1 00:00:00,560 --> 00:00:03,560 Speaker 1: Welcome to Fear and Greed Sunday feature. Oh, Michael Thompson. 2 00:00:03,840 --> 00:00:06,920 Speaker 1: We love a good entrepreneur story on this podcast, and 3 00:00:06,920 --> 00:00:09,840 Speaker 1: this one fits very neatly into that category. Back in 4 00:00:10,119 --> 00:00:13,600 Speaker 1: June of twenty twenty one, Sean Aylmer spoke to Tim Fung, 5 00:00:13,760 --> 00:00:17,600 Speaker 1: the co founder and CEO of air Tasker, and this 6 00:00:17,640 --> 00:00:20,680 Speaker 1: conversation took place not long after Air Tasker listed on 7 00:00:20,720 --> 00:00:23,119 Speaker 1: the AX. Now, the company, which we'll hear more about 8 00:00:23,120 --> 00:00:26,759 Speaker 1: in a moment, is based around odd jobs, essentially finding 9 00:00:26,800 --> 00:00:29,360 Speaker 1: and paying strangers to do all those little things that 10 00:00:29,440 --> 00:00:32,640 Speaker 1: you either can't do or won't do yourself. The share 11 00:00:32,680 --> 00:00:36,040 Speaker 1: price has come off a lot since this conversation. Back 12 00:00:36,040 --> 00:00:39,000 Speaker 1: then it was around a dollar twenty Now it's under 13 00:00:39,040 --> 00:00:42,599 Speaker 1: forty cents. But it is still a fascinating story of 14 00:00:42,680 --> 00:00:46,040 Speaker 1: coming up with an idea, building a business out of it, 15 00:00:46,320 --> 00:00:49,360 Speaker 1: and taking that all the way through to an IPO 16 00:00:49,640 --> 00:00:50,240 Speaker 1: and beyond. 17 00:00:50,560 --> 00:00:51,560 Speaker 2: It is a great chat. 18 00:00:51,720 --> 00:00:52,680 Speaker 1: I hope you enjoy it. 19 00:00:56,360 --> 00:00:59,320 Speaker 2: Welcome to the Fear and Greed Daily Interview. I'm Sean Almer. 20 00:00:59,880 --> 00:01:02,720 Speaker 2: The most exciting IPOs this year was the listing of 21 00:01:02,800 --> 00:01:06,520 Speaker 2: gig economy platform air Tasker. It was founded back in 22 00:01:06,560 --> 00:01:08,880 Speaker 2: twenty twelve as a way to connect people who had 23 00:01:08,920 --> 00:01:11,160 Speaker 2: odd jobs with those who could do them for a 24 00:01:11,200 --> 00:01:16,119 Speaker 2: negotiated rate, everything from assembling ikea, furniture, good babysity. Since then, 25 00:01:16,120 --> 00:01:19,759 Speaker 2: it's grown significantly, acquiring competitors and culminating in the listing 26 00:01:19,800 --> 00:01:22,840 Speaker 2: on the ASEX. In March, the issue price was sixty 27 00:01:22,880 --> 00:01:25,080 Speaker 2: five cents, but by the end of the second day 28 00:01:25,360 --> 00:01:28,520 Speaker 2: shares an air Tasker closed up one hundred and seventy percent. 29 00:01:28,880 --> 00:01:30,679 Speaker 2: They've settled back a bit now but are still well 30 00:01:30,680 --> 00:01:33,440 Speaker 2: above the issue price and an incredible ride in opening 31 00:01:33,520 --> 00:01:37,759 Speaker 2: up opportunities now for major marketing campaigns and expansion. Tim 32 00:01:37,800 --> 00:01:40,200 Speaker 2: Fung is a co founder and CEO of air Tasker 33 00:01:40,200 --> 00:01:42,280 Speaker 2: and my guest today Tim. Welcome, Toper and Greed. 34 00:01:42,640 --> 00:01:45,120 Speaker 3: Hey Sean, thanks for having me tell me the air 35 00:01:45,200 --> 00:01:48,760 Speaker 3: Tasker story. Well, as I mentioned back in twenty eleven, 36 00:01:48,800 --> 00:01:50,720 Speaker 3: we came up with the idea for air Tasker. So 37 00:01:50,760 --> 00:01:53,560 Speaker 3: it's been almost a ten year journey and it all 38 00:01:53,640 --> 00:01:55,840 Speaker 3: started when I was moving apartments and I asked a 39 00:01:55,880 --> 00:01:59,040 Speaker 3: friend of mine, Ivan to help me pack all my 40 00:01:59,120 --> 00:02:01,440 Speaker 3: boxes and move them. He has a truck which he 41 00:02:01,560 --> 00:02:04,680 Speaker 3: uses to do deliveries for his frozen chicken nuggets business, 42 