MyFab5 has reinvented the restaurant review to create a crowdsourcing platform that is mobile friendly. On MyFab5 users "Rank" up to five of their favorite restaurants in any food or drink related categories (e.g. my top 3 places for burgers in Ann Arbor). When aggregated, MyFab5 rankings power our granular and contextual search results that show what makes each restaurant unique and reduce the need for consumers to sort through dozens of reviews that were not designed to be read on mobile devices. MyFab5 users can also create "Bucket Lists" of restaurants they discover on our platform and want to try some day (e.g. Date Night Places to Try).
MyFab5 is a business friendly crowdsourcing platform because our users only talk about their favorite places; restaurants do not have to deal with fake negative reviews written by competitors and ex-employees. Furthermore, our business model does not force restaurants to buy ads that don't help increase revenue from existing customers or acquire new customers that are actually profitable. Instead, MyFab5 helps restaurants increase the lifetime value of their existing customers and also acquire new customers that match the profile of their most profitable customers.
- Raised $225k on a convertible note
- Received $100k loan from the Innovation Fund through a interest-free and risk-free loan
- Added one FTE that is doing our Android development and soon will start doing some web development well
- Our next hire will most likely be on the marketing/sales side
- We published a major app update on June 23rd, which includes a complete redesign of the app and performance improvements
- On July 15th we're releasing our app in most international markets so people that live in Europe, Southeast Asia and other areas can download and use the app
- Our audience continues to grow, and, across all channels, we have a monthly audience of over 300,000 people
- We have also taken some steps to validate our business model. In a trial-run, we got 22 restaurants to sign up for a SaaS service that costs $49 a month. It took us less than a day to contact the restaurants and get them to sign up. The only thing is that we didn't require a credit card so we do expect a drop-off. However, our conversion rate was 6x higher than expected, so there is room for drop-off.