Dusty Rich of CashorTrade
An exclusive Tech Tribune Q&A with Dusty Rich of CashorTrade (co-founder and CMO) of CashorTrade, which was honored in our:
Tell us the origin story of CashorTrade – what problem were you trying to solve and why?
Imagine the iPhone 20 was just released, sold out in under a minute, and the only place to buy one was on eBay for $10,000. This has been the reality in the ticketing industry for years. Fans of music and sports have long tried to avoid the artificial inflation and outrageous fees of the secondary market by turning to social networks, only to face fraud and scams.
This desperate need for a safe, fan-centric space to buy, sell, and trade tickets inspired my brother and me to take action. As fans ourselves who had been victims of the broken system, we created CashorTrade.org in 2009 to empower the fan community and champion a face-value ticket movement. We began by connecting with fans in Phish parking lots across the country, building a platform that has since grown into the world’s first and only social ticketing network.
Today, fans can buy, sell, and trade tickets at face value, free from scalpers and broker-driven resale platforms. The community has grown to over half a million members on CashorTrade and an additional half-million within ticket-trading groups we’ve established on Facebook and Reddit.
What was the biggest hurdle you encountered in your journey?
Managing data and scaling the platform sustainably to meet rapid growth has been one of our biggest challenges. Building a social network that integrates e-commerce is already complex, but managing an endless revolving door of inventory tied to dates, times, artists, locations, and expiration dates is another level entirely.
We’ve had to scale digital solutions like push notifications and text alerts for thousands of users every minute while maintaining a secure banking system to hold funds in escrow and handle payouts. Balancing these technical requirements with server capacity has been a steep learning curve, especially since we started with little more than a basic bulletin board.
What does the future hold for CashorTrade?
The future is incredibly exciting. Our partnerships division has seen tremendous growth, managing collaborations with artists, festivals, and primary ticketing companies. We’re working on integrating face-value price-check API technology and seamless app-based ticket transfers.
Additionally, serving on the steering committee for NIVA’s FixtheTix initiative to pass fair ticketing legislation has been a rewarding experience. On the product side, we’re preparing to release our new app to all users, expanding into verticals like sports, theater, and other event categories.
What are your thoughts on the local tech startup scene in Vermont?
Vermont’s tech startup scene is vibrant and a fantastic environment for early-stage development and transitioning ideas into companies. There are plenty of resources available for startups, but I recommend pitching your business outside of Vermont when seeking capital. It’s also important to start pitching early in your company’s growth phase.
What’s your best advice for aspiring entrepreneurs?
Raise money early on.