Fagan left his consulting job in the corporate world in the midst of the recent economic meltdown to pursue something much more fulfilling. With the popularity of application development in the mobile market, the idea of electronically storing mobile coupons and loyalty cards struck a chord.
They first began developing the Key Ring app for the Android market, but soon moved to support multiple platforms, with the technical expertise of Brit Gardner. While Bates runs the operational side of things, Fagan leads the marketing and sales efforts. Not that the company has needed much help in that area lately – since the app seems to virtually sell itself through customers positive word of mouth.
They have even gotten nationwide exposure already, with a mention on CNN’s sister network, Headline News. Fagan notes that many “me-too” challengers are beginning to appear in the loyalty card landscape, but people will still likely go with Key Ring, given the high ratings and customer reviews.
The biggest challenges so far from a technical standpoint are getting new features pushed through the carrier/manufacturer approval process in a timely manner. From a business perspective, it would be staying focused with so many people offering different opinions and guidance.
Some may say that’s a nice problem to have, but Fagan says that choosing the best advice is critical, just like carefully selecting who you partner with. Mobestream Media is currently going through a round of financing, and hopes to have a deal closed soon.