02:50:07 · John Coogan, Healey Cypher, Luca Ferrari, Jordi Hays, John Tennant
[02:50:07] S0: Yeah. [02:50:07] S3: Are you Huey at Boompop? And I was like, yeah. But who cares, man? Like, you're the president of Brex. Like, I'm nobody. Yeah. He goes, no. No. Guess what the second biggest expense category is for all of our companies after payroll? And I was like, no way. He goes, it's group travel and events, man. [02:50:22] S0: Yeah. [02:50:22] S5: I was like, [02:50:23] S3: holy shit. So it it's on the rise. It's crazy. [02:50:25] S0: Yeah. So talk through the actual product experience. How do you and then and then how do you actually make money? Are you just taking a fee on top of whatever is booked? Is that the secret? [02:50:37] S3: Yeah. Yeah. Yeah. So so The product is pretty rapid. [02:50:40] S1: Secret to success? [02:50:41] S0: Or or I mean, it could be like seed based. [02:50:43] S1: Yeah. Yeah. Yeah. [02:50:45] S3: Turns out you should buy low, then sell high. [02:50:47] S0: Yes. This is good. [02:50:48] S3: This is good. I like it. Heard heard it here, folks. Yeah. So it's it's simple. You talk to our AI agent. You give it a simple prompt. You're like, yo. I wanna do an off-site within whatever, a two hour drive of LA [02:51:01] S4: Yep.
02:51:01 · John Tennant, Healey Cypher, John Coogan
[02:51:01] S4: Yep. [02:51:01] S3: A budget of this, 50 people with some cool fun outdoor activities. What should I do? And it looks at millions of data points. It looks at weather, seasonality, hotel pricing, what you've done, what your guests like, and then it puts together a couple of really good options. Like, here's Joshua Tree by the minute of what you do. Sure. Here's Pioneer Town you haven't heard of. You should go there. Here's Montecito. Go there. And then if you like it, you just say, hey. Cool. Do it. [02:51:23] S0: Yep.
02:51:23 · John Coogan, Healey Cypher, Stacy Rasgon, Jordi Hays
[02:51:23] S0: Yep. [02:51:24] S3: The AI will then go out. It'll reach to the vendors. It'll negotiate for them. Look at the contract. It'll book them for you. It makes an agenda. It even makes your website in a couple seconds, keeps it live. And when people RSVP, my favorite thing is everyone gets a text message. All your guests get a text, and it's from the AI on the phone. Mhmm. And so over text, it's like, yo. How can I help? And you can say, hey. Like, how do I get to the hotel? It's like, take an Uber, you idiot. Like, oh, okay. Or like, who else is landing right now? And it's like, oh, well, Jordy and Kuggan land around this time. If you wanna share an Uber, and you're like, oh, that's awesome. So it's it's like this corner of travel, which is so big, and it's all these random joint solutions, like point solutions, and we decided, let's just put it all into one place where it's super easy. Our ultimate vision is very simply, we want to be the default way the world gets together. I'm sure you guys have seen all the you know, I saw Chesky on on Yeah. EBPNN, I think it was last week. Like, we got a problem, guys. We have a real problem. I mean, people are lonely. They're not getting together. I don't know if you saw this study. Back in the seventies, it was eight out of 10 high school seniors said they would party twice a week. Now it's one in 10. Like, that's a problem. Party. [02:52:30] S6: That's where you party. Red [02:52:32] S3: alert. Red [02:52:34] S1: alert. We don't even know how to party in this country anymore.
02:52:34 · Jordi Hays, John Coogan, Healey Cypher
[02:52:34] S1: alert. We don't even know how to party in this country anymore. [02:52:36] S0: We don't. That's right. That's right. [02:52:38] S3: That's right. So that's how it works. [02:52:40] S0: Yeah. And then, yeah, it's [02:52:41] S3: it's it's a simple SaaS model. You pay a very low amount, and then we make money from the hotels. [02:52:46] S0: Oh, okay. Cool. Cool. [02:52:47] S3: Yeah. All the money in travel turns out is in hotels. Yeah. It's not in flights. [02:52:51] S0: Yeah. That makes sense. Yeah. Are you so so we we were thinking about taking the team to f one, and I ran something through ChatGPT. Hey. Build a whole thing. Couldn't get to a place where we could just build it. Didn't really didn't really hit the goal. But are you worried about some of the agent to commerce being a headwind, or can you turn AI and ChatGPT into, like, a tailwind and actually, like, more of a top of funnel for you?
02:53:18 · Healey Cypher, Jordi Hays, John Coogan
[02:53:18] S3: Yeah. Yeah. Totally. No question. It'll be it'll be a tailwind and top of funnel. I think about this a lot. Like, AI applications are under a lot of scrutiny. Like, aren't you screwed? Like, it's kinda like the nineteen nineties. Everyone's like, why would you build an app? Microsoft is gonna roll you. And that's what everyone says about AI apps. It turns out Yeah. It's not gonna do everything. Yeah. And so there's kinda I think there's three things you can do in general as an AI app to, like, protect yourself. One is you have some sort of proprietary data. We've got that. We spent two years building out a database, and it's got all the stuff you can't find in Chateappity, like private dining rooms, which how would you do that today? You gotta Google it. You gotta call. Meeting spaces. We have a bunch of stuff you wouldn't get. The second thing I think you gotta have is a learning network that they don't have access to. So every event that happens in our platform, it makes the next event faster and easier, and the next event faster and easier. So if you talk to a hotel, and they come back and try to negotiate something, we know exactly what they did at the last 100 events. We're not gonna send that to them. We make it easier. Sure. And the third thing, which tends to be under indexed, is just building a purpose built application for a specific use case. Yeah. It turns out [02:54:22] S1: like So underrated. [02:54:23] S0: Black and white.
02:54:23 · John Coogan, Jordi Hays, Stacy Rasgon, Tyler, Healey Cypher
[02:54:23] S0: Black and white. [02:54:24] S1: I honestly know. I I totally agree. I totally agree with you. I mean, I've I've just been testing like LLMs on on finding, like, browsing the Internet for cars that I'm that I'm interested in. Yeah. [02:54:38] S6: And you're and you're [02:54:39] S1: And they're just it's so Yeah. [02:54:41] S0: You would assume that like Auto Tempest is cooked. And yet you can still go to like an Auto Tempest and search across all the cars. Right? Yeah. Yeah. This is wild. [02:54:48] S2: Totally. And that's [02:54:48] S1: not even to mention. Mean, my my experience on John John and I are are probably not good at at like event logistics. Like, just don't pay any attention to it. So whenever we're traveling, we're like, what airport are we going to? What what hotel are we at? Like, finding and and so Nick on our team, bless his heart, is just like kind of locked in around the clock when we're traveling to make sure and it would just be nice to be able to go to a single place [02:55:16] S0: Yeah. In order to. You can. And we thank you for coming on the show. Have a great day. Thanks so much for coming and hanging out. Yeah. [02:55:23] S3: It's alright. Thanks, dude. Thanks, Jordan. Appreciate it. And congrats, by the way. This is awesome. [02:55:26] S1: Thank you. Great to have you on, and and congrats to your whole team.