Will Seippel on Atlanta Business Radio!
Atlanta Business Radio hosts Lee Kantor and Stone Payton enjoy helping local business leaders spread the word about all the positive work they do in their businesses and their community. Kantor and Payton interview business owners and entrepreneurs from the Atlanta area regularly to keep the community posted on what’s happening in the Atlanta business world. This past April, our WorthPoint CEO and founder had the privilege of being a guest on their show. During this interview, Will actually reveals our newest WorthPoint tool that is currently in Beta mode as we speak. Below is a portion of the interview transcript, but you can hear the interview in its entirety here.
Atlanta Business Radio Sandy Springs 4-18-2018
Katie: Broadcasting live from the Business Radio X studios in Atlanta, GA, it’s time for Atlanta Business Radio, spotlighting the city’s best businesses, and the people who lead them.
Lee: Lee Kantor here with Stone Payton, our producer Katie Galli. Another episode of Atlanta Business Radio. Stone, we got a really interesting group today.
Stone: Yeah. This is going to be a fun and interesting conversation, set of conversations, today. We got entourage, PR professionals, paparazzi. We got it all here.
Lee: Serious business.
Stone: It is. First up on Atlanta Business Radio this morning, please join me in welcoming to the broadcast CEO and Founder of WorthPoint Corporation, Mr. Will Seippel. Good morning, sir.
Will: Good morning. How are you guys?
Lee: We are doing good. Will, can you tell us a little bit about WorthPoint? How are you serving folks?
Will: We provide data for people to discover what something is and what it’s worth, and to help them essentially preserve it, value it, if they want to buy it or sell it, and we have lots of data.
Lee: You’re like that PBS show?
Will: An Antiques Roadshow online. That PBS show. I hope I’m on the air as long as they are.
Lee: Is it similar to that?
Will: No. We provide do-it-yourself tools.
Lee: Okay. So, how would it work?
Will: You come in, and you want to find something about, you’re looking for an item. You try to describe it or put in visual recognition. You take a picture of it. We have prices in there to help you find it, or we have books in there, libraries. We also have maker’s marks about who makes something.
Lee: Does it work both ways, like if I have something that I want to get a value for, I can submit it to the site, and then the crowd in your site will tell me, that it’s worth so much money? Or I assign a price to it?
Will: We don’t do crowdsourcing. We provide the tools, so you can research through. There’s over a billion images in the database, and over a half a billion prices realized. There’s books. There’s all kinds of things in there for you to do it yourself. We don’t believe crowdsourcing is the answer, because lots of times it’s too biased.
Will Seippel, founder and CEO of WorthPoint.
Lee: The [WorthPoint] website’s out there, and then how does a person, like why would I interact with it? I have something for sale, or I want to buy something?
Will: You want to find the price of something. You’re out in the field. People don’t realize the used market for stuff. One of our slogans is The Internet of Stuff, that we’ve trademarked. That market is about a half a trillion dollars a year in the world. It’s a terribly fragmented market and terribly gray. It’s hard to find out the right information. So, what are you paying for something, and you want a price for it out in the field, or you’re dealing with your mother’s estate, and what is the stuff worth that you’re selling? We have customers all the way from banks, the IRS is a customer when they’re looking at how you donate things. It’s really a financial asset for the financial community, a data asset for the financial community.
Lee: Then is it a subscription?
Will: It’s a subscription. That’s a decision we made about seven years ago, that the ad market was going to be too tough and too intrusive. You see things like Facebook, where they sell your data. We’re actually going to have a spot for homeowners to store their stuff virtually on our system, so that you can keep the items there. If you’re in Houston, and you have a hurricane, you can deal with your insurance company, and everything can get paid right away, because you’ve scheduled everything.
Lee: How would I go about kind of assessing all the stuff I have in my house for insurance purposes?
Will: Today, you would go in and type in the information you have and look for a similar one on WorthPoint, and keep your data tracked with it. We have a beta for that project. Looking forward, you just take a picture of it. It would drop it into a bin, a virtual bin in our system, and it would give you prices for it. You can say, “No, I want one that’s slightly different, and here’s why.” We’re working on image recognition. We have a great data partner in eBay. They do some things differently. We do some things differently, but eBay is the king of the world of stuff. Although, we get data from lots of places, they’re about 90% of it.
Lee: Now, is the insurance company, if I show them this kind of virtual storage room of all my stuff, are they going to say, “Okay, I believe you?” Like how do you get them to kind of say that that was a real price point?
Will: It’s hard to dispute, because they’re auction prices. It’s hammer. These are the prices that things are selling for out in the world. You can trend whether they’re going up or down or sideways. There’s things that have been terrible to buy, like Weller Pottery, and on the other hand, there’s been great things to buy. People don’t realize the value of the things in their house. They just don’t. Time after time, I can go to estate sales, and a lot of times the professional dealers are pushed so hard to get that estate out the door, the relatives are pushing them, the lawyers are pushing them, they’re saying, “Get three weeks, and get my stuff out of the house.”
Lee: And there could be a hidden treasure there.
Will: There is all the time.
WorthPoint—Discover Your Hidden Wealth
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