Lockstop

“This is entirely standalone. It has its own battery in there. We do GSM connectivity. All of that is self-contained in this device, and we use a lo-fi Bluetooth chip that allows us to get two months of battery right now, and we're adding a solar trickle charge…”

“So it'll take us a 65 seconds to cut through the lock, or the chain, rather.”

“And we have another device that we're designing right now, an aluminum cast, that will take that cost and cut it By 70%, and so next year will be about 300 dollars a device.”

“So each device generates about 750 dollars a year on its own.”

“We're projecting in five years our goal is to hit 291 cities that have pretty developed infrastructure, or they have infrastructure that can develop pretty rapidly.”

“Anything that's hard to do is hard to disrupt. And there's a lot of SaaS and AI going on in the market right now, and for us, it's like, once we have a hardware component there, it's very difficult to remove, just because the city doesn't want to have to make …”

“Right now the two cities that we're working with and will be installing is a hundred K, a hundred, 125 K right around that park. And then the individual contracts right now are for the 25 devices with the expectation of scale once the data proofs out.”

“We don't anticipate raising a Series A.”

“I absolutely hate to say this, especially on YouTube, but we've left the 50 K checks on the table, so we don't allow any investments under a hundred K.”

“We actually landed a unicorn. He was a former bike cop that decided to ditch Law enforcement and go data scientists and machine learning.”

“We normally write million plus dollar checks. So I'm going to do the diligence on that check either way.”

“Yeah, so year one, we charge cities 750, and then we scale up to 1200 per individual device as we get further along.”

“We've not gone into one door that we haven't walked out with a yes.”

“So now we charge the cities, Because what we're able to do with the cities, Jesse, is they install these devices, and now they get access to those mobility insights that don't exist anywhere else. So we sell into the city, each individual device, we do a one-t…”

“In 24 months is when we expect to hit our break-even point, and so that 1.5 takes us all the way to that position where we're generating our own revenue and we're floating our own boat.”

“I think it boils down to hardware is not an area that we feel like we have a specialty, and it's a challenging thing for us to step in and support hardware business.”

“Because a large majority of stolen bikes are recovered. They just have no way to associate them with an owner.”

“Five years what we're projecting right now is sixty million.”

“So it takes us eight weeks to manufacture right now, but here's the fun thing, is it's small batch manufacturing in northwest Arkansas right now. So we small batch manufactured this device for under 600 dollars”

“But for us in the last 90 days since we finished up our MVP, we've already secured two partners and then we have two others that are selecting their deployment dates and the locations for each one of these lock stops.”

“Only half of bike thefts are actually reported. Because only five percent of those bikes were returned.”

“During graduate school, we traveled on the pitch circuit, and we won some money. I think we were about 55 K. We did raise a small friends and family, so we had 235 K contributed by folks that had gone to grad school with us, or You know, others like that, and …”

“Now in order to continue to scale and bring this value to communities, we're raising 1.5 million dollars to continue to grow our team, scale our pilot programs, and continue to commercialize the device.”

“So we've taken an additional 50 K and we have a line of sight from two separate investors right now, a 150 to 200 a piece.”

“We talked to Kara from the Parks and Rec Department in Rogers, Arkansas, and decided to invest 50,000 in lockstop at a five million dollar valuation cap.”