- Startups - Walker Corporate Law Startup of the Week #21- Coffee Meets Bagel

TL;DR

Coffee Meets Bagel is a dating site that connects singles through their mutual friends on Facebook, providing an innovative and personalized approach to online dating.

Transcript

distribution provided by cloud Sigma the cloud that adapts to you visit cloud Sigma calm / this weekend for a free two hundred dollar credit hey everybody hey everybody it's jason calacanis this is this week in startups and for our startup of the week a very innovative dating site called coffee meets bagel very popular breaking out very viral you'r... Read More

Key Insights

• 👤 Coffee Meets Bagel focuses on generating revenue while maintaining a free service for users through the use of virtual currency.
• 🪈 The company aims to optimize for profitability and revenue, not just growth, in order to compete with established dating sites.
• 🥺 The team at Coffee Meets Bagel, led by three sisters, has a clear division of roles, with one CEO making executive decisions.
• 🧑‍🤝‍🧑 The company recognizes the importance of revenue and engagement metrics, as well as growth, in the dating industry.
• 🇺🇸 The diversification and melting pot nature of the United States pose unique challenges and complexities in the online dating space.
• 🈂️ Coffee Meets Bagel draws inspiration from successful dating services in Asia, such as those in Korea and Japan.
• 😒 The use of stickers and virtual goods in the online dating space may become more prevalent in the future.

Questions & Answers

Q: How does Coffee Meets Bagel make money?

Coffee Meets Bagel offers virtual currency called "coffee beans" that users can purchase to improve their experience on the platform. These beans can be used to unlock additional features and perks.

Q: How does Coffee Meets Bagel handle the issue of diversity in the dating pool?

Coffee Meets Bagel acknowledges the diversity in the United States and recognizes that matching people with different ethnicities and religious backgrounds can be more complex. They use the social graph of individual users to provide relevant matches based on their specific social circle.

Q: How does Coffee Meets Bagel differentiate itself from other dating sites?

Coffee Meets Bagel differentiates itself by providing a curated selection of matches each day, rather than overwhelming users with hundreds of profiles to browse through. They aim to create a more natural and efficient way of meeting new people online.

Q: How does the partnership with Starbucks work?

Coffee Meets Bagel has experimented with partnerships with local dessert shops, coffee shops, and wine bars in order to incentivize couples to meet up in person. They are also exploring the possibility of partnering with Starbucks, as it is a universally accessible location for meet-ups.

Summary & Key Takeaways

• Coffee Meets Bagel is a daily dating introduction service that matches users with one person each day, most likely a friend of a friend on Facebook.

• Users have 24 hours to decide if they like or pass on the match.

• The site has made over a million matches and has successfully helped people find relationships.