Podcast Summary: Founder's Story | S2 Ep. 178

Episode Title: The Lost & Found Disruption: How Skyler Logsdon is Transforming an $8B Problem with Boomerang

Host: Dan
Guest: Skyler Logsdon, Co-founder and CEO of Boomerang
Release Date: February 25, 2025

Introduction

In episode 178 of Founder's Story, hosted by Dan from IBH Media, listeners are introduced to Skyler Logsdon, the visionary co-founder and CEO of Boomerang. Skyler shares his journey of identifying and addressing the pervasive lost and found problem, leveraging AI to revolutionize the industry. This episode delves into the inception of Boomerang, the strategic implementation of technology, scaling challenges, and future aspirations for global expansion.

Identifying the Problem and Ideation

Dan opens the conversation by highlighting the significant issue Boomerang addresses: the cumbersome and inefficient processes associated with lost and found across various sectors like travel, sports, entertainment, and hospitality. He recounts his personal frustrations with lost items during travels, setting the stage for Skyler to elaborate on Boomerang's mission.

Skyler Logsdon responds by emphasizing the ubiquity of the problem:

“I think it's really an $8 billion problem. I've yet to find someone who I've told about Boomerang and no one's said that like I've never lost something ever.” (01:47)

He explains that most people have experienced losing items and the subsequent frustration of not recovering them despite numerous attempts through traditional channels like phone calls, emails, and social media.

Inspiration from Shazam

Skyler credits his co-founder, Philippe Engelbrecht, for the inspiration behind Boomerang:

“Philippe was the founder of Shazam... at my 29th birthday in Cabo, Mexico, he shared this idea of creating the household name for Lost and Found. He's like, we should create like the Shazam of Lost and Found.” (02:37)

This analogy draws a parallel between Shazam’s success in music recognition and Boomerang’s goal to become the go-to platform for lost and found services, aiming for a similarly magical and seamless user experience.

Leveraging AI for Innovation

Dan commends Skyler for using the “Shazam of Lost and Found” concept and inquires about the decision to integrate AI into Boomerang before it became a widespread buzzword.

Skyler attributes this foresight to Boomerang’s strong technical foundation:

“We hire really incredible engineers that are cutting edge... always looking to see what out there could help improve the speed and the accuracy of a match.” (04:36)

He details how AI enhances Boomerang’s functionality by utilizing image recognition and machine learning to accurately match lost items with those found:

“We use image recognition and machine learning to scan for Apple watch, crack screen, yellow band, matching images at MSG on Tuesday. Oh, bam, there it is.” (05:41)

This technological integration not only streamlines the matching process but also enhances user satisfaction by providing swift and precise results.

Convincing Businesses to Adopt Boomerang

Transitioning to the business adoption aspect, Dan highlights the challenge of persuading businesses to integrate Boomerang into their operations.

Skyler explains the strategy for winning over businesses:

“When you first start your business, you get a lot of the early adopters... category leaders like MGM, New York, New Yorks, casinos, parks, entertainments, the airport... show the industry how it can be done.” (07:22)

By targeting industry leaders and demonstrating tangible benefits—such as reducing the volume of lost and found inquiries—Boomerang effectively showcases its value proposition. Skyler emphasizes the financial and operational efficiencies gained by businesses through automation:

“If you collect 10,000 items a month, that's easily 40, 50, 60,000 phone calls and emails a month... Boomerang handles these digitally.” (10:00)

Enhancing Customer Experience and Building Trust

A significant advantage of Boomerang is its impact on customer satisfaction. Skyler highlights how Boomerang transforms lost and found from a frustrating experience to a positive interaction:

“People just really want to wow the customer. I think everyone on Boomerang joins us because they want to do the right thing for their customers and get the customer to fall in love even further with them.” (10:45)

By ensuring lost items are returned efficiently, businesses can enhance their reputation and foster customer loyalty. Skyler shares anecdotes of positive feedback from satisfied customers, illustrating the platform’s effectiveness in exceeding expectations.

Scaling and Global Expansion

As Boomerang gains traction, Dan inquires about the challenges and strategies involved in scaling the business, especially regarding global expansion.

Skyler discusses the organic interest from international markets:

“Startups... you have to be comfortable pioneering the way... we’ve already expanded to Italy and the UK recently.” (13:56)

He compares Boomerang’s potential trajectory to that of OpenTable, highlighting how initial adoption by marquee businesses can drive broader acceptance:

“Our ambition is that every single business around the world that finds an item is uploading it to Boomerang. Just like Shazam for Lost and Found.” (19:26)

Skyler underscores the importance of responding to global demand and tailoring the platform to meet diverse regional needs, ensuring Boomerang’s scalability and relevance across different markets.

Overcoming Challenges and Future Outlook

Dan and Skyler discuss the inherent challenges of entrepreneurship, particularly the absence of a clear playbook and the necessity of perseverance and adaptability.

Skyler offers pragmatic advice for aspiring entrepreneurs:

“You got to make it happen. You got to try. You can't wait around. You got to go out there and try all the things you can to make it happen.” (13:22)

Looking ahead, Skyler envisions Boomerang becoming the definitive solution for lost and found globally, aiming to eliminate the existing inefficiencies and set a new standard in customer service.

Conclusion

The episode concludes with Dan expressing confidence in Boomerang’s potential to become a billion-dollar enterprise and invites listeners to connect with Skyler for partnerships or to utilize Boomerang’s services. Skyler shares his contact information, encouraging businesses and individuals to reach out:

“Send me an email Skyler@thanksboomrang.com.” (21:16)

Dan thanks Skyler for his time, highlighting the transformative impact Boomerang is poised to have on the lost and found industry.

Notable Quotes

• Skyler Logsdon:
  “We should create like the Shazam of Lost and Found.” (02:37)
  “We use image recognition and machine learning to scan for Apple watch, crack screen, yellow band, matching images at MSG on Tuesday. Oh, bam, there it is.” (05:41)
  “People just really want to wow the customer. I think everyone on Boomerang joins us because they want to do the right thing for their customers and get the customer to fall in love even further with them.” (10:45)
  “Send me an email Skyler@thanksboomrang.com.” (21:16)

• Dan (Host):
  “You got to make it happen. You got to try. You can't wait around. You got to go out there and try all the things you can to make it happen.” (13:22)
  “Sounds like the next billion dollar company. I can't wait for you to come back in a year, two to three, four years when you have every item in the world lost and found.” (20:35)

Final Thoughts

This episode of Founder's Story provides an insightful look into Boomerang’s mission to transform the lost and found landscape through innovative technology and strategic business practices. Skyler Logsdon’s dedication to solving a widespread problem with a scalable, AI-driven solution exemplifies the entrepreneurial spirit celebrated by IBH Media. Listeners gain valuable lessons on identifying market gaps, leveraging technology, building strategic partnerships, and navigating the complexities of scaling a startup on a global stage.