Connecting Cultures Through Home Cooked Meals
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International Entrepreneurship Course at Boston University School of Management. Kobi Magnezi
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Connecting Cultures Through Home Cooked Meals
- 1. Cookening CONNECTING PEOPLE AND CULTURES THROUGH FOOD! ATTEND OR HOST HOME COOKED MEALS. SI856 Fall 2013 Adriane Musgrave Trang Nguyen Kobi Magnezi
- 3. Inspiration & Market Niche “The moment we spend eating a meal with others is, by essence, a moment of sharing. Cookening wants to amplify that moment by creating a new moment of sharing around gastronomy between foreigners. With a jeopardized economy, but also social isolation that has increased in the last few years, people want to go back to simple and authentic experiences, to conviviality. Sharing a meal in a warm atmosphere with foreigners meets exactly this need.” – Founder Cédric Giorgi
- 5. How does it work?
- 6. Competitors Israel U.S. – Washington, D.C. Spain U.S. - Utah UK (coming soon) France (beta) UK Italy
- 7. Business Model: Financial Capital The startup is self-funded Share capital of 10,000 Euros Cookening is a distributor for the Leetchi Corp. S.A. company, a ‘société anonyme’ under the law of Luxembourg with a share capital of 500,000 Euros Launch Cost Startup has been in private alpha for six months (Dec 2012) Since May 2013 opened to the public with 1500 registered users signed up so far
- 8. Business Model: Revenue Hosts create profile Profile is manually vetted Non-locals choose host/table booking and make contact Payment is made, handled by Cookening Host receives payment the day after a successful meal Company takes a 20% fee
- 9. Business Model: Partners Online payment platform 1.8% + € 0.18 per cash-in transaction in € (Visa/MasterCard/CarteBleue) No fees for cash-out transactions No fees for refunds No chargeback fees No set-up fees No minimum amount A grassroots organization that supports the sharing economy movement. By sharing what we already have everyone benefits. The sharing economy is helping us This is how the 21st century economy should work
- 10. Road Map Potential to attract new customers Human connection Fun with monetary gain Network effects International expansion Food culture and travelers Spain, Italy, South America, India, etc.
- 11. Challenges Very niche market = restricted revenue potential Competition Acquisitions Physical office presence in key markets Scams and strangers with bad intentions Guarantee program Food Safety and Regulations
- 12. The Sharing Economy We have our own idea!
- 13. Thank you!