“One of the main benefits of Launchbox for us was that it taught us to learn to deal with failure. Having the support of LaunchBox allowed us to “try, fail and iterate all through the summer”, ultimately ending up with a product and business model that worked.” Jake McGwire. Founder of TicketChain, LaunchBox 2017
Founders: Jake McGwire, Zach Diebold, Kevin Murray.
One line description: TicketChain creates digital ticket software that is licensed to ticket vendors to allow them to stop ticket touting and fraud while also monetising ticket resale.
TicketChain came about as a direct result of a similar pain point shared by all of the founders. Ticket touting and fraud are issues that anyone who has attempted to buy a ticket will have unfortunately experienced. The team came together at the world’s largest Blockchain hackathon in November of their final year in college. They worked on their concept and built a basic prototype in just 48 hours, going on to secure first place in the competition. They decided to pursue the idea and continue to explore ways in which they could control and monetise ticket resale, whilst most importantly protecting fans.
The TicketChain team is comprised of three Trinity College Dublin graduates. Jake MccGwire, an Economics graduate is joined by Kevin Murray who studied Management Sciences and Information Systems Studies and Zach Diebold who holds a Master’s in Computer Science. They have now been joined by Geoff Natin who is currently completing his Master’s in Computer Science in Trinity.
What makes TicketChain unique is their solution that aligns the incentives of both the fans and ticket companies. Digital tickets offer a completely new way to design and control tickets, and unlocks huge potential for ticket vendors.
Speaking of his experiences throughout the summer program, CEO Jake says “Launchbox really taught the team to attempt to validate assumptions before investing time and money into them” .
As the team became more familiar with their target industry and conducted further research, they realised that their initial business model was not suitable and this led to a pivot towards a B2B software model. Exposure to established and seasoned entrepreneurs through the LaunchBox program hugely assisted the team with changes in their business model. Not only that, but by being on the Launchbox program they “could get a meeting with anyone”.
One of the main benefits of Launchbox for them, however, was that it taught them “to learn to deal with failure”. Having support available allowed them to “try, fail and iterate all through the summer”, ultimately ending up with a product and business model that worked. At the end of the program they were awarded with the Blackstone Award and are now looking for external investment.
Where are they now?
TicketChain launched its beta version in September 2017 and worked directly with societies and organisers throughout Dublin to host events and sell tickets. Having enabled more features, tested the technology and incorporated the feedback, TicketChain will launch its new product in early 2018 with a number of full-scale pilots.