← Founder's Story
Founder's Story
The Lost & Found Disruption: How Skyler Logsdon is Transforming an $8B Problem with Boomerang | S2 Ep. 178
00:17:18
Loading summary
Transcript29 lines
- [00:00]
Wix Ad
No offense, but your brain is a terrible place to keep your big idea. It belongs in the world. But you know that already. You have a calling, a voice that says this is what I'm meant to do. Create the website your big idea deserves with wix. Make it your own with top to bottom customization, AI to help realize your vision and built in business tools to turn your daydream into your dream job. WIX supports every stage of the business journey except one. Your decision to begin ready go to.
- [00:31]
Kinsta Ad
Wix.com running an online business is hard enough without the stress and time consumption of managing hosting. Whether managing one WordPress site or dozens, Kinsta's managed solutions offer speed, enterprise grade security and an intuitive dashboard with 247365 human only expert support. Get peace of mind that your sites stay online, secure and performing their best. Start today and get your first month free with migrations handled for you. Learn more@kinsta.com podcast that's K I n N-S-T a.com podcast.
- [01:07]
Dan
Hey everyone, welcome back to Founder Story. Today we have Skyler Logsdon who is the co founder and CEO of Boomerang. When I first looked at your website I was like this is a massive problem that I've dealt with because your company is an AI enabled company revolutionizing the lost and found across travel, sports, entertainment and hospitality. And I can't tell you how many times that I've had to deal Even recently I was in Europe and I had lost and found and it was the biggest hassle that I've ever experienced. How do you even come up with this idea and then how did you come up with the solution to this problem?
- [01:47]
Skyler Logsdon
Yeah Dan, I think you're not alone. I think it's really a 8 billion person problem. I've yet to find someone who I've told about Boomerang and they no one's said that like I've never lost something ever. Everyone has lost something and it usually ends up in never recovering it, never finding it. Usually just waste a lot of time trying to call businesses, email businesses, tweet at them, post on Facebook, Craigslist, Twitter, Reddit next door ring just casting wide and it's just never effective. So to answer your question, where did the idea come from? One of my co founders is is a man named Philippe Engelbrecht. He's a Belgian man and he is really talented with creating ideas but I think even more talented at solving them really well. So Philippe was the founder of Shazam, the music recognition app that was acquired by Apple for 400 million. I think Shazam is just one of the most magical companies of my generation. I've had it on my phone for, gosh, 10 plus years and it's going nowhere. I will delete a lot of apps, but not that one. And so Philippe has mentored me since I was 19 years old. We built a company together most of my 20s and it was actually at my 29th year old birthday in Cabo, Mexico that Philippe shared this idea with me of creating the household name for Lost and Found. He's like, we should create like the Shazam of Lost and Found. A household name where if someone loses something, they know they gotta go post it on Boomerang. If you find something, whether you're a business or an individual, you know you gotta go post on Boomerang. And it can be a really magical solution. Just like Shazana. People think, wow, I didn't know the name of the song, then went like this. Seconds later you told me it, it's so magical. And with the technology today, you know, you can create something that is really smart, very fast and that it just feels magical for everyone involved. And so that was the initial idea of Boomerang. And that's what we've been doing for just a little over three years now.
- [03:50]
Dan
I like how you said the Shazam of but not that it's the exact same thing, but it's like the feeling that you get when you, when you see the app or the household name status. I don't hear a lot of people using comparisons in business that way, nor like the blank of blank, but it's a similar item. This is totally different, but I, I think you attached your name to something that no one else is. Like, I want to be the household name of Lost and Found. And I think you found, you know, what a niche, man, that, that's incredible. AI has been, has been solving some amazing problems recently. So how did you know, okay, that we need to make this an AI enabled app, you know, three years ago when it wasn't as such a buzzword as it is now.
- [04:37]
Skyler Logsdon
Yeah, I think, you know, our whole background is building great tech. We hire really incredible engineers that are cutting edge and they're always looking for great technology out there, crash courseing it and then learning what can we build on, what can we build ourselves. So, you know, three years ago AI wasn't, you know, as loud as it is now. And AIs made a lot of great advancements and our engineers are always looking to see what out there could help Improve the speed and the accuracy of a match. When someone comes to Boomerang, they tell us a lot of information. They say, I lost my Apple watch. It has a cracked screen, has a yellow band. It has a passcode of 1234. I lost it. MSG on Tuesday. Submit, we have a lot of information. They also upload photos included with their claim. So now 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. And then we show the item to the customer. Hey, Dan, is this your item? Yes.
