OEN Member Spotlight – Kristine Akins - BikeTrak
BikeTraktm is a GPS device covertly attachable to your bicycle that will alert you if your bike moves unexpectedly and track it if stolen.
Q: What does your business do?
A: We are building a company based on 3 legs:
* The tracker: a securely and covertly mountable external device as Product 1.0 and an in-the-tube version as Product 2.0: Both versions will have auto-arm/disarm features; motion detection; long battery life, rechargeable via USB port; pinpoint tracking and bread-crumbing features
* The service: connecting the tracker to the customer’s cellphone and computer
* The back-end: A database of bicycles including pictures, serial numbers, components, etc…
- A free APP for all cyclists to record their bicycle’s data
- A purchased tracker, enables full motion sensitivity and tracking features
- Police APP that allows police to have pop-up alerts when they enter a geo-location with stolen bicycles (i.e.: “That house over there has 3 stolen bikes in it”)
- Community communication and reporting of suspicious activity
- Matching services based on serial number, picture, etc.
- Data on theft statistics valuable to cities, cyclists and police
- Geolocation data, component build information, etc to retailers and manufacturers so that they can better target excellent bicycle service
Q: What problem does it solve?
A: We are aiming to produce a “COMPLETE SOLUTION” to bicycle theft by not only offering a personal tracker that allows a cyclist to communicate directly with their own bicycle, but ALSO, a means allowing cyclists to communicate about bicycle theft with data back up
Q: How did you come up with this business idea?
A: Kris had two bicycles stolen after moving to Portland and when an internet and bicycle shop search resulted in a market looking for a product, she proceeded to see if an appropriate GPS tracker could be built. She found Monty Goodson, a engineer with expertise in high speed circuit boards and miniaturization who became co-founder and CTO of BikeTrak Inc.
Q: What are your biggest challenges?
A: A big challenge is getting the technology small enough to be configured into FIRST: a disguisable encasement that is not bulky or noticeable and SECONDLY inside the tube. Another challenge is the battery power which we are designing to last 6 months to a year between charges. Third is getting the price point to accelerate downward to expand feasibility of use from high-end cyclists to mid-range commuter cyclists.
Q: What are your goals for the company?
A: We aim to provide a complete solution to bicycle theft that includes not only personal tracking of individual bicycles but community involvement in property protection. We also intend to make bicycle trackers ubiquitous with manufacture of bikes as the credibility of the product is proven and the price comes down with volume and technology choices.
Q: Are you looking for funding?
A: Yes. We are opening a convertible note round intending to raise up to $300, 000 prior to attending the Angel Oregon Conference, with a $600K initial seed round goal.
Q: What would funding enable you to do?
A: Funding would enable us to accelerate product development aiming at summer 2012 release. It will also allow us to expand our current $150,000 with of LOIs to $1 million prior to product launch and continue our patent process.
Q: Have you been an entrepreneur before?
A: Yes, Kristine Akins has been an entrepreneur since 1978 and has built several successful companies. At present Kristine is the owner with her husband and marketing director of Tree In A Box: www.treeinabox.com
Q: What brought you to OEN? What do you hope to gain from membership?
A: The entrepreneurial spirit! I love entrepreneurialism and hope to move from business start-up into more phases of mentoring as time moves forward. I look forward to more and more engagement with the fascinating start-up scene in Portland.
Q: What has been the biggest surprise in your entrepreneurial experience to date?
A: How hard it is to get to that Financial Freedom state - Lots of success but never that over the top freedom I thought I’d have had long ago...
Q: What has been the best entrepreneurial advice you’ve received?
A: Come from a place of power and enthusiasm. Be confident, with all of the backup material there as well, but BE that business.