In this engaging discussion, Virginia Frischkorn, founder of Partytrick and seasoned event planner, shares her journey of pivoting from traditional event management to tech innovation. She highlights the $322 billion event planning industry's challenges and the need for detailed ROI tracking. Investors Ben Taft and Elizabeth Yin discuss the dynamics of startup banking and investment motivations. Personal stories reveal how entrepreneurial drives can stem from adversity, while insights on product design and market potential shed light on the future of event technology.
Partytrick, founded by Virginia Frischkorn, aims to revolutionize the $322 billion event planning industry with a consumer-friendly application.
The platform transitions from a subscription model to a B2B SaaS service, targeting corporate clients with significant revenue potential through annual contracts.
Deep dives
Innovative Event Planning Solution
Party Trick is positioned as an operating system for the event planning industry, addressing the significant $322 billion market. The platform, founded by veteran event planner Virginia Frischkorn, offers a consumer-facing application designed to simplify the event planning process. It acts as a virtual party planner that guides users on what to do and when, making it easier for anyone to host events. With an expanding focus on corporate events, Party Trick is developing a platform capable of scaling repeatable events while capturing data to help clients calculate the return on investment (ROI) for their events.
Scalable Business Model
The revenue model for Party Trick transitions from a consumer-facing subscription service to a B2B SaaS platform, aimed at corporate clients. Currently, the subscription is priced at $89 annually, but as the platform evolves, the model will focus on annual contracts valued from $15,000 to $65,000 based on company size. Moreover, the introduction of blueprints—detailed guides for planning events—will be sold individually or in packs, which can add significant revenue potential. This structured pricing model allows the platform to cater to various business sizes while offering an affordable alternative to typical agency fees.
Market Validation and Traction
Virginia Frischkorn has cultivated a strong network within the event industry, leading to the identification of a $47 million pipeline for Party Trick's first year. The platform aims to leverage existing relationships with over 20 brands participating in a pilot program, demonstrating early traction in the market. With the corporate events sector alone representing a $95 billion spend annually, the product's potential is substantial. Virginia's extensive background in event planning, having executed over $100 million in events, provides the necessary credibility and insight to attract and retain clients in this competitive field.
*Disclaimer: No offer to invest in Partytrick is being made to or solicited from the listening audience on today’s show. The information provided on this show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the business presented. Those opinions should not be considered professional investment advice.