A New Dating Site Concept
I have been exploring the dating site space for about three years. In 2005, I started developing a new site based on a new kind of matching engine for the marriage market. I had problems with my lead developer and had to stop development. I am now looking for a partner to take the concepts forward.
Market Opportunity
The idea is to build a competitor to eHarmony that is free and advertising based. eHarmony has over 20 million members, with at least 3 million active members, each paying about $40 for four months of membership. The company is valued at around $1B. This company is number one in the marriage market and no one is in second place. Sites like Date.com, True.com, OKCupid, and Match.com are in the flirting/dating market, not in the marriage market. The only companies that try to compete with eHarmony are Engage.com, Chemistry.com, eChemistry.com, JDate, and a few others.
A Better Solution
I have developed a revolutionary new matching engine that will provide MUCH better matches than eHarmony's. At the moment, eHarmony screens people and provides a very limited set of matches. Many people report being frustrated that eHarmony doesn't let them find the person they are looking for. My matching engine is geared toward long-term compatibility and can even be used by offline matchmakers. I have developed the matching engine but it hasn't been tested at scale yet.
I have a revolutionary online advertising model that is nothing like today's online ads. It's fun, engaging, and finely tuned to the information we have about the people using the site.
I have developed a supplementary revenue model that should be popular and provide the site with all the cash it needs as it grows. If it works, we'll put in cash once and then won't ever need cash again. I believe it will work.
I have developed a fundamentally different online visual experience. The interface is already completely designed.
I have a great domain name - LTR.com. I purchased this domain several years ago, and it continues to generate traffic.
I have a great team of people who have worked on the project and would like to see it continue. Unfortunately, I am no longer willing to fund the project solely by myself. I have developed much of what is needed but not the application, which will have to be completely rewritten. I have people who can develop the application, but I need a partner to help fund and build the business.
Looking for a Partner
I'm looking for an active partner who wants to get into the online marriage market and go after eHarmony. I am willing to contribute cash, code, intellectual property, application development, and a marketing and roll-out program. What I need is someone who wants to get into this business, is willing to build and run the business, and can contribute cash. I believe the returns on capital will be well over 10x in five years. I believe LTR.com could be a home run. I am willing to talk with any investor who is interested in taking the lead on this project.
Monday, October 20, 2008 at 1:55PM
Reader Comments (8)
We are interested in your business idea, please, send more info.
Thank you.
George Adams
Mr. Siegel
I currently run a web site for a Florida based business and have three web sites of my own. I have been looking for a creative partner to help me develop a strong e-harmony competitor. I would be very interested in talking with you about the venture and coming up with a perspective plan to get a better idea of what you have in mind.
Please feel free to contact me via e-mail or by telephone at (407)-739-8937
Thank You
James Johnson
Mr. Siegel,
I just happen to stumble across your site, and I'm curious to know if you (or your idea) have hit the market yet. I have potential investors, a design team, and developers at my disposal.
I can be reached via contact info at the url submitted - or email.
Regards,
Tony
I am interested and intrigued by your concept-straight to the point-are you still looking for a partner? If so- please contact me. Thank you. Best, Janet Klein-917-539-4640
Remember me from Familiar Faces? I'm an angel investor. I found out about ltr because I'm interviewing Eugene Gen.
hi david,
i'm in the process of launching a site that matches people... however the site will be catering to a specific group of people. now that i have developed one site, it would be very easy for me to make some modifications to support a much larger target market. i came across your site looking for this particular domain name.
if you'd like to partner with me, i'd be more than happy to work with you... i have the website, code base, and a very simple yet effective matching engine. you can look at my existing site once it's up in running (just a couple of weeks hopefully). if you'd like to discuss specifics please e-mail me at nabeel@ucla.edu.
thanks...
nabeel
David,
I'm a second year student at Kellogg who saw your job posting on the HBS job board. I consider myself a bit of an online dating connoisseur, having used JDate and Craigslist extensively, and having dabbled in eHarmony, Match, and PlentyofFish. I'm a big fan of the concept, and agree that the current offerings leave something to be desired. Part of the trick is getting from people the relevant information to determine their compatibility with potential matches, but without burying everyone's profile under mounds of multiple choice questions that make them all look the same.
I do like the idea of a dating site having a business model other than membership fees, since those fees incentivize the company to keep users from finding matches in order to keep them on the site and paying. However, there are downsides to free sites too. You've probably been to PlentyofFish, and it's a mess, both aesthetically since the site is covered in ads, and in terms of the quality of profiles on the site. There is some wisdom to the line about people not valuing what they don't pay for.
Either way, I like the idea of going after eHarmony, because they're not very good, as any googles search for reviews of the company will show. I'm not in a position to be an investory, but would be happy to chat if you want the perspective of a woman who's been around the online dating block a few times.
best of luck,
Rachel
I just came across your site. You mentioned that you were looking for an investor, however that was in 2008. Are you still in the market for an investor? If so, I am very much intersted.
Please contact me by email and we can be in touch.
Thank You
Clint Urry