majority of Spanish football clubs were in debt (still are) and looking for additional revenue channels.
Studies show that the Spanish consumer is on the high-end of price sensitivity, meaning, they will be looking for bargains.
Spain was one of the top 5 countries globally in smart-phone penetration.
Credit Card/PayPal transactions were the most common payment methods for football tickets.
(And of course there were many problems we had overlooked and only ran into at a much later stage)
After carefully defining our problem and go-to-market, we dove deeper into our research and validation of possible solutions – Here’s a brief outline of our proposed solution:
Consumer side app:
Users would pick their match and sector where they’d like to sit.
They would have an indication of the face value of the ticket in that sector, and they’d input how much they’d like to pay, and the amount of tickets.
They would guarantee their bid with a credit-card or Paypal
Approx. 24 hours before the match, the user would be notified (email+sms) whether they managed to obtain the ticket. In the case of a yes, the credit card would be charged and tickets emailed. In the case of a no, no charge would be made.

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