My co-founder, Patrick Yoon, and I have been working on our startup, Roomaloo, since the early part of 2012. Due to some roommate nightmares we've both encountered in our past, we wanted to find a solution to help end bad roommate experiences. Noticing that similar elements can be used in roommate matching as in online dating, we set out to revolutionize the roommate matching space by integrating aspects of online dating. We are currently just a team of four, bootstrapped, and fighting to help Chicago continue to strengthen its place in the startup world.
Our process in solving this problem consisted of putting ourselves back in those days with our less-than-ideal roommates. We asked ourselves what typically caused the most headaches and how it could have been resolved. We researched what was currently available in the market and identified how we could do it better. All of this led us to implement functionality such as Facebook integration, create a matching algorithm, and many others in order to provide more transparency as well as help simplify the process for our users. Needless to say, we worked many long days and nights getting our site ready for its recent beta launch.
Well, just a couple of days ago, news came out that OkCupid is entering the roommate matching space with an undisclosed domain name (for now). To be honest, we were shaken up. Sure we had found other up-and-coming roommate matching sites out there, but we always felt we provided an overall better service and product. With a big player like OkCupid, with millions of dollars backing them, coming to the table and supposedly creating similar features to Roomaloo, we figured we would get blown out of the water!
Any startup in our shoes would get a heavy heart having to consider - even for a moment - simply scrapping all their hard work. We sat in silence… but only briefly. We sat in silence until we quickly realized that this isn't a disaster, it's an opportunity! They just validated us! And not just in our business model and how lucrative it could be, but the direction we are heading. If a multi-million dollar company wants to move into this market, then obviously we're on the right track. If they're implementing similar features, then our perspective is sound. If it has taken them at least thousands of dollars (I'm assuming) to build what we were able to build on a dime (sadly and honorably, this isn't too far from the truth) then that means we're able to run more efficiently. These points helped get us out of our funk and more ready than ever to fight for what we believe in.
Simply because a goliath like OkCupid is at the table, doesn't mean we should back down and get scared away. I believe that a lot of entrepreneurs would agree that passion for their idea is a strong motivator to keep going and to never lose faith. Even though we can’t match them in capital, we can match them in passion and the will to succeed. That day, our company decided that we were going to push all our chips into the pot and see what cards we're dealt.
Actually, it's kind of funny because my team and I truly respect Sam Yagan (a co-founder of OkCupid) a lot and how he was able to be hugely successful in a space he admits that he'd rather be seen as a math guy than a relationship guru, but can still kick the other major online dating sites' butt. And it's partially his influence that drives us to prove we can do it better even though we're just starting up.
We are proud to be a company built in Chicago and while Sam Yagan is also a part of the Chicago community, we hope that we can gain its support to help us grow because we have something amazing here.
Do you have any similar articles or examples of a startup successfully overcoming the obstacles of a giant player coming into their market, midway into development or after launch? If so, please share!!
Click Here to View the Roomaloo Promo Video
Thanks!
Fleming Au, Co-Founder of Roomaloo
[email protected]