- [05:41]
Kinsta Ad
No.
- [05:42]
Skyler Logsdon
Yes. How would you like it back? Would you like it shipped or would you like to come pick it up? Most people don't want to take, you know, the morning off of work or the afternoon off of work to come to the city or to the suburbs, go to the airport, to the hotel, to the stadium, to the theme park, whatever it is, and go find that item or go pick up the item. They'd rather have it shipped. So through Boomerang, you can pay for your own label. We generate the shipping label, give it to the business, say, hey, hit print, and it alerts the carrier to come pick it up and off it goes. So I think the whole experience is what makes Boomerang magical. It's not just. Just magical for the customer, but then a headache for the person that found the item for the business or the individual that finds the item. It's a pleasant experience all around. And yes, AI can kind of, you know, there's little pieces all around Boomerang that AI can, you know, make it better and it'll continue to make it better. I think we're in early days of AI and, you know, we are always looking and finding ways to just what AI will improve the Boomerang experience, whether on the partner side or the loser side.
- [06:48]
Dan
Like many apps, you know, you have the businesses, like you said, the business side, and then the person who lost its side, you have to convince both of them that this is a good idea or an application that they need. I can totally, as somebody who's lost items, easily understand that. This is huge for me. How did you convince the businesses, though, that this was a good idea for them? And as we know, not everyone is always quick to adapt new technologies or implement things into their business, depending on.
- [07:19]
Rosetta Stone Ad
The size of the corporation.
- [07:20]
Dan
But how was that process?
- [07:22]
Skyler Logsdon
Yeah, so I think when you go meet a business, you can quickly tell whether they're the early adopters or they're going to be the followers and I think when you first start your business you get a lot of the early adopters, the ones that are always looking for cutting edge tech to automate workflow to so while their customer that's part of their brand is doing things first. And so I think we did a great job over the past, you know, two years of being alive in the market. We rallied up those, I'd say real category leaders, you know, the MGM's, the New York, New Yorks, the casinos, the parks, entertainments, the, the airport is like a just icon in, in travel. And so I think we did a great job at getting these types of businesses to come to Boomerang first as well as like Universal Studios in Orlando and in Hollywood, they come first and you show the industry how it can be done. And for, for Universal or for any of these early adopters that joined Boomerang a couple of years ago, it's eliminate all the calls and emails for lost and found. You know, if you're a business that collects 500 items a month, 1,000 items a month, we have companies that collect 16,000 items a month. Imagine without Boomerang how many phone calls and emails you used to get. That's very expensive. If you're an airport, that's taxpayers dollars going towards answering a phone saying hi, what did you lose a wallet? Okay, let me go check the box. Three minutes later, I can't find it. Just call me again tomorrow. So for every item, if you don't have Boomerang, that's going to yield you three to five phone calls per item. So if you collect 10,000 items a month, that's easily 40, 50, 60,000 phone calls and emails a month. For lost and found. It's a call center, so we partner with them. We say, hey, let's get rid of that phone number, that email. Just put a Boomerang button on your website. We will get all the claims digitally. We're not answering phone calls or emails. We're getting the claim digitally from the customer. The modern day customer appreciates die. I don't want to sit on hold, I don't want to leave a voicemail. I don't want to keep calling you. I, I'd rather just digitally submit a claim via Boomerang. All the time spent on item matching, imagine you're holding on to 50 Ray Ban sunglasses. You don't know which one was found on Tuesday, Wednesday, Thursday, which one has a little scratch. You don't know which one was found in Terminal 2, Terminal 3, Terminal 4. So I'm giving you a Little bit of a glimpse into where the workflow automation is. When you implement Boomerang, you usually see a 3x plus return rate booster. That means there's 3x more customers that get back your item. And I think the companies that join Boomerang are the ones that are looking for a way to wow their customers to win over trust, to show our core values and integrity as a business. And all of that results in net promoter score booster. It's really easy where like lost and found is a stigma of like it never works. When you actually return someone back their wallet that has the 350 bucks in there that you left it with, they write incredible reviews for your business. Msg. I love you guys. My wallet has all my credit cards, all my IDs, all the cash. I love you guys. Thank you. Can't wait to come back to the garden sometime soon. Really. This is like reviews that we feed our customers every single day because customers are truly shocked that like good people out there really exist that didn't just take, you know, 20 for themselves. They, they just really won 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.
