Everybody was talking about blockchain during the pandemic.
As a result, several use cases began to arise.
Although blockchain is probably here for good, many of those use cases have come and gone.
But some still have potential.
One of those use cases is ticketing.
The ticketing industry has been known to be archaic, inefficient, and fraudulent.
Tixbase is looking to revolutionize the ticketing industry in sports and beyond using blockchain.
In this interview with Tixbase founder Emil R. Ljesnjanin, we discuss how they came up with the idea for Tixbase, why now is the right time for this product, and the future of sports ticketing.
Hello, who are you and what is the name of your company?
I’m Emil R. Ljesnjanin, the Founder and CEO of Tixbase, a leading blockchain ticketing ecosystem. My journey in the ticketing industry began after a successful career in real estate development in New York City.
Frustrated by encounters with fraudulent tickets and inefficiencies in existing systems, I envisioned a future where ticketing is secure, transparent, and automated.
Recognizing the industry’s challenges like lack of verification, outdated technology, high fees, and insufficient automation, I dedicated 2018-2020 to researching and developing solutions.
Realizing the potential for transformation, I exited my real estate business and launched Tixbase. Our goal is to create a modern, secure, and efficient ticketing service for businesses.
What was the process of getting the company off the ground?
Getting Tixbase off the ground involved several key steps and overcoming various challenges, including technical decisions, team building, product development, market validation, and achieving product-market fit. I self-funded the company to fast-track development. As development progressed, we focused on business development and securing pilot programs to test the technology.
In 2022, we secured several high-profile events, including Exit Festival, Transmission Festival, Hardmission Festival, Techmission Festival, Garden of Dreams Festival, and the FC Zeljeznicar vs. FC Sarajevo football match. These initial test events provided valuable feedback, allowing us to refine and improve our product.
Our hard work paid off when we won the Best Innovation Award at the 17th UK Festival Awards for our innovative product placement at Exit Festival 2022. In 2023, we raised $1M from Avalanche Foundation, Ava Labs, Blizzard Fund, View Point Capital, ESG Family Office, and F&F, which helped us further develop and expand our platform.
How is the company doing today and what does the future look like?
Since June 1st, 2023, Tixbase has achieved significant milestones, reaching $1 million in transactional volume and selling over 60,000 tickets across more than 80 events. Our product has been successfully tested in over 20 countries, demonstrating strong global demand and acceptance.
Looking ahead, we aim to exceed the $10 million annual recurring revenue (ARR) mark by 2025, supported by contracted deals and a robust pipeline. Our strategy focuses on retaining existing clients while acquiring new ones in key regions, including Europe, the Americas, and Southeast Asia.
To support our growth, we are expanding our sales and marketing efforts and launching innovative products, including TixChain, the world’s first event ticketing blockchain, Tixbase Platform, Tix ID, and Tixy AI. Our comprehensive approach addresses the industry’s biggest pain points, offering balanced products and competitive pricing.
Tixbase is on a strong trajectory with a clear vision to transform the event ticketing industry through cutting-edge blockchain technology.
We are committed to creating a secure, transparent, and engaging platform for event organizers, businesses, and fans.
Why is now the right time for a product like this?
Blockchain technology has matured, making it ideal for complex applications like ticketing. With $1 million in transactional volume and over 60,000 tickets sold since June 2023, there’s clear global demand.
Strategic partnerships with major players like Passo and Exit Festival validate our technology and expand our reach.
The expiration of ticketing contracts presents opportunities for innovative solutions like Tixbase, and our seamless user experience and robust support provide a competitive edge.
Tixbase is poised to transform the ticketing industry, addressing major pain points and setting new standards for fans, event organizers, and businesses.
Through starting the business have you learned anything particularly helpful or advantageous?
I’ve learned that with hard work and a focus on solving real-world problems, you can achieve anything. Building strong relationships with industry experts, partners, and advisors is crucial.
Networking often plays a bigger role than the product itself, opening doors to opportunities and providing valuable insights.
Additionally, being open-minded, a good listener and an even better decision-maker significantly shape the direction of your company.
These experiences have highlighted the importance of understanding industry challenges, building a strong network, and surrounding yourself with supportive people.
These elements have been essential in getting Tixbase off the ground and positioning it for growth in the competitive ticketing industry.
What advice do you have for founders looking to raise capital?
Raising capital requires a strategic approach.
Start by researching potential investors to ensure they align with your business goals.
Define what your ideal investor looks like, considering their industry experience, network, and ability to provide strategic guidance.
Evaluate investors on aspects like check size and deal terms and decide if you’ll offer the same terms to all or have special deals for key investors. Build and maintain strong relationships by networking early, attending events, and seeking introductions.
Be prepared with a clear pitch and detailed answers about your business model, market, financials, and fund usage. Leverage your network for introductions, as warm introductions can enhance your chances of securing meetings.
Stay persistent, follow up with leads, and learn from rejections to refine your pitch and approach.
By carefully selecting investors and building strong relationships, you can secure the necessary funding and gain valuable partners for your business growth.
What are some predictions you have for the industry over the next year?
Bio-metric-based ticketing will expand across Asia, Europe, and Latin America, eventually reaching the US.
Tickets will be tied to identities, and blockchain will verify ownership, eliminating fraud, scalping, and bots, saving the industry billions.
The technology is ready, and we aim to lead through our integrations.
Are there any particular tools, software, or resources you use to be more productive?
Our team relies heavily on tools like Figma, Slack, Notion, CHAT GPT, Airtable, Miro, and Google tools for development and organization.
These resources help us maintain oversight and stay organized.
As AI technology advances and becomes more secure, we plan to integrate AI into our workflows to enhance productivity and stay ahead of the market.
What advice do you have for founders trying to build a team and hire talent?
Hiring the right people can be quite challenging! I found talent through various channels. Leveraging my personal and professional network was incredibly valuable, as recommendations from trusted contacts often led to high-quality candidates.
Additionally, attending industry events and networking activities helped me connect with professionals who shared our vision. Online platforms like LinkedIn were useful for reaching a broader pool of candidates.
Learning to delegate and trust others was a gradual process. It began with hiring the right people and giving them the autonomy to take ownership of their tasks. I focused on clear communication, setting expectations, and providing the necessary resources and support.
Regular check-ins and feedback sessions helped ensure alignment and build trust. Over time, seeing the team successfully handle responsibilities reinforced my confidence in their abilities and allowed me to delegate more effectively.
Building a positive company culture starts with clear communication and shared values. We emphasized transparency, respect, and collaboration. Regular team meetings, both formal and informal, helped keep everyone aligned and fostered a sense of community.
We also organized team-building activities and social events to strengthen relationships and boost morale. Recognizing and celebrating achievements, both big and small, reinforced a positive and supportive environment.
Hire for passion and fit. Choose people who are passionate about your mission and fit your company culture.
Are you currently hiring and if so, where can people apply and find out more?
We are always looking for new ways to add value to our company.
If you believe you can contribute to our mission, please email us at careers@tixbase.com with your resume and a brief introduction.
We welcome passionate and talented individuals to join our team and help us revolutionize the event ticketing industry.