00:02:05,240 --> 00:02:07,920 Speaker 3: and so we packed everything in his truck moved it 43 00:02:07,960 --> 00:02:10,519 Speaker 3: across to my apartment. And then that just got us thinking, 44 00:02:10,560 --> 00:02:12,400 Speaker 3: is why don't we ask friends and family to do 45 00:02:12,440 --> 00:02:15,080 Speaker 3: all these kinds of jobs when there's so many people 46 00:02:15,120 --> 00:02:16,600 Speaker 3: out there who are looking for a way to be 47 00:02:16,639 --> 00:02:19,600 Speaker 3: able to earn some additional income. And what we realize 48 00:02:19,639 --> 00:02:22,440 Speaker 3: is that just isn't really a fit purposed way to 49 00:02:22,560 --> 00:02:25,200 Speaker 3: do local services. And we thought this is kind of 50 00:02:25,200 --> 00:02:28,359 Speaker 3: crazy because if you look at platforms like Amazon and 51 00:02:28,400 --> 00:02:32,079 Speaker 3: Ali Baba and Cogan that are making buying physical products 52 00:02:32,080 --> 00:02:34,919 Speaker 3: so easy, yet take a look at services and it's 53 00:02:34,919 --> 00:02:37,920 Speaker 3: still you to ask a friend put it on a classifieds. 54 00:02:38,400 --> 00:02:39,800 Speaker 3: We thought, you know, there's got to be a simple 55 00:02:39,840 --> 00:02:41,960 Speaker 3: way to do e commerce for local services. 56 00:02:42,400 --> 00:02:45,280 Speaker 2: Great idea in this great story. At what point did 57 00:02:45,320 --> 00:02:46,799 Speaker 2: you think, actually we're onto something here. 58 00:02:47,240 --> 00:02:50,600 Speaker 3: It was a hard slog for quite a number of years, actually, 59 00:02:50,680 --> 00:02:53,280 Speaker 3: and the reason for that is that the way air 60 00:02:53,360 --> 00:02:56,840 Speaker 3: task is built is it's truly a community marketplace. We 61 00:02:56,919 --> 00:03:00,600 Speaker 3: describe ourselves as being open and horizontal, which means that 62 00:03:00,840 --> 00:03:03,200 Speaker 3: the way that we build trust on air taskers through 63 00:03:03,240 --> 00:03:06,920 Speaker 3: transparency and accountability rather than doing the jobs ourselves, and 64 00:03:07,040 --> 00:03:09,079 Speaker 3: the types of work that can be done through air 65 00:03:09,120 --> 00:03:11,240 Speaker 3: task is really infinite. You can get anything done on 66 00:03:11,280 --> 00:03:14,840 Speaker 3: air Tasker within our community guidelines. But what this means 67 00:03:14,919 --> 00:03:16,880 Speaker 3: is you do have this chicken and egg problem when 68 00:03:16,919 --> 00:03:18,840 Speaker 3: you start, which is, you know, who comes first, the 69 00:03:18,840 --> 00:03:21,160 Speaker 3: people who want to do the work, other people looking 70 00:03:21,160 --> 00:03:23,120 Speaker 3: for someone to do the work. And it takes a 71 00:03:23,160 --> 00:03:24,919 Speaker 3: long time to do that. And you know, we tried 72 00:03:24,960 --> 00:03:26,959 Speaker 3: a lot of things, failed at a lot of things, 73 00:03:27,280 --> 00:03:28,880 Speaker 3: and you know, it took us quite a few years 74 00:03:28,880 --> 00:03:29,880 Speaker 3: to get up and running. 75 00:03:30,120 --> 00:03:32,160 Speaker 2: Okay, So how does air Tasker make its money? 76 00:03:32,680 --> 00:03:35,440 Speaker 3: We found this really really important what our business model is, 77 00:03:35,600 --> 00:03:38,280 Speaker 3: and that is that we don't do advertising, and we 78 00:03:38,280 --> 00:03:41,400 Speaker 3: don't charge subscription fees or anything like that. We align 79 00:03:41,480 --> 00:03:45,320 Speaker 3: ourselves completely with our customers and our taskers by only 80 00:03:45,400 --> 00:03:48,960 Speaker 3: charging a percentage of the completed task value when the 81 00:03:49,040 --> 00:03:52,360 Speaker 3: job is completed to the satisfaction of both parties. And 82 00:03:52,360 --> 00:03:55,320 Speaker 3: this is really important because it means that, you know, taskers, 83 00:03:55,560 --> 00:03:57,640 Speaker 3: the people who do the work on air Tasker, don't 84 00:03:57,640 --> 00:04:00,360 Speaker 3: have to pay anything upfront and they simply just get 85 00:04:00,400 --> 00:04:03,160 Speaker 3: you know, only when they receive income into their bank account. 