There were many great presentations
and business ideas pitched within the past two weeks. However, after much
consideration, I have finally made my suggestion for the board: I believe we
should consider backing Elma Gonzalez’s project, Exchange Easy. It serves a
highly specific audience in great need: people trying to cross the border
between Baja, California and Tijuana, Mexico. There is a need to exchange
money, and many different exchange stores with competing prices are lined along
the long wait to cross the border.
This need to find the best exchange rate is never going to fade, and can
be easily expanded to other borders and exchange rate areas nationally and
globally.
I feel her idea would
translate into a great business model because it can be easily converted to
many mediums with a relatively small staff and a simple marketing plan. She can start with the website that would be updated with a constant live feed. Runners, teens, interns or young adults
who are being paid minimum wage would send her updates on the prices. She could then expand this to a mobile
app after the business gets off the ground, but waiting to make the app would not inhibit her
because most people could check her website from the internet on their phones
until the app is created. Marketing could be in the form of billboards that
line the border crossing and the radio — a very under used form of marketing
currently, but perfect for her target audience: people traveling in cars,
stuck in traffic for long periods of time with nothing else to do but listen to
the radio.
The only foreseeable problem I saw
in Elma’s presentation was the want for individual businesses to update their
own prices. I could picture dishonesty or a lack of motivation to update the site frequently. However, in conversations after the presentation the idea of paid
runners was brought about that made the most sense. I think Elma is really on to
something with her pitch. It serves a particular niche in a new, exciting and
feasible way. Exchange Easy is my personal investment suggestion to the board.
