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Protect-My-Bike

Protect-My-Bike

USA, California
Market: Telecommunications, Transport, Services, Electronics, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 05/22/2018
Min investment
$  10.000
2
Total required
$ 100.000
Rating
equalizer 417 из 1000
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Idea

Ultimate protection for bicycles: LoRa / GPS tracker (fixed in frame, no charge needed) in cooperation with police

Current Status

Prototype is ready (LoRa / GPS tracker showing its location on the map); final product ready to be installed in bicycles is expected in 1Q2018

Market

There are 100 mln bicycles in USA and 200 mln in Europe. Assuming each of them pays us $1 per month, this is a $3 bln dollar market opportunity in recurring revenues.

Problem or Opportunity

About 1.5 mln bicycles are stolen in USA per year; in Europe this value is twice as high. There is no reliable solution: locks and chains are easily broken by thefts; while current generation of trackers, which use 3/4G connectivity, require regular charging and cannot be fixed in frame. As a result thefts easily break or remove such trackers.
Police is typically very busy with more important crimes. They also don't trust existing generation of trackers as, from their experience, such trackers typically lead to garbage bins.

Solution (product or service)

Our solution is a LoRa / GPS tracker. Such tracker's battery will last for 7-8 years, it can be fixed in frame so that thefts are unable to break or remove them.
From our conversation with various police departments in USA we know that once there is a tracker which is fixed in frame and always leads to a stolen bicycle, police officers will be happy to spend 15-30 minutes of their time to recover the bicycle and close the case.
LoRa connectivity will be provided by Senet, which network covers the whole California and major US cities.
One of the Founders is a former US law enforcement officer with over 20 years of experience and strong connections in police departments across the USA

Competitors

Spybike, Sherlock, Boomerangbike, Troja. All of them utilize 3/4G connectivity, which make them expensive (over $100 plus 3/4G connectivity costs at least $5 per month), they require regular charge and thus they cannot be fixed in frame and thefts easily remove or break them

Advantages or differentiators

Unlike competitors' our trackers:
1. Do not require regular charging, batteries will last for 7-8 years
2. Fixed in frame and sealed with a compound. It will make it very difficult for thefts to break or remove them
3. Low cost: our trackers will cost only about $20 vs competitors', which cost over $100
4. Low subscription fee: competitors' trackers have to use 3/4G connectivity, which cost at least $5 per month; we will charge only $1 per month
5. Police support: police's attitude to competitors' trackers is negative as they know that they are typically thrown away and lead to garbage bins. Our trackers will always lead to stolen bicycles and will have a strong reputation among policemen.

Finance

We are raising $100-150 k to complete the product, arrange a kickstarter campaign and make a pilot test on campus of one of US Universities in cooperation with the local police department

Business model

We will sell trackers at cost ($20 per unit) and will make a margin on the subscription fee ($1 per month). Our cost (payment to Senet) will be only $2-3 per year.
In addition, we will offer a bike recovery service: in case the customer does not want to deal with police directly, we will engage a former or off duty police officer to recover the stolen bicycle for only $99 fee

Money will be spent on

1. Complete the final product
2. Kickstarter campaign
3. Pilot test on campus of one of US universities in cooperation with local police

Offer for investor

$100-150 k convertible or SAFE note. 20% discount, cap / valuation to be discussed

Team or Management

Risks

Market adoption and size

Incubation/Acceleration programs accomplishment

Under discussion with several accelerators in Silicon Valley

Won the competition and other awards

The winner of pitching on Product Idea Accelerator's Demo Day

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address