86 00:04:03,360 --> 00:04:06,200 Speaker 3: Does air Tasker earn anything, and the same thing for customers. 87 00:04:06,400 --> 00:04:08,720 Speaker 3: We charge nothing unless you get the job done. 88 00:04:08,920 --> 00:04:11,480 Speaker 2: Okay, So let's take it a real life example. I 89 00:04:11,480 --> 00:04:14,320 Speaker 2: need a babysitter on Saturday night. You know, I have 90 00:04:14,360 --> 00:04:16,920 Speaker 2: two kids and they're five and seven, and I'm going 91 00:04:16,960 --> 00:04:19,320 Speaker 2: to be out from seven till twelve, and so it 92 00:04:19,400 --> 00:04:22,200 Speaker 2: costs one hundred and twenty dollars for argument's sake. So 93 00:04:22,279 --> 00:04:24,719 Speaker 2: I go on air tasker dot com dot au, I 94 00:04:24,760 --> 00:04:26,760 Speaker 2: look for a babysitter. There's someone in the area. It's 95 00:04:26,760 --> 00:04:29,359 Speaker 2: going to cost me one hundred and twenty dollars. I 96 00:04:29,480 --> 00:04:31,960 Speaker 2: pay the babysit at one hundred and twenty dollars and 97 00:04:32,000 --> 00:04:34,680 Speaker 2: then a percent of that goes to wear task Is 98 00:04:34,720 --> 00:04:35,080 Speaker 2: that right? 99 00:04:35,480 --> 00:04:37,640 Speaker 3: That's right. So there's a small fee which is applied 100 00:04:37,720 --> 00:04:40,120 Speaker 3: on both sides of the market. So if the job 101 00:04:40,200 --> 00:04:42,360 Speaker 3: value is one hundred and twenty dollars, the customer will 102 00:04:42,360 --> 00:04:44,440 Speaker 3: pay a slight booking fee on top of that, and 103 00:04:44,640 --> 00:04:48,279 Speaker 3: the tasker will pay a percentage of that. All in all, 104 00:04:48,480 --> 00:04:50,919 Speaker 3: a percentage of the amount that you pay through to 105 00:04:51,000 --> 00:04:54,159 Speaker 3: air Tasker goes to air Tasker, and that is about 106 00:04:54,160 --> 00:04:56,040 Speaker 3: seventeen percent of the task value. 107 00:04:56,200 --> 00:05:00,040 Speaker 2: Okay, So what is typically the amount of money that 108 00:05:00,160 --> 00:05:01,839 Speaker 2: is being paid for a task and what are the 109 00:05:01,880 --> 00:05:02,840 Speaker 2: typical tasks? 110 00:05:03,240 --> 00:05:05,320 Speaker 3: Such a great question. So one of the things that 111 00:05:05,360 --> 00:05:07,719 Speaker 3: we've been seeing is the types of work going through 112 00:05:07,760 --> 00:05:10,880 Speaker 3: air task are evolving over time. So, as you mentioned, 113 00:05:10,920 --> 00:05:12,960 Speaker 3: when we started, we're all about you know, odd jobs 114 00:05:13,000 --> 00:05:15,599 Speaker 3: and errands, and primarily people would use air Tasker for 115 00:05:16,320 --> 00:05:19,560 Speaker 3: packing some boxes or doing some light gardening work. But 116 00:05:19,640 --> 00:05:22,320 Speaker 3: actually over time that the types of jobs have evolved 117 00:05:22,440 --> 00:05:27,080 Speaker 3: so that now we have tax accountants, lawyers, architects, surveyors, 118 00:05:27,440 --> 00:05:29,880 Speaker 3: all these other kind of work is coming and as 119 00:05:29,880 --> 00:05:32,159 Speaker 3: a result of that, the average task price on air 120 00:05:32,200 --> 00:05:35,440 Speaker 3: Tasker has been increasing, and where it stands today, it's 121 00:05:35,440 --> 00:05:37,680 Speaker 3: around one hundred and ninety four dollars is the average 122 00:05:38,000 --> 00:05:38,960 Speaker 3: task value? 123 00:05:39,320 --> 00:05:42,200 Speaker 2: Okay, And it's tax time coming up. So if I 124 00:05:42,200 --> 00:05:44,719 Speaker 2: want an account and I go to air Tasker, potentially. 