Slyp- Caltex Spark Accelerator 2018
By Paul Weingarth, Co-Founder of Slyp (Formerly Ping Data)
slyp.com.au
At Slyp (formerly Ping Data) we are in the business of customer experience and we think paper receipts are so last century – they are painfully inconvenient for customers and a missed engagement opportunity for retailers. Paper receipts offer little value beyond a proof of purchase resulting in 85% of receipts being “binned” shortly after purchase. That’s a lot of very valuable data being thrown in the bin each day. Our mission is to re-imagine receipts, we want to unlock their missed potential and make them fit for today’s “smart” world.
That’s why we have invented a breakthrough technology called Slyp™.
Why did you apply to the program?
We were immediately drawn to the program when we first read about the Spark program criteria. It was clear that Caltex share our passion for challenging the status quo, in particular, Caltex’s focus on the enhancing customer experience. At Slyp (formerly Ping Data), we are transforming an antiquated process like paper receipts, re-imagining it and unlocking new experience for customers. Our smart receipt solution also unlocks new value for merchants with offers, ratings and loyalty all linked to the receipt that is automatically sent into the customers banking app. We saw the program as an opportunity to further validate some of our assumptions and leverage the stakeholders inside Caltex to help refine our proposition specifically to their needs.
What’s it been like working with Caltex?
At Slyp, we are always humbled when large organisations like Caltex want to work with us and partner to make a difference. Our proposition touched several departments inside Caltex which
normally creates a lengthy engagement cycle. This is always a challenge for early stage companies that constantly face cash burn pressures. Through the program we had some incredibly talented sponsors who helped us get cut through quickly.
What’s the biggest learning you’ll take away from the Slingshot program?
Our biggest takeaway was to be patient but also persistent – it’s always a fine art on how to balance the two. We learnt a lot about how decisions are made in large enterprises like Caltex and how we
need to be more dynamic with our approach to their specific circumstances.
What was your favourite aspect of the program?
We really enjoyed learning and collaborating with the other founders in the Caltex Spark program. The ability to partner with Caltex was also a highlight as it gave us access and exposure to Caltex
executives. Also, who could forget demo day. This was an enormous opportunity for us to gain wide exposure and educate prospective investors, employees and partners on our vision. We have had a number of genuine opportunities come to light from that event.
What’s next for your Startup?
At Slyp we will continue to pursue our mission; to eliminate paper receipts for good. We want to turn the end of a transaction into the beginning of a customer relationship. We recently closed an
investment round from two of the major banks and are now integrating the solution to our first bank partner. This will give us access to over 2.5 million users and will enable us to bring the solution to market which will hopefully include merchants like Caltex.
