The product is a hardware and software solution for professional horse trainers & riders. It sits around the horse thorax and provides vital signs data in real-time to a smart watch and a phone app. This helps the trainers remove guesswork & take better decisions which results in limiting risk of injuries, improving performances and ensuring welfare for racehorse.
For this SPRINGBOARD®, panel participants with skills within the following three topics or questions are sought (priority order):
1. Go-to-Market Strategy
2. Reaching out to influencers and validation of market
3. How to get investments / raise funds
This SPRINGBOARD® will be held in English / dette SPRINGBOARD® vil blive afholdt på engelsk.
What is unique?
The company is the first performance horse wearable able to track breathing during exercise (real time), giving trainers objective data on a parameter they currently measure manually.
What problem does it solve?
First, due to guesswork of trainers & riders, racehorses are under/over trained, leading to frequent injuries or deaths. Secondly, racehorses develop respiratory issues like Asthma or EIPH leading to poor performance. Thirdly, direct economic loss for owners & trainers for a non-competing race-horse due to injury or death is between 10k-75k€.
A wearable device made to continuously measure and monitor breathing rate, heart rate, speed, and distance of the horse real-time during the training, which helps trainers & riders to know their horse physical condition better, leading to higher performance and lower risk of injuries.
The company sells the device with 1 year subscription for EUR 1,000. After the 1st year, the subscription costs EUR 20 per month.
The trainers, riders and owners of a racehorse. Also veterinarians can be our customers and influencers.
There are 3M customers worldwide and the total accessible market is estimated at EUR 720 million (excluding device)
All the above players have same common features, which can be seen in real time during exercise or as detailed analysis of data after training. For now, none of our competitors have announced to measure breathing frequency & volume during exercise, which is why we intend to enter market as first brand to offer this new solution and have a competitive edge over other competitors in the racehorse world. The market can be seen as conservative; however, we are getting LOIs with ease, proof of a changing market thanks to the new generation & more tech-friendly trainers & owners. We see a strong pull from the mar-ket & therefore the timing is right for this solution.
Growth potential / goals / ambition
In terms of sales, we expect to be selling the first 100 MVP units from DEC 2021 in key markets (Denmark, Sweden & France) to generate about 100K Euros in revenue by May 2022 from sales.
From Oct 2022, we expect to sell 2000 units (Denmark, Sweden, France & Australia) and generate 2 million euros in sales revenues by end of Sept 2024, resulting into profit.
Management and team
CEO, 11 years of sales and business development experience, MBA
CTO, double M.SC, 4 years of experience from tech startup
3 full time volunteers and 3 Mentors from industry advisors: A) Professional exracehorse trainer & entrepreneur, B) Stable owner and entrepreneur, C) Expert in customer exploration and marketing strategy
The company is looking for 275K euros (2M DKK) for 12 months financing to develop and sell the first 100 units of MVP.
Interviewed 50 trainers & owners of racehorse in Key Markets (Denmark, Sweden, France & Aus-tralia)
60 % of them have shown interest in the product as there is no non-invasive way to track breathing during or after exercise
The company has received 21 LOIs till now (17 eager to test pilot product and buy) and will collect minimum 75 LOI’s by Nov 2021
Questions for the panel
1. Go to market strategy: How to get right price for the product. What shall be the sales strategy for each market and timing to launch in each market?
2. Reaching out to influencers: How shall we reach out to influencers / KOL, in this industry. How to sell pilot product to testers/early potential customers.
3. How to get investments / raise funds: How to calculate the evaluation of the company. How to make realistic estimates for investors while raising funds. Whom shall we approach to raise funds and at what stage? Who shall be the lead investor?