And the evening did not disappoint, with Rappaport tackling some huge questions such as how he views the online dating industry, the best ways to grow a business and where Happn is headed next.
Here at GDI, we have compiled 5 key things that we learnt from last night’s session below:
1. The importance of being concise
When it comes to launching a new business, Rappaport suggested companies need to be able to explain what they are in just a few words, including what sets them apart. In doing this, people will have a clearer idea of a company’s mission and what the product is offering.
Rappaport used the example of Happn, saying the app is unique in its aim of reconnecting people who pass in real life, as no other dating platform is doing this. And in using hyper-location and real time, the app is able to connect its users in a way that others can’t, as people will already have something in common when they match – they’re in the same place.
2. Can it be global? Is it disruptive?
When building any business, financing is one of the top considerations for any CEO. And as an investor himself, Rappaport touched on the importance of two factors companies need to consider before asking for funds – can the product be made global and is the product disruptive? Without these two elements, Rappaport suggested funding will be harder to come by, as investors need to know they are putting their money into a business that can succeed against its competitors.
3. How to launch in a new city
In yesterday’s Q&A, Rappaport was asked to explain how Happn has launched in different parts of the world. Due to the hyper-location aspect of Happn, Rappaport explained that in order for a new launch to work, the app has to be targeted towards a very specific area – if users are miles away from each other, the Happn concept just won’t work.
So Rappaport explained that to launch in a new city, Happn has to put a lot of effort into social media marketing, liaising with bloggers and influencers and pushing the app through local media to really hone in on a specific area.
4. The state of the industry
In recent years online dating has skyrocketed in popularity and in today’s world, the average dater will have as many as seven online dating products on their mobile phone – and everyone wants to be one of the seven. However, with the introduction of the swipe, Rappaport suggested online dating is now becoming a “machine for crushes” and platforms using the swipe-system are instantly associated as being for hook-ups, as users can casually scroll through countless profile cards without ever having a need to message someone. In this sense, Rappaport suggested online dating is increasingly becoming like the gaming industry.
Rappaport also highlighted the increase in apps looking to offer subscription models and pay-as-you-go services on certain features – something Happn also does with its “charm” feature.
5. What’s next for Happn?
Rappaport told last night’s attendees that Happn is in very good shape and will hopefully be profitable next year. Happn will also be announcing its Q3 results soon and is expected to release information about its recent Series C funding in the next month or so.
Rappaport also announced some very exciting news – a forthcoming “game-changing” feature that will be released very soon.
GDI will continue to cover any updates released by Happn, so keep an eye out for further information on our site.
To find out more about Happn please click here.