Last Friday I had the opportunity to speak with the CEO of SuperTour
Jim Schoonmaker. Jim gave me a guided tour, pun intended, through the Super Tour website as well as a good lesson in strategy every entrepreneur should know.Jim Schoonmaker's Background
Well first off he's an MIT business school grad (Sloan School of Management), not too shabby. He's a self-confessed serial entrepreneur and Super Tour (Mok3 Inc.) is his latest effort. Jim's
got a solid understanding of business. Let me expand on that a bit. He was most recently the President / CEO of Liquid Machines
. Prior to that he was President / Founder of NerveWire. Prior to that he was the President / Founder of Intersense Incorporated. Rather than going through what each of the companies did I'll let you guys dig a bit for yourself and give you a golden nugget I picked up from my conversation with Jim.Revenue Per Square Foot
This single statement symbolizes so many different variables that it's almost impossible to explain in a post or in any form of text. I
had asked Jim about why SuperTour had decided to start their local hotel and area virtual tours in Miami and Las Vegas. When he began explaining how they arrived at those major metropolitan areas he summed the next 10 minutes up in a single phrase. Revenue per square foot, and I instantly got it.
What he meant was that he knew his company's business model would initially revolve around providing the best virtual tours of a location. But in order to monetize their service as quickly as possible they had to decide which locations & what property types would enable them to do so. They realized hotels account for a huge amount of revenue per square foot and then they just had to figure out which areas in the US had the highest density of hotel rooms per square foot... The answer was Miami and Las Vegas.
Instead of going into details about the conversation I'll follow up this post, later in the week, with a Q & A of Jim Schoonmaker. Lest I get excited and exaggerate the facts. I'll also expand on exactly what they do and how they plan on making money in the Q & A so Stay Tuned!