PARALLEL UNIVERSE
ParkUpp co-founder Palesa Moloi chats to Brenwin Naidu about the highs of youth entrepreneurship
Tell us about your business
ParkUpp is an online marketplace that connects property owners with empty parking spaces to drivers that need parking. Research shows that 40% of these parking bays are unoccupied, while about 1.5 million cars park on the streets every day in South Africa. They are vulnerable to theft or damage. We provide drivers with a safer alternative while generating extra income for property owners.
What were the development challenges?
When we started the business our gaze was focused on improving the parking experience at shopping centres. It took us three years to realise that there were high barriers of entry with that approach. We pivoted the business, observing that there were a lot of cars parked on the side of the road while there were an equally high number of empty parking spaces in secure places. This was a eureka moment. Right now, we are sitting with 4,500 listings.
Give us an insight into your team
Myself, Thabang Sithole, our chief technology officer, Michael Savvides, our chief business developer and Jabulani Kunene, part of our development team. We are all from different backgrounds. Teamwork is one of the most important strengths and I think it is what investors look for when they assess.
How can our readers use the platform?
It is free to use. Property owners go to the platform and list their parking in a four-step process. Drivers search for places to park and book, selecting dates, number of bays needed then proceed to payment. Keep an eye out for our App coming soon.
Ups and downs of your entrepreneurship journey so far?
The cyclicality of an entrepreneur’s emotions in a day alone! Letting people go was not the easiest thing — sometimes it’s the best decision. Shared vision, results and teamwork are equally important and if one lacks them, it’s time to ask hard questions. A sweet moment: our first unsolicited booking. We woke up one day and there was a transaction report from our payment gateway. It was an incredible experience to see that someone had gone on our website and made a booking without us showing them how it works — and trusted our website to work.
What do you drive?
My five-year old Volkswagen Polo, named Enigma.
Roads would be better if …
There was less traffic. A negative byproduct of traffic is crime. Did you know that almost 80% of road crimes are committed in traffic?
Advice for fellow young entrepreneurs?
Focus on customer research within your target market before you launch a product. Fall in love with the problem more than the solution. Never stop finding ways to understand your customer more than anyone in the room. If there are things you know about your customers that your competitors don’t, you will always win because you have unique insights that are not replicable.