Broker-owned ticket exchange Ticket Evolution has named the members of its newly formed Board of Directors, which will meet for the first time on May 13 at the company’s Jersey City, NJ offices.
The 10-member board, which has not yet selected officers, will handle major company decisions, such as the criteria for future stock offerings or broker policies, according to the company’s chief technical officer Drew Gainor. In addition, board membership will be voluntary and the participants will not be compensated.
“The board’s main goal is to make important company decisions,” Gainor told TicketNews. “Myself, Ram and Steve won’t be making decisions for the company.”
The members of the board are Jay Cobb of Team One Tickets and Sports Tours; Anthony Beyrouti of Venue Kings; Mike Fletcher of Totally Tickets in Oklahoma; Nick Giammusso of VIP Seats; Brian Gleason of Alchemistix; Cortney Storsved of Ticket King in Minnesota; and John Wink of Tix Outlet. The other three members of the 10-person board are the co-founders of Ticket Evolution, Steve Parry, Ram Silverman and Gainor.
“These are all passionate ticket brokers who want a say in the future of this industry,” Gainor said.
Bylaws for the group have not yet been established, but it plans to meet at least once a month by conference call and in-person at least once a year. Terms will also be staggered, with some members serving one-year terms and others serving two-year terms.
Formed less than a year ago, Ticket Evolution now has 14 full-time employees, five of which are software engineers. While exact financials have not been disclosed, the company has about 100 charter investors who combined paid a total of about $1 million, although estimates vary. Gainor said the company just started another round of fund raising, with the initial investors being allowed to buy more shares at $1 per share for the next two weeks. Later this summer, the company will hold another open round of fund raising — open only to full-time ticket brokers — but shares will cost $1.50 each or more.
“We’ve turned down outside money because we want to keep this a broker-owned company,” Gainor said. “It would have all been for naught if we sold it and cashed out.”
The company’s retail ticket exchange is not yet operational, but brokers can buy and sell inventory to each other through the broker-to-broker exchange. An iPhone app for the broker-to-broker exchange will be launched in June, Gainor said, and the plan is for the company’s point-of-sale software product to be out at some point during the summer and the retail exchange to be operational by the end of the year.
The company hoped to have everything up and running by now — the first product it rolled out was an auto-uploader during the winter, which more than 500 brokers are using — but Gainor said the delays have been worth it.
“Based on our initial projections, we had hoped to have all our products out already,” Gainor said. “The delays weren’t bad; we just spent more time overall on building up the infrastructure, because we wanted to make sure we had a stable system that had the speed we promised. We want to build up trust by being able to deliver everything we promised.”