His frustrations with trying to park his car in downtown Chicago gave him a bright idea for a successful business.
From Wrigley Field to New York City
The trio put $6,000 of their own savings toward bare essential startup costs, like building the first version of the SpotHero website and app, Lawrence says. But their model was flawed — signing up enough individual privately-owned spots to attract a lot of users could've taken forever. Expansion presented a challenge, says Lawrence: Many garage and parking lot owners had run their businesses non-digitally for decades. Some still only dealt in cash.
The company has competitors, too — some of which predate SpotHero. Parkopedia, for example, was founded in 2009 and operates in more than 90 countries around the world. ParkMobile partners with city governments to allow drivers to pay for street parking digitally instead of digging through car cupholders for quarters.
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