Startup Model – On Demand Parking

THE MODEL: A platform where users can find car parking and reserve a space. Parking charges here are less than half of on-street parking charges and can be paid online itself.

STARTUP: JustPark (British startup)

WHAT I LIKE

Core Idea – With the number of cars increasing every day, parking has become a big problem which needs to be addressed.

Ease of Use – The platform makes it very easy for a user to find a parking space and reserve it online.

Cheaper & Hassle Free – The parking charges on JustPark are more than 50% cheaper that on-street parking charges. Also users will not get slapped with any parking tickets as all spaces are authorised.

Big Market – As mentioned above, the number of cars are ever increasing and hence parking is emerging as a big sector to tap into.

Scalable – The business model is a marketplace model, i.e. the startup does not own parking spaces. It connects space owners to customers. This makes scaling easier.

CONCERNS

Integration – Find new spaces and integrating with them is a challenge. If a system can be worked out which can handle this efficiently, it will act as a good barrier to entry for new entrants.