How did you come up with your idea? How did you start-up your business?
The idea for eigen. Advertisement came from observing advertisement placements on a bus. We saw an advertisement for a lawyer and thought it would a great idea to create a sharing economy for advertising to promote local businesses at affordable prices. Ultimately, the idea is to use everyday vehicles on the road, which have a ton of free space, to advertise for local businesses.
Local and small businesses are always looking for affordable ways to advertise and we wanted to solve this problem by having an option for branding and advertising at cheaper rates using current vehicles already on the roads. Both drivers and local businesses benefit from this sharing model.
Connor Holowachuk, founder and CEO, got the ball rolling by validating his idea through discussions with local businesses and potential drivers. Local businesses loved the idea of cheaper advertising while commuters and other types of drivers had a positive response to the idea as they would get paid to feature ads on their vehicles.
Ultimately, Connor pitched his idea at the EPICentre Blue Sky Competition in March 2016, where he won the top prize of $1,500.
How did you get involved with the EPICentre?
I participated in EPICentre’s RBC EPIC Founders Program in the summer of 2015 for a completely different business idea. This particular idea didn’t end up being viable. Once we came up with the idea for eigen. Advertisement, we knew we wanted to be a part of the EPICentre because of the open-concept environment and access to amazing resources and talent.
What stage is your business currently at?
Currently, our business in running beta testing and validation. We are currently testing out our application to track the drivers using a unique algorithm. This will ultimately allow us to measure the overall effectiveness of the ads.
What sets your company apart from other companies providing a similar service?
The entire idea for eigen. Advertisements is a fairly new and unique concept that works similarly to other businesses such as Uber and AirBnB. This business model allows local businesses to benefit through inexpensive advertising costs and drivers benefit by earning income for placing ads on their vehicle. This sharing economy approach means anybody with a vehicle can potentially contribute and earn income from having advertisements placed on their vehicles.
The other aspect of our company that really sets us apart is our ability to ship ads anywhere in the world. This will allow our company to grow significantly in a variety of different markets globally.
What advice would you like to share with local tech entrepreneurs?
We have learned a tremendous amount so far but I think the best advice would be to have no fear and throw yourself into a situation that you might not be comfortable with. With a lot of hard work, you can climb the ladder and eventually accomplish your business goals. If you jump off the cliff and see what happens, you’ll eventually figure it out. I think most startup ideas fail before they ever get started. Going forward with your idea is extremely important. Don’t be afraid of failure and if you want it bad enough, you can achieve your goals.
For more information about eigen. Advertisement, visit their website or follow them on Facebook and/or Twitter:
Website: www.eigenads.com
Facebook: https://www.facebook.com/eigenads
Twitter: https://twitter.com/eigenads