- [11:10]
Dan
Yeah, that's. You never expect to get it back. It doesn't matter where you are. And congratulations on these major partnerships. You had mentioned the airports, Universal Studios. I think as somebody as they're starting out to get these type of partnerships could be major for, you know, for their organization or for their app for their business. So if somebody is just starting out like you had done, what advice do you give in terms of being able to get these types of partnerships? Like how do you get to the decision makers? For example, is there a strategy or something that you've used that that you feel works when you're looking to get into one of these big organizations?
- [11:51]
Skyler Logsdon
Yeah, it's a great question. You know, all I know is startups. I studied entrepreneurship in college. Like, it's not the easy path, it's not straightforward. I think you need to be willing to test your luck. You need to be willing to like, the answer is you need to figure it out. Like that's as much guidance as you sometimes have as an entrepreneur is like, I don't know, Lost and found does not have a category leader that we can just copy whatever they did. It's not like if we wanted to start a competitor of Uber today, like they gave you a playbook that you could follow if you wanted to. You truly have to be comfortable pioneering the way. And, you know, Lost and Found sometimes rolls up to security. Sometimes it's customer experience, sometimes it's chief operating officer. Sometimes we go right to the top, to the CEO, and they're like, this is cool. I want to know. Like, I want to get back customers, their items. For example, like, a CEO of an airline may get a lot of complaints about Lost and Found. His buddies, her buddies may actually write the CEO being like, hey, I lost my bag. And like, it's been two weeks since I got this bag back. So it may actually go up to the CEO sometimes. And, you know, we send a cold email to him or her and it lands because he or she is hearing a lot about it. So I guess the answer to your question is like, you got to figure it out. Depending on the business type, the business category, maybe as high as a CEO could be customer experience manager.
- [13:22]
Dan
I like that. You got to make it happen.
- [13:24]
Skyler Logsdon
Yeah, that's right.
- [13:25]
Dan
You got to make it happen. You got to try. You got to do. You can't wait around. You got to go out there and, and try all the things you can to make it happen. We've heard this before with other amazing guests as well, that there wasn't a secret sauce. You just really have to go make it happen. So I'm curious on when you started to scale this. What were some things that you started to implement or maybe even something that you said, oh, wow, we didn't even realize this as we started to scale.
- [13:57]
Skyler Logsdon
I think, you know, you start to get emails from companies abroad that look at the US Is like, hey, you guys are the innovative country. You guys do a lot of great things first. And like, we want that. We want that in our country. Come expand here. And that's where you're like, wow, that's a really big business. They have a lot of items that they're finding. You know, Lost and Found isn't just a US Problem. It's clearly a global problem. And like every press article that comes out on us, it will cause inbounds to come from foreign countries or like, we want that here. So I think that would be an example of like, yeah, do you want to go service that demand? Because the demand's there. It's, as I mentioned, it's not a US Only problem. People lose things everywhere. And there's countries that are, you know, really trying to get us to come there. Or we've already expanded their example. We expanded to Italy and we expanded the UK recently.
- [14:54]
Dan
How do you look at global expansion? We've had, we've had people talk about in the, in previous interviews. Some of them are all about it. Some of them were not so much because their business wasn't ready and it ended up hurting them. But how do you look at global expansion? I think, and the reason why this is important now, I mean, the world has never been such a big place and with the Internet and AI and everything, it's like you can really go after many people. But we know it's, it can be hard. It can put a lot of pressure on your company. It could be a detriment or it could be a savior. How do you look at global expansion?
- [15:33]
Skyler Logsdon
Yeah, so I think a lot about the business open table. I think selling open table 15 years ago to get a restaurant to stop answering the phone and then writing on their pen and paper saying table for two. John Smith, 7:30 and then answer the next phone. Oh, Nope, table for two, 7:30 is already taken up. I can sit you down in a week though. How about at 4:30? Oh, you don't want 4:30? All right, can't help you then. So I think it was really hard to sell open table back then. But I think, you know, eventually, once they got a big chain on or a marquee restaurant like a Nobu or something like this, then the rest eventually just followed.
