Alex Stephany is an expert on the sharing economy and collaborative economy and the author of The Business of Sharing, the leading guide to the sharing economy. Formerly CEO of JustPark, he is currently an Entrepreneur in Residence at Rainmaking Innovation.
1) What is Just Park?
JustPark is an app that lets drivers reserve convenient and cheap parking spaces at private property – at over 25,000 homes around the country, churches as well as car parks and hotels. For individuals with parking spaces, it offers a seamless, low-hassle way of turning that empty space into cash.
2) What makes it different to all the other parking applications?
JustPark’s focus is on parking at private property – it’s generally much cheaper than the spaces on-street and they can also be reserved, so drivers pay less and get the premium experience of an allocated space. There are others who’ve followed our lead but JustPark remains orders of magnitude larger than any P2P parking business.
3) Is the future of parking through our phones and tablets?
Software is eating everything – including parking. In time, we’ll also see more hardware such as ever-cheaper sensors, as well as dynamic pricing and artificial intelligence driving new efficiencies in the parking sector.
4)What inspired you to go into business?
The satisfaction that comes from building things and watching them grow. I started my career in corporate law – which is great for some people and offers excellent intellectual challenges – but it’s more fun for me to be on the pitch than offering advice from the sidelines.
5) What advice would you give to aspiring entrepreneurs?
Find the thing that excites you, whatever it is. Ultimately, it’s that passion that will take you through the lows which every business and entrepreneur will need to face down. And it’s that passion that will help you crack a problem you’ve been working on because the answer will suddenly come to you on a Sunday morning in the shower.
We would like to thank Alex for speaking with us.