These guys got rocked at TC50, deer-in-headlights style. Paul and Marc Andreessen's questions were pretty devastating, given the team should have had answers at the drop of a hat.<p>Paul asked why they were helping other people buy tickets rather than using their secret price prediction algorithm to arbitrage them and make all the money themselves (assuming the variance is high enough).<p>They didn't have a good answer to that, although it's plausible to me that the variance is smaller than the transaction costs. But it's a bit like knowing about Black-Scholes 10 years before anyone else and sitting on it.<p>Andreessen asked them what their TAM was, and it seemed like they didn't even know what that meant. It was pretty bad; obviously their business isn't going to capture 100% of the secondary market, because most of the money is made by the people actually selling the tickets. At most you'd only make some % of that.<p>In any case, it's good to see them moving forward. TC50 must have helped them refine their pitch a lot, and given the quant nature of the investors they must have seen an opportunity that wasn't totally apparent from their TC50 demo.