Navigating Startup Growth in the Parking Industry

After racking up thousands of dollars in fines, Chicago roommates Mark Lawrence and Jeremy Smith figured there had to be an easier way to park. So in 2011, they launched SpotHero as a peer-to-peer service, where people who lived near Wrigley Field might rent out their driveway on a game night.  But that strategy wasn’t scalable, so SpotHero soon partnered with garages to sell excess inventory. Over the years, the startup faced intense pressure from investors to expand quickly and copy whatever the competition was doing. But Mark insisted on slow, strategic growth, and today, SpotHero is one of the largest digital parking platforms in North America, servicing about 300 cities.

This episode was researched and produced by Katherine Sypher with music by Ramtin Arablouei. It was edited by Neva Grant. Our engineers were Kwesi Lee and Patrick Murray.

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