The myFab5 team with TechTown’s Charlie Moret after winning the grand prize at last week’s DTX Showcase.
What’s your business?
myFab5 is the fastest way to find and recommend the best local restaurants. The company doesn’t use the star ratings and review systems used by other reviews sites. Instead, its users rank up to five of their favorite places in any category (e.g. best pizza in Detroit). As a student team in this summer’s session of DTX Launch Detroit, myFab5 doesn’t currently have a business model in place, but there will be one soon because we’re getting tired of eating Ramen noodles and bologna sandwiches.
Why are you proud of it?
We are proud of myFab5 because it saves people time and money by helping them make the best decision quickly and confidently. We’re also proud that we’ve created a new system that doesn’t need to know which places are bad to know which ones are great. You won’t find people bashing local restaurants on myFab5 – you’ll only find people talking about their favorite spots.
What’s your best advice for a fellow entrepreneur?
Do not raise outside financing too quickly because it can kill your company. You should test and validate your ideas and build a prototype before seeking any outside investment. We have seen startups launch at the same time as us and raise money at the very beginning, only to make the same rookie mistakes we made (we haven’t taken any investor dollars). Nothing feels worse than blowing through hundreds of thousands of dollars with nothing to show for it.
What local entrepreneur do you look up to and why?
We look up to the entire entrepreneurial community in Southeast Michigan. Our community is at a point where everything being done is much bigger than any single entrepreneur. It’s time to change the conversation to focus on the community and what the group is doing to advance our economy and create jobs. It wouldn’t be fair for us to name a person because there have been so many people that have helped us so far. Organizations like TechTown, Spark, TechArb, the University of Michigan and dozens of local entrepreneurs have had an impact on us and helped us get to this point. We look up to all of them.
What do you do when you need a mental break?
It’s nearly impossible to take a mental break. We find ourselves thinking about myFab5 24/7. Yes, that includes our dreams. However we do take “physical” breaks, where we stop working and do something else with our fingers and mouths (instead of coding and talking to our users and potential customers).
While not working on myFab5, we enjoy working out, playing sports, grilling, fishing, gardening, rapping and trying out new restaurants we discover on myFab5.com.