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Nasir and Matt discuss the potential benefit of PiinPoint, the digital location finder, will have on small businesses. They also answer a question on whether you should make the first draft a contract. Full Podcast Transcript NASIR: Welcome to Legally Sound Smart Business! This is Nasir Pasha. MATT: And this is Matt Staub. NASIR: And we are starting our new format at Episode 25 – a quarter of the way through to a hundred. I think that’s 1… 2.5 percent of a thousand. MATT: Great math lessons we’re giving here. NASIR: Is that right? I don’t even know. I’m probably off. MATT: Yeah, 0.25 percent is correct. As long as you put the percent after it. NASIR: Perfect, yes. Or 0.025 which is a decimal. MATT: It would be 0.0025 or, no, you’re right. NASIR: No, 0.025. MATT: Sorry, I screwed up at the beginning. NASIR: All right. Well, so long as we got our math correct. Good thing we’re not mathematicians and we’re attorneys. MATT: Right. Well, let me talk about this new company – I guess it’s not a new company. It’s new to me. PiinPoint – I don’t know if you’ve heard about this but it’s a pretty unique thing that they’re doing. It’s this digital platform and it basically allows companies to, first of all, you have to pay for the service, of course. Once you’re in, it allows companies that want to add a new location – or maybe add a first location, I suppose – to use their information, their data to find the most ideal location for your business. NASIR: Yeah. MATT: They just got about $250,000 in funding but it’s still relatively new-ish. I don’t know if they even have a model that’s even fully functioning yet but this would be pretty cool for businesses looking for a new spot. NASIR: Yeah, it seems like they really take data and analyze it. They do everything from monitoring locations, your locations, exploring new locations, reviewing your competitions’ locations and things like that. I don’t know what kind of data they’re actually collecting and how they’re accessing it but I think the most important thing to get from this transaction is for startup companies, I think they said – as far as what they disclosed, they started in July – right now, they have only around ten customers but they were able to raise $250,000. Understand the concept here is we’ve hear a lot about this minimum viable product is get out to market in the fastest way possible and see if it’s viable. This company was able to show that they were able to attract ten customers and it seems like they’re actually pretty sizeable customers as well and raised $250,000 overnight with angel investors. MATT: I just went to the website. Right now, you can only sign up for the pilot program. But I’m really interested to see how they do this because we still don’t really know. I’m sure they obviously have some sort of algorithms that they use. But is it based on people checking in at locations? I don’t know what access to data they even have. I think it can be a good thing, especially for startups. Location is pretty key. They say that’s one of the most important things you have is location. NASIR: Yeah, especially if you need a retail environment. I had a friend back in high school and his family owned a Long John Silver franchise. I remember distinctly that one of the reasons why it went out of business is because it was at a corner which was very difficult to get at in the sense that the driver would miss the line and so forth. Just because of that alone, it wasn’t producing the amount of customers that it needed. So, location is obviously important. But getting the information and data, getting this information that probably these bigger companies have ready access to through their market research but being able to aggregate it in a way that’s reachable to the smaller guy I think is pretty huge. MATT: Yeah, just like the frozen drink bar that has been open up in Downtown San Diego. San Diego is one of the biggest beach towns – it has the most beaches in t...