International Entrepreneurship Course at Boston University School of Management. Kobi Magnezi

1. Cookening
CONNECTING PEOPLE AND CULTURES THROUGH
FOOD! ATTEND OR HOST HOME COOKED MEALS.
SI856
Fall
2013
Adriane Musgrave
Trang Nguyen
Kobi Magnezi

2. French Startup

3. Inspiration & Market Niche
“The moment we spend eating a meal with others is,
by essence, a moment of sharing. Cookening wants
to amplify that moment by creating a new moment
of sharing around gastronomy between foreigners.
With a jeopardized economy, but also
social isolation that has increased in
the last few years, people want to go
back to simple and authentic
experiences, to conviviality. Sharing a
meal in a warm atmosphere with foreigners meets
exactly this need.” – Founder Cédric Giorgi

4. Concept & Team

5. How does it work?

6. Competitors
Israel
U.S. – Washington, D.C.
Spain
U.S. - Utah
UK (coming soon)
France (beta)
UK
Italy

7. Business Model: Financial
 Capital
 The startup is self-funded
 Share capital of 10,000 Euros
 Cookening is a distributor for the Leetchi Corp. S.A.
company, a ‘société anonyme’ under the law of
Luxembourg with a share capital of 500,000 Euros
 Launch Cost
 Startup has been in private alpha for six months (Dec 2012)
 Since May 2013 opened to the public with 1500 registered
users signed up so far

8. Business Model: Revenue
Hosts create
profile
Profile is
manually
vetted
Non-locals
choose
host/table
booking and
make
contact
Payment is
made,
handled by
Cookening
Host receives
payment the
day after a
successful
meal
Company
takes a 20%
fee

9. Business Model: Partners
 Online payment platform
 1.8% + € 0.18 per cash-in
transaction in €
(Visa/MasterCard/CarteBleue)
 No fees for cash-out transactions
 No fees for refunds
 No chargeback fees
 No set-up fees
 No minimum amount
 A grassroots organization that
supports the sharing economy
movement.
 By sharing what we already have
everyone benefits.
 The sharing economy is helping us
 This is how the 21st century
economy should work

10. Road Map
 Potential to attract new
customers
 Human connection
 Fun with monetary gain
 Network effects
 International expansion
 Food culture and travelers
 Spain, Italy, South America,
India, etc.

11. Challenges
 Very niche market = restricted revenue potential
 Competition
 Acquisitions
 Physical office presence in key markets
 Scams and strangers with bad intentions
 Guarantee program
 Food Safety and Regulations

12. The Sharing Economy
We have our own idea!

13. Thank you!