Joined
·
331 Posts
http://www.news.com.au/technology/i...r/news-story/c6c9bd538b2cfd0d2249ffd3de36cba5
OR the past 18 years, Hamish Petrie has been creating and growing technology start-ups.
He made it big when he created the ticketing business Moshtix and then did the most surprising thing of all - he walked away from the booming tech sector to become a full-time artist.
But his own frustration with an everyday experience - ordering a taxi - lured him back and now his latest venture is valued at $100 million after Australia's biggest ever equity crowd-funding campaign.
The serial entrepreneur doesn't claim to have a rag to riches story but admits that having empty pockets during his childhood helped kickstart the drive to become who he is today.
"During my schooling we didn't have a lot of money and I got no pocket money," he told news.com.au
"This made me entrepreneurial because I was always thinking of ways to make money to buy things."
While iconic tech personalities like Bill Gates, Steve Jobs and Mark Zuckerberg famously dropped out of university - Mr Petrie saw the benefits in higher eduction and completed a bachelor of business at UTS - majoring in finance and accounting.
"I did the degree to have the financial knowledge to run a business and just needed starting capital which I got from jobs in my early 20s," he said.
"I needed to be my own boss and test my own ideas so I simply resigned my current job at 23 and started my first official business."
In 2003, the Sydneysider took a leap and decided to design and build electronic ticketing system Moshtix.
After nurturing the company for four years, Moshtix was acquired by News Digital Media in 2007 for an undisclosed sum and Mr Petrie took a step away from the business side of things and turned his attention to the art scene. .
With his usual drive, within two years, he was a fulltime artist and his work featured in Sydney's Sculpture by the Sea exhibition.
But it wasn't long before he was drawn back to the tech sector and by 2011 he had found his next project.
Like many of us he was tired of continuously suffering the frustrating experience of waiting for a cab.
"I grew tired of frequently ordering a taxi and having no idea of where it was or when it would arrive, so I devised a taxi booking application and in-app payments model," he said.
Known as Ingogo, the app was designed to shake up the Australian taxi industry by allowing people to book a taxi online and track its whereabouts in real-time.
Using its own GPS enabled booking system, the app allows any nearby taxi service to pick up the booking regardless of the company they work for.
The customer is then able to track the taxi's exact location and progress, with the payment being made from inside the app.
The idea was gaining traction but in 2012 it faced a huge challenge when the Google backed ride-sharing service Uber launched in Australia and the Sydney-based man knew he had to evolve his product.
"We decided to tackle the most commonly-made criticism of ride sharing services head-on and introduce fixed fare pricing to Ingogo.
"This means when booking a taxi through the app or website, customers are shown the exact cost of the trip, including tolls and charges."
Mr Petrie said this not only removes the surcharges seen with Uber, but removes fluctuation based on a uncontrollable factors like traffic.
"The passenger no longer has to be anxious watching the meter ticking away in traffic or worry which way they're being taken by the driver," he said.
Mr Petrie said while the fixed-pricing could change throughout the day, the system was very fair and based on data obtained by the company.
"Our algorithm accounts for an array of variables including the distance travelled, the day of the week and time of day you're travelling, applicable tolls, predicted traffic patterns, and optimal route planning," he said.
"The algorithm uses up-to-the-minute traffic data, recommended routes, and historical data to deliver the most efficient trip route and the most cost-effective fare for your trip, no matter where you are going or when."
As another point of difference, Ingogo developed a partnership with Qantas that allows Frequent Flyer members to earn points every time they use the service.
Now in all major cities in Australia and valued at $100 million, Ingogo is planning a stock market listing later this year.
OR the past 18 years, Hamish Petrie has been creating and growing technology start-ups.
He made it big when he created the ticketing business Moshtix and then did the most surprising thing of all - he walked away from the booming tech sector to become a full-time artist.
But his own frustration with an everyday experience - ordering a taxi - lured him back and now his latest venture is valued at $100 million after Australia's biggest ever equity crowd-funding campaign.
The serial entrepreneur doesn't claim to have a rag to riches story but admits that having empty pockets during his childhood helped kickstart the drive to become who he is today.
"During my schooling we didn't have a lot of money and I got no pocket money," he told news.com.au
"This made me entrepreneurial because I was always thinking of ways to make money to buy things."
While iconic tech personalities like Bill Gates, Steve Jobs and Mark Zuckerberg famously dropped out of university - Mr Petrie saw the benefits in higher eduction and completed a bachelor of business at UTS - majoring in finance and accounting.
"I did the degree to have the financial knowledge to run a business and just needed starting capital which I got from jobs in my early 20s," he said.
"I needed to be my own boss and test my own ideas so I simply resigned my current job at 23 and started my first official business."
In 2003, the Sydneysider took a leap and decided to design and build electronic ticketing system Moshtix.
After nurturing the company for four years, Moshtix was acquired by News Digital Media in 2007 for an undisclosed sum and Mr Petrie took a step away from the business side of things and turned his attention to the art scene. .
With his usual drive, within two years, he was a fulltime artist and his work featured in Sydney's Sculpture by the Sea exhibition.
But it wasn't long before he was drawn back to the tech sector and by 2011 he had found his next project.
Like many of us he was tired of continuously suffering the frustrating experience of waiting for a cab.
"I grew tired of frequently ordering a taxi and having no idea of where it was or when it would arrive, so I devised a taxi booking application and in-app payments model," he said.
Known as Ingogo, the app was designed to shake up the Australian taxi industry by allowing people to book a taxi online and track its whereabouts in real-time.
Using its own GPS enabled booking system, the app allows any nearby taxi service to pick up the booking regardless of the company they work for.
The customer is then able to track the taxi's exact location and progress, with the payment being made from inside the app.
The idea was gaining traction but in 2012 it faced a huge challenge when the Google backed ride-sharing service Uber launched in Australia and the Sydney-based man knew he had to evolve his product.
"We decided to tackle the most commonly-made criticism of ride sharing services head-on and introduce fixed fare pricing to Ingogo.
"This means when booking a taxi through the app or website, customers are shown the exact cost of the trip, including tolls and charges."
Mr Petrie said this not only removes the surcharges seen with Uber, but removes fluctuation based on a uncontrollable factors like traffic.
"The passenger no longer has to be anxious watching the meter ticking away in traffic or worry which way they're being taken by the driver," he said.
Mr Petrie said while the fixed-pricing could change throughout the day, the system was very fair and based on data obtained by the company.
"Our algorithm accounts for an array of variables including the distance travelled, the day of the week and time of day you're travelling, applicable tolls, predicted traffic patterns, and optimal route planning," he said.
"The algorithm uses up-to-the-minute traffic data, recommended routes, and historical data to deliver the most efficient trip route and the most cost-effective fare for your trip, no matter where you are going or when."
As another point of difference, Ingogo developed a partnership with Qantas that allows Frequent Flyer members to earn points every time they use the service.
Now in all major cities in Australia and valued at $100 million, Ingogo is planning a stock market listing later this year.
