Tyson Lundbech – Founder Of RentWant.com – Inspiring Entrepreneurs Interview
August 11, 2011
For the first Inspiring Entrepreneurs Interview I chatted with Tyson Lundbech, the founder of RentWant. Being a facilitator of Startup Weekend Australia and launching RentWant.com only yesterday, we had a lot to discuss in the way of entrepreneurship.
Diesel Laws: Hi Tyson, thank you for taking the time to chat with me today, I know things must be pretty busy! So to kick start this interview, tell us all a bit about RentWant.
Tyson Lundbech: Hi Diesel, thanks. RentWant is a location-based peer-to-peer renting service. We focus on location through the use of mobile devices to create real interactions within your community.
D: So you are fresh off yesterdays launch, congratulations! How long did it take to get a minimal viable product?
T: Thank you! It took us about a month – actually probably a bit longer than a month. It was a sideways step from another project. Do you like it?
D: Love it. It’s a great concept and execution and I really like the domain. Did you pivot quite a lot to get to that idea?
T: Yeah, it was more of a complete sidestep than a pivot. But it’s something I’m really into so I love it.
D: Great! When you had the idea for RentWant, did you plan it out before acting on it, or did you quickly create a working version?
T: I guess I acted immediately. I received instant validation and support through peers and my network so I started building a basic model, with the plan of just shipping some product just get something out there. We have actually had a really good response in the two days we’ve been live. We have customers in San Francisco, New York, Australia, New Zealand and even Paris.
D: Fantastic to see you already have a worldwide customer base. Were you always planning on worldwide attention?
T: You know, I figure the internet is global so there’s no reason why we can’t work anywhere. As long as someone wants to rent something from someone else – RentWant will be there.
D: Some entrepreneurs believe it’s better to focus on a local market before branching out. Did you consider this avenue?
T: Yes, I have thought about it in great depth; channelling your energy on a targeted market – almost like a focus group to bring the product to life. I think it depends on the DNA of the product. RentWant has organically grown to be where the people want it.
D: Organic growth is good. What helped you with getting RentWant off the ground?
T: Blood, sweat and tears – sometimes all at once. Also Charlie the squirrel @rentwant helped – He’s a legend!
D: Is it just you, or do you have a team of people working on RentWant?
T: Yeah, there’s Frosty (he likes to surf) and also some silent support who wish to stay unnamed.
D: Lol, no worries. Your secret is safe with everyone who reads this interview. So quite simply, how can customers use RentWant?
T: At the moment the MVP is about creating the basics of the RentWant services. Users can visit RentWant.com on their computer to upload items they want to rent. They can visit RentWant.com on their portable device to see the listings of what is being rented around them.
D: Is there a percentage that RentWant takes off the rental price?
T: Yes we take %15 to keep things going.
D: That makes sense. With all the startups and crazy valuations lately, Do you think we are in a tech bubble?
T: Yeah, the valuations are crazy but the world is in a pretty crazy place right now. The internet offers us the ability to trade and communicate in innovative ways and disrupt the archaic methods. We are pushing new boundaries every day and it’s just the start.
D: Definitely. There is quite a lot of disruption happening everywhere. It’s actually very inspiring.
T: It’s so awesome. Being a facilitator for Startup Weekend in Australia and seeing the real grass root passion is amazing. I want to bet on Australia as the underdog in the tech scene.
D: Agreed. A lot of tech buzz is happening from Australia right now. Tell me more about your experiences with Startup Weekend.
T: So I decided to go to San Francisco to follow the startup passion. I went to all the big conferences and presented an earlier startup I was working on. Then I found Startup Weekend and ended up winning 2 events in SF and NYC. I headed to Israel to participate in an event there and then thought “Australia needs this!”. So I facilitated the New Zealand event and then moved onto the Melbourne event.
D: That’s pretty incredible, congratulations on winning two events! Do you have any tips for entrepreneurs wanting to start their own company?
D: Thanks so much for chatting with me today Tyson, I really appreciate it. I wish you all the best for RentWant.com.
T: Thanks Diesel!
Connect with Tyson Lundbech via Twitter @tysonlundbech and make sure you check out RentWant.com. You can also follow @diesellaws.
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© 2012 Diesel Laws