125 00:05:44,600 --> 00:05:48,040 Speaker 3: Absolutely So, as I mentioned, we're an infinitely horizontal marketplace. 126 00:05:48,120 --> 00:05:50,520 Speaker 3: So it's one of those things where anything that you 127 00:05:50,640 --> 00:05:53,520 Speaker 3: need done as long as it fits within our community guidelines. 128 00:05:53,520 --> 00:05:55,520 Speaker 3: And so there are some things that you know, we 129 00:05:55,800 --> 00:05:59,479 Speaker 3: certainly protect the community from, but in terms of whether 130 00:05:59,480 --> 00:06:03,360 Speaker 3: it's anything from packing boxes through to professional trades plumbers 131 00:06:03,400 --> 00:06:07,120 Speaker 3: and electricians, all the way to accountants and lawyers. That's 132 00:06:07,160 --> 00:06:08,480 Speaker 3: all available on Air Tasker. 133 00:06:08,760 --> 00:06:11,440 Speaker 2: So do you rate people? How do I know I'm 134 00:06:11,440 --> 00:06:12,080 Speaker 2: getting someone? 135 00:06:12,200 --> 00:06:15,480 Speaker 3: Okay, it's a great question, and I think it depends 136 00:06:15,520 --> 00:06:17,640 Speaker 3: on the different kinds of jobs that you're doing. So 137 00:06:18,279 --> 00:06:21,120 Speaker 3: you mentioned there, for example, babysitting, So if I was 138 00:06:21,200 --> 00:06:23,719 Speaker 3: choosing a babysitter on Air Tasker, I would look for 139 00:06:23,760 --> 00:06:27,680 Speaker 3: a verified working with children's check, which Air Tasker displays 140 00:06:27,720 --> 00:06:30,960 Speaker 3: on the profile of the tasker. I might also look 141 00:06:30,960 --> 00:06:34,000 Speaker 3: for a police check badge on that person's profile. I 142 00:06:34,120 --> 00:06:36,840 Speaker 3: then also be looking at the ratings and reviews that 143 00:06:36,839 --> 00:06:39,479 Speaker 3: that person has earned on previous jobs. And you know 144 00:06:39,560 --> 00:06:41,920 Speaker 3: that can be anything from one to ten reviews, all 145 00:06:41,920 --> 00:06:44,280 Speaker 3: the way to some of our taskers, which are thousands 146 00:06:44,279 --> 00:06:47,440 Speaker 3: and thousands of reviews for the services that they've done before. 147 00:06:47,720 --> 00:06:50,880 Speaker 2: Fantastic. Now, look, you've created partnerships with companies like KEM 148 00:06:51,400 --> 00:06:55,800 Speaker 2: where shoppers can book to put together those infinitely difficult 149 00:06:56,200 --> 00:06:59,680 Speaker 2: cupboards and tables and chairs, many of which I've done myself. 150 00:07:00,160 --> 00:07:02,760 Speaker 2: How important is that sort of partnership to get Air 151 00:07:02,800 --> 00:07:03,920 Speaker 2: Tasker where it is today. 152 00:07:04,600 --> 00:07:07,919 Speaker 3: What's very interesting because in the early days of Air Tasker, 153 00:07:08,120 --> 00:07:10,680 Speaker 3: we had a very small marketplace and so when we 154 00:07:10,720 --> 00:07:13,160 Speaker 3: would go and speak to people like Akia, there'd been 155 00:07:13,240 --> 00:07:17,560 Speaker 3: less interest from them because our base of active taskers 156 00:07:17,600 --> 00:07:20,280 Speaker 3: were smaller. But as air task has really grown and 157 00:07:20,320 --> 00:07:22,760 Speaker 3: grown and grown over the years, we built up this 158 00:07:22,920 --> 00:07:27,040 Speaker 3: national workforce of tens of thousands of active workers every month, 159 00:07:27,400 --> 00:07:28,840 Speaker 3: and so that makes it easier if you want to 160 00:07:28,880 --> 00:07:31,360 Speaker 3: go and partner with someone like a here. They see 161 00:07:31,360 --> 00:07:33,960 Speaker 3: that as incredibly valuable and so that has gotten easier 162 00:07:33,960 --> 00:07:35,520 Speaker 3: over time. But I can tell you it was very 163 00:07:35,520 --> 00:07:36,480 Speaker 3: hard in the early years. 