| You're right, there are several verticals of competition for us. Here are some quick notes: 1. Traditional retailers like IKEA and Wayfair: We don't think they'll be fully pivoting to a rentals because it's a very different business model and requires lots of financing/credit setup. These retailers are motivated to get rid of their inventory as soon as possible (warehouse space!) whereas we look at furniture as assets, so we're happy to take yours back, refurbish it, and put in in a new place. 2. Furniture rental startups like Feather and Fernish already have a rental system in place, but but personalized interior design is a different game altogether, especially when you consider our proprietary rending technology which generates photorealistic renders with relatively little human effort. We think our technology will set us apart. 3. Online interior design services like Modsy and Havenly only focus on human-driven interior design. They might want to upsell you a furniture package, but they don't have the necessary rental and logistics setup to have a full offering as we do. This is only competition for us if people want interior designers but want to buy all furniture outright (say for $20k) and our goal is a more affordable offering. 4. Depending on where you live, fully-furnished or serviced apartments are (much) more expensive than renting an apartment, so we think our value proposition is also the "rent to own" part where each of your monthly payments go towards ownership. We also have optional addon services like electricians and biweekly cleaning, so I think we'll more directly compete with the serviced apartments space, except that it's still your apartment and you can own the furniture if you like. Thanks for your feedback and making me think about this! |