From teensy dorm rooms to communal bathrooms to sorority houses to youth hostels — if there’s one thing college students are good at, it’s sharing their spaces. The idea of sharing property that goes unused part of the time has spurred the development of a number of new businesses in recent years, including – most famously – Airbnb, a service that allows users to rent out rooms or their entire houses to travelers worldwide.
Three enterprising college students Shri Ganeshram, Kevin Petrovic and Rujul Zaparde are extending the so-called “sharing economy” to your lonely, empty car parked (expensively) at the airport. When they were just 18 years old, they founded FlightCar, an innovative new approach to renting a set of wheels at the airport.
Ganeshram, who attended the Massachusetts Institute of Technology, was introduced to Petrovic and Zaparde, roommates at Princeton, through a friend. Inspired by Airbnb, as well as Ganeshram’s experiences as a frequent traveler, the trio decided to tackle the annoying — not to mention expensive — airport car rental process. The founders temporarily left school and moved to San Francisco to be closer to Silicon Valley, and the hub of the sharing economy, as they turned their idea into a reality.
FlightCar works by pairing unused cars parked at airports with travelers who need a temporary ride. When you depart, you leave your car with a FlightCar valet, who meets you at the terminal – not a remote location. You enjoy free airport parking and a free car wash and vacuuming, and you get paid to allow other trusted members to use your vehicle. You can not only use this opportunity to make some cash while you travel, but you can also choose the “monthly” option to stash your car – free! – for the long term, which is a great option if you’re a student who needs your car only infrequently.
If you’re trekking through a FlightCar location, which are currently limited to San Francisco International Airport, Los Angeles International Airport and Logan International Airport in Boston, you can also rent a clean, safe car at a steep discount compared to traditional car rental agencies. FlightCar picks you up, provides a free GPS for the duration of your rental and throws in free liability coverage.
Think the concept sounds intriguing? So do investors. So far, FlightCar has raised over $600,000 from individual investors and angel-investing firm SV Angel, and in 2012, it received a $20,000 grant from The Brandery, a Cincinnati-based startup accelerator, to assist with all things marketing and branding. The company also received backing and support from another startup accelerator, Y Combinator, for the winter 2013 cycle.
FlightCar isn’t without competition, however. Aside from popular, big-name rental companies like Hertz and Enterprise, FlightCar also has to compete with other peer-to-peer car-sharing services that have sprung up, such as Getaround and Relayrides. Unlike these companies, however, FlightCar plans to focus exclusively on the airport market and has set its sights on saturating the market by expanding to airports around the country.
The next time you fly home or hit the skies for Spring Break, just think – you could come home to an extra-clean car and a check in the mail. And if no one rents it? At least the parking was free!
Insights from Founders:
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1. What was your motivation to start a business?
Frankly, we were curious to see whether this idea had legs. It started out somewhat as an experiment.
2. How did you convince your partner(s)/financer(s) to move forward with the idea?
The best argument is traction. We had launched, had customers, and were growing quickly. This traction helped us secure our second round of financing.
3. Did you finish college?
No
4. What is one piece of advice you have for students who want start a business while in school?
Don’t be afraid of failure. You have nothing to lose. If it seems like a good idea, go and execute it.
5. What are your future plans for the business?
We’re planning to expand to other locations later this year.
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