SmartPrice.com 14 Years Later
It was fourteen years ago this week that I joined with two very smart gentlemen as we pushed forward to seek funding and launch SmartPrice.com. At the time my first daughter was about to be born, we had just purchased a new home, yet I decided to throw caution to the wind. I left a great role with a major consulting firm – the same firm that had taught me all about the burgeoning world of eCommerce and digital marketing.
Living in Austin, Texas there was a buzz around start-ups and a sense of confidence that any business model could be successful. Companies were raising money left and right. Concepts were derived on scraps of paper and anything was possible. Austin was the epicenter in Texas of venture capital backed ideas leading to the moniker “Silicon Hills“.
The two gentlemen I mentioned previously were Jeff Hoogendam and Jim McKinley. Both were/are wicked smart and determined. Little did I care that we ended up taking five months to get funded (and just as the door was closing on funding for new businesses and the dotcom bubble was expanding to that point of elasticity where stretching makes a squeaking noise). We were having fun and developing a revolutionary business that would help change the way people shop for goods and services.
SmartPrice was simple – visitors go to a website, put in basic information about telephone usage and location and multiple options of varying prices are returned. On average, SmartPrice customers saved 30% or more on long distance telephone service (in 1999/2000 that was important before cell phones proliferated). In exchange for providing the information and a conduit for switching, SmartPrice was paid a commission by the new carrier. SmartPrice is still a working company today; though not active in acquiring new users.
Now, as I look back, I would not have changed anything. While my risk aversion has increased, I still crave the chance to start another company. Perhaps it is time…what will I look back on fourteen years from now?