- [16:14]
Rosetta Stone Ad
I love learning a few words before traveling. It's opened up doors to new friends and unforgettable experiences. All thanks to Rosetta Stone. This isn't just any language tool. It's the leading program on desktop and mobile, immersing you naturally in your chosen language with an intuitive design. You learn like you learned your first language through real conversations without endless memorization. One standout feature is the true accent speech recognition. It's like having a personal language coach in your pocket, refining your accent and boosting your confidence. Whether you're gearing up for a dream job, a trip abroad, or simply personal growth, Rosetta Stone's 30 years of expertise and 25 languages ensures you are in great company. Don't wait. Unlock your language learning potential now. Founder story listeners can grab Rosetta Stone's lifetime membership for 50% off. That's unlimited access to 25 language courses for life. Visit RosettaStone.com today to get started and claim your 50% off today. Don't miss out. Go to Rosetta Stone.com backslash today and start learning today. Between juggling client meetings, managing your website and keeping up with everyday tasks, who has time to stress about Website security With Kinsta they take care of the technical stuff so you can focus on what you do best. Kinsta provides managed hosting for WordPress, offering lightning fast load times, top tier security and unmatched Human only customer. Whether you're a business owner, web developer running a digital agency, Kinsta gives you complete peace of mind by keeping your site online, secure and performing at its best. They even have a user friendly dashboard called Mykinsta that simplifies the site management with tools for cache control, debugging, redirects and CDN setup. And thanks to their unlimited free expert LED migrations, you won't experience any downtime when switching to Kinsta. Plus their 24, 7, 365 human only support is available in multiple languages to help with any inquiries, no matter how complex. Ready to experience Kinsta's hosting for yourself? Get your first month free when you sign up@kinsta.com today. It's the perfect opportunity to see why Kinsta is trusted by thousands of businesses worldwide to power their website. Visit k I-N-S-T a.com to get this limited time offer for new customers on select plans. Don't miss out. Get started for free today.
- [18:50]
Wix Ad
What's the difference between DIY and doing it yourself? It's the difference between a part time passion and a full time business. Wix gives you the power to turn your passion into a moneymaker with a website that fits your unique vision and the business tools you need to succeed. Let your ideas flow with AI that guides you but keeps you in the driver's seat. Manage your business from one dashboard and keep it growing with built in marketing features. It's time to turn your daydream into your dream job. Do it yourself. Go to wix.com I think now if.
- [19:27]
Skyler Logsdon
You start a restaurant and you're not on open table, you look kind of silly. You look archaic, you look like a dinosaur. And every I would get upset if my favorite restaurant that just opened up is not on open table. And so that's the ambition that I have for Boomerang. It's like our work is not done until every single business around the world that finds an item is uploading it to Boomerang. If there's one, you know, airport or airline in Ireland or the UK or I don't know, Saudi Arabia, that's not on Boomerang. My work's not done because what people deserve is one household name that has all of the lost items there. Just like Shazam. If they if you go like this and you're trying to match a song and it says song not found. They take that personal. They want to give you anytime you try to Shazam a song, Shazam wants to deliver that for you. I want to do the same thing for Boomerang. So to answer your question, I want every single found item to go up to Boomerang and I want every single lost item claim to come to Boomerang. And when that's done, my work is done.
- [20:36]
Dan
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. And I'm going to say, you know what? I spoke to Skyler that day, that day I spoke to Skyler. He said every item lost and found will be on this platform. I've never heard of of something another company that does this. So you really are creating a category, you know. Huge. Thank you for sharing everything today. If people want to get in touch with you, maybe it's a company they need your service or somebody who who doesn't want to go through lost and found in the future. Without Boomerang, how can they do so?
- [21:16]
Skyler Logsdon
Send me an email Skylers K Y L E r@thanks boomerang.com Scott this has.
- [21:22]
Dan
Been great and thank you so much for joining us today on Founders Story.
- [21:26]
Skyler Logsdon
Thank you for having me Dan.
- [21:33]
Verizon Ad
Ladies and gentlemen, we are now boarding group A. Please have your boarding passes ready to scan. If your phone is cracked old or was chewed up by your Chihuahua travel companion, please refrain from holding up the line. Instead go to Verizon and trade in any phone in any any condition from one of their top brands for the new Samsung Galaxy S25 plus with Galaxy AI and a watch and tab on any plan only on Verizon with new line on my plan. Service plan required for watch and tab. Additional terms apply. See verizon.com for details.
- [22:03]
Kinsta Ad
All you homeowners have unique needs. Some feel the need to leave up holiday decorations year round. Others have the need to use their garage as practice space for their new metal band. And because each homeowner has unique needs, Geico helps you get the right coverage for your home and what's in it. That way you get exactly what's right for you, even if your needs are unique. Get more with Geico.