Describe the company – the elevator pitch …
Tryilo is an online peer to peer community-based rental/sharing platform, where people can hire, rent, and share their unused products with trusted and verified users. Tryilo would be the platform of choice for those who want a “hole on the wall rather than drill”. It is estimated that 89% people agree sharing makes life more affordable (PWC)
Tryilo provides a platform to rent the products to and from trusted and verified users within your community from as low as €5. It also provides options to secure a deposit for your high valued products along with optional insurance and delivery of the products.
It is estimated that 92% of the goods bought are used less than twice in their lifetime. Tryilo sits right in middle of this market as a trusted platform where people can collaborate, supply and distribute these goods.
— TRYILO (@Tryilo_Umbrella) September 24, 2016
How are you different?
Tryilo creates an online on-demand affordable market within your communities. It creates a local network effect and solves the problem of overconsumption and promotes effective use of idle products. Tryilo is Peer to Peer community-based sharing/rental platform connecting like-minded people to share their unused products when/where needed.
Tryilo creates an easily accessible and trusted community platform for students, young families, and any socially responsible individuals in their everyday life. It is an economic model where ownership and access are shared between people. We at Tryilo are focused and determined to create a platform where our users can enjoy and understand the journey of the sharing economy with their trusted peers. Tryilo as a platform was built bottoms up, based on the extensive user research and product market fit.
Below are some of those unique features which make us different from others:
- Community systems which allow people share within that community and creating on demand affordable market.
- Create your own communities and connect with like-minded people to share.
- Automated way of verifying each customer before they list or hire a product
- Unobtrusive notification system, which provides the users with the latest product, feeds in the subscribed communities
- Providing an option to the product owners to ask for security deposits on their high valued products
- Optional insurance on the products hired
- Electronically generated & signed legal agreement for each product hired through the platform.
Why will the company/product do well?
More and more people are shifting away from owning stuff in favour of paying for quick access to what they need just when they need it. Collaborative consumption (falls under the umbrella of Sharing Economy) as it is called, differs from standard commercial consumption, where the cost of purchasing the good or service is borne by one individual, but instead is divided across a larger group as the purchase price is recouped through renting or exchanging. Media giant “Times magazine” has named the concept one of the “10 ideas that could change the world”.
The global sharing economy market was valued at $15 billion in 2014 with predictions to become a $335 billion revenue market by 2025, with growth exceeding 25%, according to PWC and Forbes. On demand economy is our addressable market which makes 1/10 of total sharing economy market cap. Peer to peer goods sharing sector is least developed in sharing economy with major pie taken by online forums, groups and classified websites with suboptimal results. This huge untapped market is craving for a disruptive and trustable platform where the consumers and producers feel safe and secure while sharing their goods without going through the complex onboarding process. Tryilo is built on top of extensive customer research to understand the barriers to entry, for sharing and renting goods online.
Tryilo as a platform reflects those learning’s and proactively works to smoothen the journey of the collaborative consumption for every customer. We lower the entry barriers with a fully automated system which hides the complexity of creating a trustable platform and allows users to do what they intended to do – renting/sharing their goods.
Being the early stage start-up in this area, it gives us an unfair advantage of capturing this huge market.
— TRYILO (@Tryilo_Umbrella) July 21, 2017
Where are you based?
When was the company launched?
Tryilo beta version is launched into the market on 2016 April.
What have been your biggest wins to date?
Tryilo has launched a beta live version in April 2016. Shortly after few months in May has received first live peer to peer transaction. In July Tryilo has reached 50 customers and by September achieved 100 customers and we stepped into New Frontiers Program Phase 1. In November of 2016 we’ve reached first 150 customers, completed 50 transactions and accelerated the growth. In January of 2017 we’ve got selected for New Frontiers Phase 2 program and two other team members have joined the company. During our market validation, we understood that there are two biggest entry barriers to acquiring customers, trust, and their behavioral traits to rent versus buy. Trust plays the major factor to generate the demand side of the platform. Our technology solution is bridging this gap and enhancing the user journey by making it enjoyable and educating at the same time.
What type of people (market segment) are you trying to attract to your product?
We came up with a 3-leveled plan for customer target segments.
Early adopters (28%) – Student groups, Hobbyists, Small & Medium enterprises who want to rent out their products (like Guitars, Bikes, Lenses), Colleges who want to use products for one-time events
Early Majority (40%) – Tourists who wanted to hire stuff (like Cameras, Strollers) during their travel & Young families who are careful with the spending’s and wanted to hire stuff for one-time usage
Late Majority (32%) – Working professionals, self-employed people like carpenters, electricians etc.
Tell us about your team?
At present, we are a team of 4, and planning to hire more people when we launch into the U.K.
What are you long term plans for your product/company?
Acquiring 25K international customers (in The UK) with 25% of them doing the active transactions will give us enough learning to move into other countries. The Plan is to go to the next set of European countries by late Q3 2017. Some of the selected countries include France, Germany, Netherlands, Switzerland and Italy in that order. We should be operating in several states of The United States by Q1 2018.
What are your favourite tech gadgets?
Amazon Echo (Alexa), Raspberry Pi, and Drones.
What tech gadgets do you wish you could use to help you?
We are interested in tracking technology like Micro tracking tags, which will help us to track the expensive products during the rental period.
Anything else you’d like to add / we should have asked?
How it works:
How do people get in touch with you?
Please visit us at https://tryilo.ie/contact or email us – [email protected]