Launch Space resident story – Tom Woollard
Economics graduate Tom Woollard is convinced his team have developed the next billion-pound app. He’s using Launch Space to drive the enterprise forward, faster.
“I’m a big fan of brainstorming. I like to bounce ideas about, identify problems and seek solutions. That’s how my business partner and I first came up with the concept for Bunk.
“We were discussing how poor our rental experience had been, and began listing all the inefficiencies that exist in the housing market. We spent our final year at university researching everything about the sector. Then we set about building a solution to fix it. By the time we graduated, we’d built a business model and ecosystem for Bunk, an app that’ll be an intermediary between landlords and tenants, and would improve the rental experience.
“We’ve since protected our idea and secured investment. Our initial funding came from an angel investor but we are now three co-founders and have scaled to a team of seven full time workers.
“There is so much buy-in to Bunk because we’re confident the product offers a global solution to all our rental needs. We’ve potentially created the next billion-pound app. Big players will probably worry about our disruptive model, but I truly believe our app is for the people and when we get it in front of them, they’ll fight for us.
“Bunk is developing a marketplace to directly connect verified tenants, landlords and essential third-parties to make renting easy, accessible and transparent. Their service eliminates excessive fees and the need for middlemen.”
“It’s been fantastic to be based in Launch Space in the new University Enterprise Zone. We’ve benefited from professional support, pro bono clinics, workshops and being based in the University. Launch Space has provided access to great support and mentoring covering all aspects of our business. Importantly, we’re surrounded by like-minded people in a friendly environment where everyone is building businesses together. It really is a brilliant space to start growing a company and we couldn't have asked for better help.”
Tom’s start-up idea
Bunk builds software that acts as an intermediary between landlords and tenants. It’s a user-friendly and efficient rental ecosystem that’s accessible through mobile phones. The model moves away from the current cash-heavy deposit system. Instead, customers get a monthly payment plan, plus a unique insurance-based rating. They can earn rental rewards and take advantage of discounts available from Bunk’s lifestyle partners.
Tom explains more below:
Tom’s top tips for successful start-ups
- Just do it. A lot of people are afraid to take that first step. Start a company and fully commit to it. If others see the potential as easily as you, then stick with it.
- Network. Other people can always do something better than you. Find them, use them, and get them on board. A team is always better than an individual.
- Be proactive. Jump at any opportunity, even if it seems irrelevant at first. You’ll soon learn how to spot a good thing.