164 00:07:36,720 --> 00:07:39,960 Speaker 2: Okay, and everyone's a contractor. So I'm coming at you 165 00:07:40,000 --> 00:07:42,560 Speaker 2: from the idea of the delivery decision recently, where it 166 00:07:42,600 --> 00:07:45,400 Speaker 2: was the Fair Work Commission that ruled the food delivery 167 00:07:45,520 --> 00:07:49,120 Speaker 2: writer was an employee, not a contractor and shouldn't have 168 00:07:49,120 --> 00:07:52,400 Speaker 2: been dismissed. Now does that decision affect you and are 169 00:07:52,440 --> 00:07:54,640 Speaker 2: you confident everyone remains a contractor? 170 00:07:54,960 --> 00:07:57,440 Speaker 3: Well, I think this is a really interesting area, which 171 00:07:57,480 --> 00:07:59,840 Speaker 3: is this idea of the umbrella term of the giga 172 00:08:00,760 --> 00:08:03,960 Speaker 3: And one thing that Air Tasker we like to emphasize 173 00:08:04,000 --> 00:08:07,280 Speaker 3: and stress about our business model the differences in the 174 00:08:07,320 --> 00:08:10,920 Speaker 3: different kinds of platforms that exist underneath that umbrella. And 175 00:08:11,160 --> 00:08:12,760 Speaker 3: you know, when you think of something like the food 176 00:08:12,800 --> 00:08:16,400 Speaker 3: delivery platforms or the ride sharing platforms, what's common about 177 00:08:16,440 --> 00:08:19,640 Speaker 3: them is that it's the platform that is deciding who's 178 00:08:19,640 --> 00:08:21,920 Speaker 3: going to do what job, and it's the platform that 179 00:08:22,000 --> 00:08:24,480 Speaker 3: decides the price and what kind of work that you're 180 00:08:24,480 --> 00:08:27,400 Speaker 3: going to do. Air Tasker is completely different to that, 181 00:08:27,480 --> 00:08:30,560 Speaker 3: which is that it is the tasker, the service provider, 182 00:08:30,840 --> 00:08:34,600 Speaker 3: and the customer who independently, between those two people agree 183 00:08:34,640 --> 00:08:37,080 Speaker 3: on what is the job to be done. And also 184 00:08:37,120 --> 00:08:40,120 Speaker 3: it's the tasker who determines what is the price that 185 00:08:40,160 --> 00:08:42,880 Speaker 3: they need to be paid to do that job. That's 186 00:08:42,920 --> 00:08:46,400 Speaker 3: not determined by Air Tasker. That's entirely driven by the community. 187 00:08:46,440 --> 00:08:47,520 Speaker 3: So it's quite a different model. 188 00:08:47,520 --> 00:08:49,440 Speaker 2: They have very significant difference there. 189 00:08:49,280 --> 00:08:51,920 Speaker 3: That's right, and so I think we do believe that 190 00:08:52,000 --> 00:08:56,000 Speaker 3: in some of these spaces where the platform is deciding 191 00:08:56,040 --> 00:08:58,200 Speaker 3: who's doing what and what they're going to get paid 192 00:08:58,200 --> 00:09:01,480 Speaker 3: for doing that, you know, regulation is is absolutely something 193 00:09:01,520 --> 00:09:04,520 Speaker 3: that should be a consideration. But in a community marketplace, 194 00:09:04,559 --> 00:09:07,040 Speaker 3: you know, it's actually more similar to something like the 195 00:09:07,120 --> 00:09:10,199 Speaker 3: Yellow Pages or Google or gum Tree, so it's a 196 00:09:10,240 --> 00:09:11,720 Speaker 3: slightly different scenario there. 197 00:09:12,040 --> 00:09:16,319 Speaker 2: Stay with me, Tim, we'll be back in a minute. 198 00:09:18,920 --> 00:09:21,760 Speaker 2: My guest this morning is Tim Fuhn, co founder and 199 00:09:21,840 --> 00:09:24,480 Speaker 2: CEO of air Tasker. Now I'm trying not to talk 200 00:09:24,480 --> 00:09:27,680 Speaker 2: about COVID nineteen anymore. However, it must have had a 201 00:09:27,720 --> 00:09:30,200 Speaker 2: real impact on your business, even in terms of the 202 00:09:30,320 --> 00:09:32,240 Speaker 2: jobs that people needed being done. 203 00:09:32,559 --> 00:09:35,360 Speaker 3: In the early days of COVID, we saw an initial 204 00:09:35,720 --> 00:09:38,400 Speaker 3: depression in the marketplace, and