Caryn Seidman-Becker

Really?

We had built a model when we started.

We come from finance.

We'd built models, garbage in, garbage out.

But we did think that this could be a good business if you own your own technology.

If you own your own labor, which the other company didn't, it had outsourced the labor and the technology, which really impeded the margins.

But again, going back to the power of a subscription-based business and cost per gross ad and LTP to CAC, those things were in my blood and I understood them deeply.

Understanding what we thought it would take to break even from a subscriber basis, looking at every MSA, understanding Denver and Orlando and San Francisco and New York.

What was the volume of the airports?

What percentage of that volume did you need or what percentage volume of that population seemed realistic?

We owned wireless companies.

Nextel actually was one of them.

What percentage of the city is on Nextel and what do you need to break even?

I like coming at things bottoms up and top down and sideways.

We said that the TAM was 35 to 40 million people that traveled five or more times a year.

What percentage of those people did you think you would have?

Then looking at the cities, all sorts of different ways.

So we thought that this could be a good business model if you...

got to certain penetrations of certain cities.

All that being said, it took longer and it was harder.