Meet the co-founders of Tyde
Two entrepreneurial brothers, Anthony and Matt Young have set out to revolutionise the outdated funeral industry, founding the UK’s first completely online funeral company – Tyde.
Even as children the pair were budding entrepreneurs; from washing neighbours’ cars for extra pocket money in the summer holidays, to successful side hustles DJing whilst at college together.
Now at 31 and 29 they’re turning this entrepreneurial spirit to the funeral industry and launching Tyde, their second company together, after their recruitment business Optime. Both have been built entirely from the ground up by the brothers without fundraising (yet).
The brothers say they complement each other perfectly as partners. They have very similar ambitions and ideologies, and while they have unique skill sets, both are focused on revolutionising the funeral industry with technology and putting the control back in the hands of their customers.
There’s always a lightbulb moment before the beginning of a new venture. What was that moment for you?
After speaking to close relatives of ours who were planning a funeral, we were both genuinely shocked by how stressful and expensive the whole process was and how difficult it is for people to fit planning around day jobs, as funeral parlours traditionally run on inflexible 9-5 hours. This stress continued to mount for our family, as they discovered unexpected costs around every turn.
It was after this that we had our light bulb moment. We thought, why isn’t there a simpler way for people to plan a funeral – all online so the experience is more comfortable and convenient and with no unexpected costs. So we created Tyde.
Tell us about your experience prior to launching your business?
We have always worked together from a young age, starting at college when we used to DJ together. I would be on the decks, while Matt hired the venues and branded the night - alongside both of us working weekend jobs as baristas. The latter led us to launch Optime Group in 2016, a growing aviation staffing provider.
What inspired you to launch your business and what is the end goal?
We were inspired to create Tyde for a number of reasons. As well as seeing some of our own family members go through the funeral planning process, and how difficult this can be, our own research found that 70% of UK adults who had organised a funeral were ‘surprised and dismayed’ at the cost and that 29% found the experience of planning a funeral daunting, while 28% felt overwhelmed.
With no hidden costs, no sales tactics and 24/7 support for customers, we hope Tyde will help alleviate some of the stress by offering a more affordable and convenient way to plan such a difficult experience.
How do you set yourself apart from other businesses in your industry?
Tyde is the UK’s first completely online funeral booking platform. Unlike many other businesses within the industry, with Tyde, every item from coffins to cremation is available at cost price, with no hidden fees. Our customers get the convenience of booking online, combined with the confidence of an experienced team supporting them every step of the way, whilst not having to worry that they will be faced with an enormous bill at the end.
As the funeral sector faces scrutiny and regulation from the CMA and FCA for its outdated and predatory practices, there have been bodies such as the Fair Funerals Campaign calling for funeral directors to sign a pledge voluntarily and commit to showing transparent prices. I think as of 2020, only 35% of funeral directors (around 1,700), had signed the pledge.
It is crazy to think in this day and age that a business can’t be trusted to display transparent pricing to the extent that the CMA have to threaten legal action for not complying. Why are they so reluctant? What are they hiding? At Tyde, being honest and transparent is one of our core values and we welcome this pressure on the industry from the CMA and FCA.
With all the success stories around entrepreneurship and how innovative people have to be to take the leap. How do you think you’ve innovated your sector and why?
As the funeral sector faces scrutiny and regulation from the CMA and FCA for its outdated and predatory practices, we wanted to launch a platform that was going to modernise the industry. It’s truly one of the last sectors to be modernised by the digital revolution.
Being the first online funeral booking platform, it means that those planning a funeral can easily manage and customise the arrangements at an average saving of £1,700, with full transparency throughout the process – something which isn’t offered elsewhere. The funeral planning process doesn’t have to be dauting and we hope that with Tyde we’ve created an easier and less overwhelming experience.
What plans do you have for Tyde over the next two years?
Over the next two years, we’re going to be focusing on delivering a great product and hope to offer even more flexibility with new products in the not-so-distant future, including pre-paid funeral plans. We’ll continue to adapt to our customer needs, using technology to our advantage.
How do you believe the evolution of tech will affect your industry over the next 10 years?
Technology has infiltrated every aspect of life from finance to buying cars, but until now the funeral industry has remained largely untouched by the digital revolution. By combining technology with transparency and affordability, we hope Tyde will change attitudes towards funerals for the first time in decades, and more importantly, lower costs and stress for those who have lost their loved ones. This is only going to continue over the next 10 years, and I believe that we will see even more of the industry shift online. For example, over the next couple of years, it will be easier to hold funeral’s digitally, with people dialling in from around the world. In a similar realm, orders of service will be all available online and excellently designed so that they can be shared via the internet (for those that are unable to make it) and translated into as many different languages as possible.
What advice would you give to early-stage founders wanting to harness the power of technology to create a positive impact?
Be absolutely clear on what it is you’re trying to achieve and what your purpose is as a business. You can then work backwards from that point so that the solution and the technology that you’re going to leverage feeds directly into this. It’s sometimes easy to get carried away with building out the solution, that you end up forgetting why you started in the first place. Always keep the positive impact you set out to achieve in mind.
How does technological advancement speak to the strategic direction of your business?
Our research has revealed that 64% of UK adults who had planned a funeral said they would be open to booking one online in future. Since the pandemic, the acceleration of people conducting their lives online has only quickened. Therefore, at Tyde, we want to meet this demand and address this growing customer need.
What do you think gives a brand longevity?
Having a very strong set of core values is the most important thing. We see these as guiding principles which shape how we act, speak, set goals, learn, progress and deliver. When your entire culture and workforce align to these values, it’s a very powerful thing and who you are and why you exist will speak loudly and clearly to your customers. This authenticity is something that will help set you apart; when there is a real purpose behind what you’re doing, success that is delivered off the back of this is a lot more sustainable.
