Q&A with Matt Angerer, founder of VerticalCloud
Innovate New Albany startup, VerticalCloud hit another milestone in its growth trajectory for its software-as-a-service product line for markets that include real estate, service professionals and health care practitioners when it released criminal and eviction reports for its VerticalRent customers. In this Q&A Matt Angerer, founder of VerticalCloud, shares insights from the entrepreneur’s point of view.
What does VerticalCloud do?
VerticalCloud is the company behind VerticalRent and AppSingular. With more than 32% of the American population deciding to rent, we wanted to provide the web’s first no-cost online property management platform for landlords and property managers. VerticalRent launched in July 2013 and is doubling in size every month. We offer tenant screening, property management, lease agreements and online rent collection. AppSingular is the tenant-facing side of our platform that empowers renters with a multi-use tenant application the ability to pay rent electronically to their landlords and to communicate directly with their property management team or landlord.
How did you come up with the idea?
My parents are landlords and I own a few properties as well. I was using a competitor’s product and knew that I could build a better solution.
What is the company’s value proposition?
We offer the web’s first online property management software that can be leveraged as a profit center. We allow UNLIMITED units for landlords and property managers, while offering them a unique way of establishing additional revenue streams through convenience and processing fees. Of course, we take a baseline cut to fund operations and stay in business – but we developed a unique and sustainable way to build a business while offering property management firms and landlords a no cost platform.
Why did you move into Innovate New Albany?
Innovate New Albany provides the atmosphere and office space we need to grow VerticalCloud. Starting a business isn’t for the faint of heart and it’s important that small business owners have a support network to thrive. Tom Guy, the incubator’s business development executive, has been extremely helpful in setting up partnerships, aligning us with potential investors and serving as a sounding board. I like the fact that other startup companies are in the same building. It helps knowing that others in this world believe in taking risks and building companies too! Also, Innovate New Albany is a beautiful facility in New Albany and provides us with a location we can be proud to tell others about.
Are there specific services that have helped your business?
As a reseller of Experian products, we are required to meet stringent PCI-DSS requirements, including high security office space. Innovate New Albany provides us with a lockable office and secure space. We also love the workshop area where we plan to hold events in the coming months with local landlords and property managers.
Are there other features of the incubator that benefit you and your business?
The venture capital opportunity is becoming clearer to us as we grow the company. We didn’t realize how expensive sales and marketing would become. We built the software, but growing a company requires a deep advertising budget. It takes money to make money, as the old saying goes. So, we are exploring potential venture capital investments to take both VerticalRent and AppSingular to the next level in 2014. The incubator and its partnership with TechColumbus are helping us to do that.
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