you know, we were pretty 205 00:09:38,440 --> 00:09:40,960 Speaker 3: concerned as a business as we watched the numbers drop, 206 00:09:41,080 --> 00:09:43,280 Speaker 3: and they dropped by about fourteen percent month on month, 207 00:09:43,320 --> 00:09:45,640 Speaker 3: which is pretty large number for us at the scale 208 00:09:45,679 --> 00:09:48,080 Speaker 3: that we've thrown to. But what we saw was quite 209 00:09:48,160 --> 00:09:51,720 Speaker 3: remarkable out of that scenario, which is that we started 210 00:09:51,720 --> 00:09:54,400 Speaker 3: to see that customers we just started requesting different things 211 00:09:54,400 --> 00:09:58,559 Speaker 3: on air Tasker. For example, they started requesting shopping deliveries, 212 00:09:58,920 --> 00:10:03,320 Speaker 3: they started requesting at home personal fitness trainers. Bite repairs 213 00:10:03,360 --> 00:10:05,840 Speaker 3: increased about one hundred and sixty percent week on week, 214 00:10:06,240 --> 00:10:08,439 Speaker 3: and so what we saw is the mix of jobs 215 00:10:08,720 --> 00:10:11,560 Speaker 3: start to change on the platform. And then at the 216 00:10:11,600 --> 00:10:15,040 Speaker 3: same time, our taskers started getting really creative with the 217 00:10:15,080 --> 00:10:17,080 Speaker 3: way that they were going to deliver those services. So 218 00:10:17,480 --> 00:10:20,079 Speaker 3: for example, we have some of our top taskers do 219 00:10:20,200 --> 00:10:22,960 Speaker 3: things like home organization, and I would have thought that 220 00:10:22,960 --> 00:10:25,160 Speaker 3: that's an in person job, but actually they were able 221 00:10:25,200 --> 00:10:27,720 Speaker 3: to start doing that remotely. And as a result of that, 222 00:10:27,920 --> 00:10:30,640 Speaker 3: twenty twenty was actually the largest year of point to 223 00:10:30,679 --> 00:10:34,319 Speaker 3: point growth for air Tasker and it was something where 224 00:10:34,360 --> 00:10:37,560 Speaker 3: we really saw our community show their resilience and how 225 00:10:37,600 --> 00:10:40,199 Speaker 3: they could adapt to the situation, which was a great 226 00:10:40,240 --> 00:10:41,640 Speaker 3: signal for our business model. 227 00:10:41,920 --> 00:10:44,240 Speaker 2: So twenty twenty was strong a good time to list. 228 00:10:44,280 --> 00:10:46,520 Speaker 2: Then in March this year, so you've been I mean, 229 00:10:46,520 --> 00:10:49,040 Speaker 2: I suppose why did you list, What was the reason 230 00:10:49,160 --> 00:10:51,040 Speaker 2: for that and how have you found it? 231 00:10:51,559 --> 00:10:54,320 Speaker 3: There were two primary reasons why we decided to list, 232 00:10:54,400 --> 00:10:56,839 Speaker 3: So I think whine is that we see the opportunity 233 00:10:56,880 --> 00:11:02,800 Speaker 3: for air Tasker, particularly in international expansion, to be absolutely ginormous. 234 00:11:03,000 --> 00:11:04,760 Speaker 3: You know, if you look at the US markets and 235 00:11:04,800 --> 00:11:08,480 Speaker 3: the UK markets, Singapore Island and New Zealand where we operate, 236 00:11:08,880 --> 00:11:11,680 Speaker 3: there isn't anything like air Tasker in those markets, and 237 00:11:11,760 --> 00:11:14,840 Speaker 3: so it's really a blue ocean opportunity and it will 238 00:11:14,880 --> 00:11:17,800 Speaker 3: require some upfront capital investment so to be able to 239 00:11:18,280 --> 00:11:22,120 Speaker 3: have the agility of being able to access the ASX 240 00:11:22,160 --> 00:11:25,800 Speaker 3: investors was definitely a very appealing point for us. The 241 00:11:25,880 --> 00:11:28,760 Speaker 3: second is that it gave an opportunity for our employees 242 00:11:28,840 --> 00:11:31,400 Speaker 3: and our taskers to be rewarded and to own part 243 00:11:31,400 --> 00:11:34,600 Speaker 3: of air Tasker, and we thought that was really really cool. 244 00:11:34,720 --> 00:11:38,640 Speaker 3: When we listed the company, we actually created a special 245 00:11:38,800 --> 00:11:42,240 Speaker 3: offer for our taskers, our most foundational and early taskers, 246 00:11:42,800 --> 00:11:46,240 Speaker 3: and the response was absolutely massive. It ended up actually 247 00:11:46,240 --> 00:11:49,560 Speaker 3: getting leaked onto a Reddit forum and we opened up 248 00:11:49,559 --> 00:11:51,440 Speaker 3: our bank account the next day. There were millions of 249 00:11:51,440 --> 00:11:53,920 Speaker 3: dollars in this bank account, so we had to actually 250 00:11:53,920 --> 00:11:57,200 Speaker 3: do a confirmation back check against whether they were all 251 00:11:57,320 --> 00:12:00,680 Speaker 3: actually taskers on the air Tasker platform and actually return 252 00:12:00,720 --> 00:12:02,720 Speaker 3: millions of dollars to people's bank account. So it's a 253 00:12:02,720 --> 00:12:05,040 Speaker 3: great response that it was great to have task as 254 00:12:05,080 --> 00:12:06,319 Speaker 3: being part of the journey with us. 255 00:12:06,600 --> 00:12:08,280 Speaker 2: Okay, and did you look at the share price. I mean, 256 00:12:08,280 --> 00:12:09,920 Speaker 2: you had a huge jump of those first couple of 257 00:12:10,000 --> 00:12:12,200 Speaker 2: days and then it came back, but it's been fairly 258 00:12:12,240 --> 00:12:14,720 Speaker 2: flat since in the last couple of months. Really it's 259 00:12:14,800 --> 00:12:17,319 Speaker 2: fairly flat, being about a dollar ten or a dollar 260 00:12:17,360 --> 00:12:19,640 Speaker 2: twenty or so, which is not that far off twice 261 00:12:19,640 --> 00:12:21,880 Speaker 2: what you listed at. Are you happy with how it's 262 00:12:21,880 --> 00:12:22,480 Speaker 2: gone so far? 263 00:12:23,280 --> 00:12:25,680 Speaker 3: I think it's fair to say that if you watch 264 00:12:25,720 --> 00:12:27,920 Speaker 3: the share price every day, you're going to probably start 265 00:12:27,960 --> 00:12:30,080 Speaker 3: pulling your hair out, you know, and you've got to 266 00:12:30,320 --> 00:12:32,920 Speaker 3: really focus on the long term of the business. I mean, 267 00:12:32,920 --> 00:12:35,800 Speaker 3: from my perspective, I'm here for the long term, and 268 00:12:35,840 --> 00:12:38,160 Speaker 3: so I certainly don't sort of look at the share 269 00:12:38,200 --> 00:12:40,600 Speaker 3: price every day, and I certainly don't want to react 270 00:12:40,600 --> 00:12:43,800 Speaker 3: to that or any of my employees, our team members 271 00:12:43,880 --> 00:12:47,600 Speaker 3: to react to the share price. But certainly point to point, 272 00:12:47,640 --> 00:12:48,960 Speaker 3: you know, if we look at where we started in 273 00:12:49,000 --> 00:12:52,079 Speaker 3: March to where we are now, being almost seventy percent 274 00:12:52,200 --> 00:12:55,079 Speaker 3: up on the listing price, you know, massively exceeds any 275 00:12:55,120 --> 00:12:57,320 Speaker 3: of the expectations that we had before we listed. 276 00:12:57,559 --> 00:12:59,640 Speaker 2: There are plenty of other IPOs in the last six 277 00:12:59,679 --> 00:13:02,120 Speaker 2: months would be extremely happy with that result. 278 00:13:02,200 --> 00:13:05,439 Speaker 3: Tim, absolutely, and you know, I think as much as 279 00:13:05,480 --> 00:13:08,000 Speaker 3: you have to. You know, we're founders and entrepreneurs and 280 00:13:08,040 --> 00:13:09,959 Speaker 3: we want to keep pushing and pushing and pushing it. 281 00:13:09,960 --> 00:13:11,360 Speaker 3: At the same time, I think it's important to smell 282 00:13:11,400 --> 00:13:14,920 Speaker 3: the roses and counter bit of success and recognize those milestones. 283 00:13:15,160 --> 00:13:17,360 Speaker 2: So the future is all about international expansion. 