2020 Impact Accelerator Profile: Tip$
Meet the entrepreneurs participating in the 2020 Impact Accelerator! Tip$ is a digital tipping platform that allows a hotel guest to virtually tip their room attendant.
Venture Name : Tip$
Members: Andrew Slaiby, Founder
Venture Description : Tip$ mission is to increase generosity by providing a digital tipping platform that allows a hotel guest to tip virtually their room attendant.
Why did you apply to the Impact Accelerator?
The reSET accelerator will help me walk thru the entrepreneurial thought process while opening up a network of like minded folks and potential partners, both sweat and equity.
What makes you the most qualified to start this particular business?
Beside being a victim of not having cash to tip my hotel room attendant, I have a desire to help others and use my skills to do so:
- Industry knowledge: As a corporate travel manager for a Fortune 50 Corporation, I have deep understanding of the hotel industry and the value of generosity.
- Business Acumen: Beyond my MBA from the University of Hartford, I have worked in managing complex supply chains on an international level along with experience creating and executing strategy, project management, and developing relationships. This will be my second attempt at building my own company, the first experience was in 2012-2014 when I tracked statistics for over 30 high school basketball games and developed a primitive fundraising software for high school booster clubs.
- Relationships: Entrepreneurs need the right network and support structure to be successful. I am fortunate enough to have friends who are leaders in business with entrepreneurial mindsets to guide me, along with a supportive family.
How does your company create a positive social or environmental impact?
We have two key performance indicators, generosity and operational efficiency.
Generosity: We will publicly share the dollar amount distributed to the under-valued service workers we help.
Operation Efficiency: The % of tips which need to cover our operational cost, which will inherently be the fee we collect. Our goal will be to minimize this fee as a % of tips collected so we improve generosity.
If you were to win the $10,000 grand prize at the Venture Showcase, what would you do with it?
In order to improve operational efficiency and scale, we need to develop our platform. The first use of funds would be to replace our hotel guest payment screen: Today we are utilizing a 3 rd
party to provide skin that sits on top of the STRIPE payment processor. IF we develop our own interface, we will avoid the 3 rd
party transaction fees and have a better user experience.
Find Tip$ online: Website
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