Indianapolis startup finds value in unused parking spots
INDIANAPOLIS (Inside INdiana Business) — An Indianapolis-based startup company that helps create more public parking in places where there is high-demand is a finalist for an international “smart city” award in the 2019 Leading Cities AcceliCity program.
FlexePark works with private companies that have available parking spots when the business is closed. But instead of closing the parking lots after hours, the business owner can earn additional revenue. The online tool allows drivers to scan a QR code of the sign of an available parking space, enter vehicle information and pay for it with a credit card of PayPal.
AcceliCity is a competition for startup businesses and innovators, created by the nonprofit organization, Leading Cities. The organization helps small companies find capital from a network of investors.
“FlexePark addresses one of the greatest challenges with urban traffic — accessing much-needed parking,” said Michael Lake, president and CEO of Leading Cities. “With an estimated 33 percent of traffic being generated by cars searching for parking, FlexePark is reducing traffic, reducing carbon emissions, and monetizing otherwise underutilized assets.”
The company says unlike other shared-parking options, FlexePark does not require a user to download an app or reserve a parking spot in advance.
In this year’s competition, 500 ideas were submitted from 43 countries. A panel of judges narrowed the list to the final 14, including FlexePark. The finalists will participate in a Smart City Boot Camp in Boston later this month where they’ll get a chance to connect with potential investors.