{"id":16350,"date":"2015-09-02T22:00:54","date_gmt":"2015-09-03T02:00:54","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=16350"},"modified":"2020-04-03T15:54:38","modified_gmt":"2020-04-03T19:54:38","slug":"parqex-putting-parking-in-your-pocket","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/parqex-putting-parking-in-your-pocket","title":{"rendered":"ParqEx: Putting parking in your pocket"},"content":{"rendered":"<h1><b>Meet ParqEx Founder, Vivek Mehra<\/b><\/h1>\n<p>Don\u2019t have time to scour the city for some decent parking? Vivek Mehra, founder and CEO of <a href=\"http:\/\/parqex.com\/\">ParqEx<\/a>, wants to bring parking straight to your smartphone, and allow you to find the right spot in the right neighborhood for the right price.<\/p>\n<p>ParqEx is based in Chicago, and the woes of the city\u2019s drivers are considerable. According to the personal finance site<a href=\"http:\/\/www.nerdwallet.com\/blog\/finance\/cost-of-living-2\/ten-worst-cities-for-car-drivers\"> NerdWallet<\/a>, Chicago ranks just below New York as one of the worst cities for drivers, and takes the <a href=\"http:\/\/www.nerdwallet.com\/blog\/insurance\/2014\/03\/24\/worst-cities-parking-car\">top spot<\/a> as the worst city for parking in the U.S.<\/p>\n<p><a href=\"https:\/\/www.wework.com\/creator\/wework-creators\/parqex-putting-parking-in-your-pocket\/attachment\/20150814-parqex-5\/\" rel=\"attachment wp-att-16361\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-16361 alignleft\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/20150814-ParqEx-5.jpg?resize=331%2C497\" alt=\"ParqEx: Putting Parking in Your Pocket\" width=\"331\" height=\"497\" \/><\/a><\/p>\n<h2 id=\"how-vivek-mehra-created-a-parking-app\"><b>How Vivek Mehra Created A Parking App<\/b><\/h2>\n<p>Mehra, a graduate of University of Illinois at Chicago and a resident of that city for more than 15 years, is all too familiar with the daily struggle of the urban driver. Once, after visiting a friend downtown, he returned to where he parked only to find his car had been towed because of the \u201ctwo-inch snow\u201d rule.<\/p>\n<p>\u201cNot only did I have to pay over $250 in towing fees and fines, I spent hours looking for my car and froze my toes retrieving my car from the pound,\u201d Mehra recalls.<\/p>\n<p>Out of patience, Mehra decided to ask a neighbor if he\u2019d be willing to rent his parking spot. As Mehra tells it, the arrangement was a win-win, as well as a revelation.<\/p>\n<p>\u201cHe made some quick money, and I was able to get a cheaper and very convenient parking spot for my guests,\u201d Mehra says. \u201cThis is what got me started on ParqEx, a neighbor-to-neighbor platform to list or rent a parking spot.\u201d<\/p>\n<p>This <a href=\"https:\/\/www.wework.com\/locations\/chicago\/river-north\">WeWork River North<\/a> member was trained to think of a modern solution to the age-old problem of parking. Working at various points as a technology architect and a chief technology officer, Mehra\u2019s extensive technology background in large and small businesses spans almost two decades.<\/p>\n<p><a href=\"https:\/\/www.wework.com\/creator\/wework-creators\/parqex-putting-parking-in-your-pocket\/attachment\/20150814-parqex-12\/\" rel=\"attachment wp-att-16360\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16360\" src=\"https:\/\/www.wework.com\/ideas\/wp-content\/uploads\/sites\/4\/2019\/06\/20150814-ParqEx-12.jpg?resize=1280%2C853\" alt=\"ParqEx: Putting Parking in Your Pocket\" width=\"1280\" height=\"853\" \/><\/a><\/p>\n<p>In late 2013, Mehra began working on ParqEx. The innovative idea was not without its skeptics.<\/p>\n<p>\u201cBefore launch, when I pitched this idea to investors, the initial challenge I had was that people weren\u2019t sure how it\u2019d work out,\u201d Mehra recalls. The success of companies like Airbnb and Uber, he says, revealed the huge potential of tech solutions in reservation-based services.<\/p>\n<p>The ParqEx team initially focused its marketing efforts on Wrigleyville and West Loop, two popular neighborhoods in downtown Chicago. They went to events like block parties, passing out flyers and talking about the company. In just 45 days, more than 1,500 users signed up.<\/p>\n<p>\u201cI was initially surprised,\u201d he says. \u201cWe\u2019re not even fully launched, and we already have this many users.&#8221;<\/p>\n<p>It\u2019s not difficult to understand ParqEx\u2019s popularity. The app allows users to list a parking spot\u2014its location, hours of availability, and price\u2014and users can find a spot that fits their schedule. The flexibility of the marketplace platform attracts a diverse group of users.<\/p>\n<p>\u201cWe\u2019ve had people who have rented out in ParqEx for long-term, like monthly, and then some people rent out from 9 to 5.\u201d The app accommodates out-of-towners, who rent out spaces for long stretches, and commuters who need parking on the go.<\/p>\n<p>Convenience isn\u2019t all the app offers. Parking spots on ParqEx are usually cheaper than the alternatives by 25 percent or more, Mehra estimates. But it also gives you peace of mind, something hard to come by when you\u2019re parking on the street.<\/p>\n<p>\u201cCertain areas have time zone limitations, and if you park too long you can get towed,\u201d says Mehra. \u201cIf you are parking in a parking lot that\u2019s private and in your community, you\u2019re not going to get towed or fined. It\u2019s in a secure location, and that\u2019s a big plus, and gives you a sense of security.\u201d<\/p>\n<p>ParqEx plans to cover all of Chicago by the end of August, and expand to other cities like New York and Los Angeles in 2016.<\/p>\n<p>Photo credit: Lauren Kallen<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meet ParqEx Founder, Vivek Mehra Don\u2019t have time to scour the city for some decent parking? Vivek Mehra, founder and CEO of ParqEx, wants to bring parking straight to your smartphone, and allow you to find the right spot in the right neighborhood for the right price. ParqEx is based in Chicago, and the woes [&hellip;]<\/p>\n","protected":false},"author":1522,"featured_media":16358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[],"class_list":["post-16350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v25.3.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Meet ParqEx Founder, Vivek Mehra | Ideas by We<\/title>\n<meta name=\"description\" content=\"Vivek Mehra, founder and CEO of ParqEx, wants to bring parking straight to your smartphone, and allow you to find the right spot in the right neighborhood for the right price.\" \/>\n<meta name=\"robots\" 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