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Protect-My-Bike

Premium bicycle anti-theft system

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

Date of last change: 12/12/2018
Min investment
$  10.000
6
Total required
$ 150.000
Rating
equalizer 296 из 1000
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Idea

Protect-My-Bike's mission is to completely eliminate the annoying problem of stolen bicycles. Integrated approach: location tracker of new generation (battery lifetime of over 7-8 years, fixed in frame, low cost) and integration into police systems. It can also be called: "LoJack for bicycles"

Current Status

Established cooperation with Concepter to build an MVP and prepare a kickstarter campaign
MVP is ready and was tested in a metal tube
We have requests from seven police departments from various parts of the USA to test our location trackers during their bait bike campaigns
Discussions with one major US corporation to integrate into police computers ongoing

Market

There are about 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 an integrated approach, including 1) a location tracker of new generation and 2) integration into police systems.
Our location tracker utilizes narrow band connectivity to access internet (NB-IoT network was launched in USA only in August 2018), therefore batteries last for 7-8 years without charging. That allows firmly fixing such trackers in bicycle frames so that thefts are unable to break or remove them.
At the same time to plan to closely work with law enforcement agencies across the USA, installing bicycle tracking equipment in their police cars, just like LoJack did to trace stolen cars. This will allow automatic detection of stolen bicycles by police officers immediately after receiving a report from the bike owners.

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: we will integrate into police car computers enabling immediate notification of police in case the bicycle is stolen and providing location information.

Finance

We are raising $150 000. Utilization of funds will be the following:
1. Manufacturing of first 100 units
2. Testing them in the field in cooperation with 7 police departments. Obtaining results, fine-tuning the product if needed
3. Obtaining video endorsement from police after tests for the kickstarter campaign
4. Additional marketing for kickstarter

Business model

We will sell trackers at cost ($20 per unit) and will make a margin on the subscription fee ($1-2 per month). Our cost (payment to T-Mobile) will be only $3-6 per year.

Money will be spent on

1. Manufacturing of first 100 units
2. Testing them in the field in cooperation with 7 police departments. Obtaining results, fine-tuning the product if needed
3. Obtaining video endorsement from police after tests for the kickstarter campaign
4. Additional marketing for kickstarter

Offer for investor

$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

Concepter: one of two startups admitted to Concepter's acceleration program in April 2018

Won the competition and other awards

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

Photos

Photo 1 - Protect-My-Bike
Photo 2 - Protect-My-Bike

Website address

Comments: 1
Tom Kosnik
tom Kosnik::
This is an elegant solution to a HUGE problem.
Links to police is key advantage.
Seeing your roadmap very impressive.
Are there any women on your global team?  Add some there and to the advisory board.
Going beyond bikes to other high value assets is very clever.
GO for it!!
Can you use AI to make the tracking kikes and and capture of bike thieves more efficient?

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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