Juggernauts like Groupon and Living Social certainly have a strong presence in the digital coupon space. But one Seattle-based company has carved its own niche with a location-based app that offers instant redeemable coupons at quick service and sit-down restaurants.
Founded in 2010, Seattle-based Forks launched its app earlier this year and already features 18,000 restaurant locations in all 50 states, including clients like Papa John’s, KFC, Dominos and Taco Bell.
“Forks was set up to tackle key pain points of traditional and mobile couponing, primarily addressing ways to make coupons have an impact and remain relevant in the face of all the noise and distraction around the concept,” CEO Cole Van Leuven said.
For Van Leuven, the hope is to have “Fork,” turn into a common tech phrase.
“We’ll know we’ve made when Forks becomes a verb,” he said. “I can’t wait until we’re sitting in a downtown restaurant and hear a patron say, ‘Ya, just Forks it.'”
We caught up with Van Leuven to learn more about Forks for the latest edition of Startup Spotlight.
Explain what you do so our parents can understand it: Forks makes coupons instantly available – and redeemable — from your mobile phone.
Inspiration hit us when … I was a college student digging through old newspapers for that $7 large pizza coupon and realized there must be a better way.
Sometimes mailed coupons would make their way to the fridge where they’d sit until someone threw them away or, if it was a good deal, taken by my roommates. Daily deal coupons required planning, pre-purchasing and printing, and they were usually for high-end restaurants, which were out of my budget. We started Forks to make it quick and easy for everyone looking to save a few extra dollars to be able to do so in a familiar way, on their mobile phone.
VC, Angel or Bootstrap: With the exception of a small friends and family investment to create a prototype, we’ve bootstrapped Forks. Our core team members each understand their role, which has allowed us to keep our cost down and stay lean.
Our ‘secret sauce’ is: Focusing on one segment and doing it right by restaurants and customers.
The smartest move we’ve made so far: Not being married to our initial concept.
The biggest mistake we’ve made so far: Initially focusing on our national brands to drive user adoption. Organic growth, at this point, has proven to be our best driver.
Would you rather have Gates, Jobs, Zuckerberg or Bezos in your corner: At Forks our main goal is creating an ecosystem where restaurants and patrons mutually benefit for promotions and discounts. Bezos’ ability to tackle seemingly straightforward challenges that are rife with land mines is something we admire.
Our world domination strategy starts when: The world domination strategy is already in progress. We’ll know we’ve made when Forks becomes a verb. Can’t wait until we’re sitting in a downtown restaurant and hear a patron say, “Ya, just Forks it.”
Rivals should fear us because: We weren’t afraid to pitch an almost functional prototype to a billion dollar restaurant chain. Still working on turning that verbal “yes,” into a great contract.
We are truly unique because: One of our main tenets is that one size fits all doesn’t work for couponing. Even within the niche space, we realize that different clients have different strategies, goals and approaches to couponing. Trying to be everything to everyone can sometimes be a really great way to be just marginally beneficial to a few.
The biggest hurdle we’ve overcome is: Every phase of the business presents a new and equally challenging hurdle to overcome. Looking back, each hurdle seems trivial compared to the one in front of us or the one we’re just leaping over. Right now we’re celebrating a sudden boom in user downloads and looking on to the next challenge — signing more national brands.
What’s the one piece of advice you’d give to other entrepreneurs just starting out: As soon as you have a prototype, get out and hit the pavement. Sell your product. Don’t take “no” for an answer and take no prisoners.