284 00:13:17,640 --> 00:13:20,560 Speaker 3: I think there's two main areas which we are focusing 285 00:13:20,600 --> 00:13:23,280 Speaker 3: on at the moment. One is that we are building 286 00:13:23,360 --> 00:13:27,400 Speaker 3: new ways for customers to be able to connect with taskers. 287 00:13:27,720 --> 00:13:31,679 Speaker 3: So for example, we've just launched a new marketplace model 288 00:13:31,760 --> 00:13:34,840 Speaker 3: called air Tasker Listings. But what this does is allows 289 00:13:34,960 --> 00:13:38,800 Speaker 3: taskers to prepackaged services and put them on the shelves 290 00:13:38,800 --> 00:13:42,240 Speaker 3: of the air Tasker store so that we can inspire 291 00:13:42,280 --> 00:13:45,440 Speaker 3: our customers about what else they could use air Tasker for. So, 292 00:13:45,559 --> 00:13:46,960 Speaker 3: for example, you know, if you want to have a 293 00:13:46,960 --> 00:13:49,760 Speaker 3: comedian come at perform at your birthday party, you can 294 00:13:49,960 --> 00:13:53,120 Speaker 3: book that on air Tasker Listing. So opening up whole 295 00:13:53,200 --> 00:13:57,640 Speaker 3: new services categories. So that's one area is the marketplace models. 296 00:13:57,720 --> 00:14:00,720 Speaker 3: The second is international expansion. As you made seen in 297 00:14:00,720 --> 00:14:03,320 Speaker 3: the news, we recently acquired a company gon Sali in 298 00:14:03,360 --> 00:14:06,040 Speaker 3: the US, which we're really really excited about and that's 299 00:14:06,040 --> 00:14:07,880 Speaker 3: going to give us that massive jump start into the 300 00:14:08,040 --> 00:14:11,520 Speaker 3: US market, which is just an absolutely enormous pluation for US. 301 00:14:11,960 --> 00:14:14,319 Speaker 2: Very exciting. Now, if I go and buy IQ thea 302 00:14:14,520 --> 00:14:16,200 Speaker 2: tim would you be able to come out over and 303 00:14:16,240 --> 00:14:19,920 Speaker 2: put it together? Are you handy? Look? 304 00:14:19,960 --> 00:14:23,280 Speaker 3: I don't mind doubling a little bit. But actually, what 305 00:14:23,320 --> 00:14:25,840 Speaker 3: I did experience on Air Tasker is a very perfect 306 00:14:25,920 --> 00:14:29,160 Speaker 3: example is I was trying to put together about fifteen 307 00:14:29,200 --> 00:14:32,320 Speaker 3: of these stools with a handscrewdriver, and it was taking 308 00:14:32,400 --> 00:14:34,880 Speaker 3: me about ten to fifteen minutes per stall at. 309 00:14:34,680 --> 00:14:36,000 Speaker 2: A very sore rist as well. 310 00:14:36,440 --> 00:14:39,040 Speaker 3: Yeah, absolutely, but I had a task to come over 311 00:14:39,160 --> 00:14:41,520 Speaker 3: and put them all together in about one hour with 312 00:14:42,200 --> 00:14:44,880 Speaker 3: you know, a drill and a much better process than me, 313 00:14:45,240 --> 00:14:48,040 Speaker 3: and I just realized, Wow, this is the value of 314 00:14:48,040 --> 00:14:51,360 Speaker 3: being able to connect people with skills in their local community. 315 00:14:51,560 --> 00:14:53,720 Speaker 2: You know that story there, Tim, you don't own a drill, 316 00:14:53,800 --> 00:14:56,320 Speaker 2: therefore you're not handy. I'm sorry, I'm sorry to put 317 00:14:56,320 --> 00:14:58,560 Speaker 2: that to so bluntly, but if you don't own a drill, 318 00:14:58,600 --> 00:15:00,760 Speaker 2: you're in trouble. Tim, thank you for talking to Fear 319 00:15:00,800 --> 00:15:01,160 Speaker 2: and Greed. 320 00:15:01,440 --> 00:15:02,200 Speaker 3: Thanks so much, Sean. 321 00:15:02,400 --> 00:15:05,520 Speaker 2: That was Tim Fuhk, co founder and CEO of Air Taskup. 322 00:15:05,720 --> 00:15:07,760 Speaker 2: This is a Fear and Greed daily interview. Join me 323 00:15:07,800 --> 00:15:10,280 Speaker 2: every morning for the full Fear and Greed podcast with 324 00:15:10,400 --> 00:15:13,280 Speaker 2: all the business news you need to know. I'm Sean Almer. 325 00:15:13,600 --> 00:15:14,200 Speaker 2: Enjoy your day.