E1065 AMA: Slice CEO Ilir Sela answers questions from founders!

TL;DR

Slice Founder and CEO Elise Ella shares insights on vertical platforms, solving small business problems, and the future of the restaurant industry post-COVID.

Transcript

today on this week in startups we haven't asked me anything featuring slice founder and CEO Elise Ella this AMA was recorded live in our twist slack channel to participate in weekly AMAs and discuss all aspects of startup life with Jason and our community of 30,000 founders join us at this week in startups dot-com slash slack this episode is brough... Read More

Key Insights

• 👨‍💼 Vertical platforms can effectively solve the needs of small business owners in various industries, not just pizza.
• 👨‍💼 The restaurant industry is embracing e-commerce and digital solutions as essential aspects of their business.
• 🎁 Ethnic restaurants and non-chain establishments present opportunities for loyalty program startups and solutions.
• 👶 Building trust and minimizing disruption to existing workflows are crucial in acquiring new small business partners.
• 👻 Funding and Series C financing will allow Slice to expand its network and solve logistical problems for small businesses.
• 🏣 The future of the restaurant industry post-COVID will likely involve a combination of digital and traditional operations.
• 🪡 The success of a startup in a specific industry depends on understanding the needs of the customer and solving their unique problems.

Questions & Answers

Q: Could the vertical platform model work in other industries besides the pizza industry?

Yes, the vertical platform model can work in other industries, but certain conditions like market size and favorable business profiles need to be present.

Q: How do you see the restaurant industry changing in New York City post-COVID?

The restaurant industry in NYC is realizing the importance of e-commerce and digital solutions. While some changes will occur, Ella predicts that the industry will return to a similar form as pre-COVID, with more digitally enabled operations and workflows.

Q: What is the opportunity for a loyalty program startup targeting non-chain ethnic restaurants nationally?

There is a significant opportunity to empower and solve problems for small businesses in the local and ethnic cuisine market. However, the approach can be vertical or horizontal, depending on the specific needs and goals of the startup.

Q: How did Slice gain momentum in the early days, considering the scattered customer base of mom-and-pop locations?

Trust and understanding were crucial in gaining momentum with small business owners. By starting with simple solutions and delivering value, Slice was able to earn the trust of micro-business owners. Gradually, the relationship progressed to more integrated solutions.

Q: What is the biggest point of friction in adding new pizzerias to Slice, and how do you handle pizzerias that don't see the benefit of joining?

Trust and resistance to change are the biggest barriers in adding new pizzerias to Slice. To overcome them, Slice focuses on creating lightweight solutions that fit within the existing workflow of small businesses and show immediate value.

Summary & Key Takeaways

• Slice is a platform that provides technology and buying power to small business pizza restaurants, solving their business problems and allowing them to focus on what they do best.

• Ella believes that vertical platforms can work in other industries, but the conditions and market size need to be favorable.

• The restaurant industry in New York City is changing post-COVID, with a focus on e-commerce and digital solutions.

• Ethnic restaurants and non-chain establishments could benefit from a loyalty program startup, as there is a large market for cultural foods.

• Building trust and understanding the needs of small business owners are crucial in acquiring new pizzerias for Slice.

• The funding round and Series C financing will help Slice expand its network, solve business logistical problems, and empower entrepreneurs to expand their footprint.