Ann Arbor’s Larky Finds a Better Way for RewardsBy Amanda Lewan on March 11th, 2014 /
The world is a noisy place, especially for the consumer. Big brands and all types of companies have loyalty programs in place to keep their customers always thinking of them. Andrew Bank, Co-Founder of Larky, says the average consumer might have 18 membership to loyalty programs, but may use around 7 to receive their earned discounts.
“People are leaving all of this money on the table. So we developed a rapid mobile platform to give the consumer one dashboard view of the discounts,” said Andrew. “The mobile app reminds them when a discount can be used.”
This isn’t Andrew’s first startup, having launched and sold a digital media startup TechStreet which he described as the Amazon.com for engineers. He’s learned that one of the toughest things for any startup is to find the right market. After developing the product for Larky and starting to sell to consumers, he realized their target target market was HR departments at larger companies.
Larky can help the consumer keep track of perks and rewards, but it can really help HR departments keep track of their loyalty programs for employees. It’s a very affordable form of compensation for companies.
Larky builds a program for companies who needs it, allows them to easily manage perks through a web and mobile platform, and allows them to manage the impact of these discounts.
“We keep track of their approximate savings,” said Andrew. “So at the end of the year they can say employees used this discount program and saved money.”
Larky is based out of Ann Arbor and currently raised a seed round this past month. They’re going to use the new funds to build onto the product and continue to ramp up their sales.
As a serial entrepreneur Andrew has some great advice for those of us getting started.
“My advice is to solve really hard problems. Even in Silicon Valley the experience of ventures is that nobody tackles big problems anymore,” said Andrew. “The vast majority of new companies are building a feature set or a tool they hope they can sell to a big company. They aren’t tackling big, big problems. Is is about finding the pain.”