Founder Institute Australia Online Demo Day

Hey everybody, welcome to this Founder Institute Australia live online demo day. Really glad to have you here with us today. My name is Jonathan Grecian, I'm a co-founder of the Founder Institute. I am actually in our Silicon Valley office, so it is nighttime here on Tuesday, but we're here today to show you some awesome Australian companies on Wednesday. And I'd be remiss to say that if you did try to join this event last week, I'd like to apologize again for the last-minute cancellation. But we're all here today, and we're eager to show you these companies because they're doing some really cool stuff. And I think you're going to enjoy seeing what they have to offer. And also, you know, if you do have any questions for these companies, we really want this to sort of be a two-way communication. So any questions that you have for the companies, either during their pitch or after their pitch, we'll collect them, and we'll kind of go through a quick round robin after they go through a short presentation. And you can ask any of your questions over here in the chat, and, and somebody on my team will be looking through those so we can get them all going. And I see here too that we got a lot of people that are starting to join in, which is awesome. We had nearly 500 people register for this Demo Day, and I'm sure there'll be people kind of joining in and out. If you are registered on the Demo Day, you will receive a video afterwards as well, and we'll give you all the contact information so you can reach out to these companies if you're interested in you know, speaking with them, partnering with them, investing with them, etc. So before I bring on these companies, I'm going to start really quick with just an introduction of, of what we do at the Founder Institute. We are an idea stage accelerator. That means that we work with companies at a very early stage, um, and the program is really, really hard. Uh, it's hard to get into the program, it's really hard to graduate. So the companies that you're seeing today, not only were they accepted, not only were they go through, which is what is, you know, to be honest, sort of a grueling curriculum, and I think all of them would attest to that. But in addition, these are some of the fastest-growing companies that we have in Australia that we anticipate are really going to be the companies that you're going to be hearing about, you know, very, very soon. So we think that you'll be impressed with some of the things that they're presenting for you. And we are based here in Silicon Valley, but we have been operating in Australia since 2012, and we've launched over 115 companies across Australia. A lot of those companies have been funded by some of Australia's biggest investors, such as Sydney Seed Fund, Blackbird Ventures, uh, Blackbird Ventures, etc. So if you want to learn more about the Founder Institute, go to fi.co. We are accepting applications right now in Sydney, and we will be soon as well in Perth and Melbourne. Okay, so that's my quick little 2 to 3 minute stall to allow some more people to join in. Hope you enjoyed it. Uh, and without further ado, I'm going to start bringing on some of our presenters. So the first presenter we have today will be joining us. This is Holly. Hey Holly, do you want to share your screen? Okay, cool. Hey, yep, we can hear you fine. So Holly is joining from Perth. Holly is co-founder and CTO of Formalytics. Formalytics is a very cool company creating some very advanced technology for athletes, and they have a really cool product called MyKicks, which is sort of the first, you know, I'd say consumer application of their technology. But yeah, Holly, why don't you bring up your presentation and we'll get started. I'll come back on afterwards, and if you are watching live, please just do, you know, ask any questions you have in the chat and we'll cycle through and get to them afterwards.

Awesome. Hello?

Yep, okay, we see you fine.

Awesome, cool. So as you know, I am the CTO and co-founder of Formalitics, and we are creating our first application, MyPix, to enable the next generation of grassroots sporting challenges. We were founded in 2016, and it was around the idea that there isn't anything today that enables the everyday athlete to measure their performance and see how they're improving over time and seeing how they compare against the professionals. So we wanted to make that professional-grade sporting performance technology accessible and engaging to the everyday athlete. We released our first beta product at the end of last year in September, and we have over 10,000 active beta users in both the UK and Australia, and 10,000 pre-signups in 55 countries. So it is a very exciting opportunity, and I'm really excited to tell you about it. To manage through the 18 months of grueling product development and technology development, we had to have a very strong team. I am a two-time Google intern and turned down my third for this opportunity. Andrew Hall, the CEO and co-founder, is an ex-Stone Ridge Ventures. He's actually a Founders Institute director and has $200 million of capital raised under his belt. Our other co-founder, David Budden, is currently at Google's DeepMind and released 20 AI papers by the age of 25. And Andrew Henderson is our product ambassador. He's actually a 5x world freestyle footballer, which is juggling and flips and tricks with a football. So we have a very incredible team, and with $2 million of seed investment, we've done some incredible things. So the application itself is used to allow the everyday footballer to measure their kicks at goal and get statistics back. So all they need is their everyday smartphone, no extra hardware, place it on the ground against a water bottle or on a tripod, get the ball and the goal in frame, and kick away. The exciting thing about this algorithm is that it does use augmented reality. So you set up your 3D environment, take your 2D video, so your flat video, and it will use machine learning and computer vision to recreate a 3D world. That's super exciting because it not only allows us to get metrics on speed, spin, curve, placement, but it also allows us to put things into the 3D world. So we can put in free kick wall, we can put in a world-class goalie on the goal line. Leaning into that idea of challenges, we're going to be releasing a tournament app in about 2 months' time. Just in time for the World Cup. So this tournament app will work by you take your 5 best free kicks, take 5 save zones, so where you want to save against your opponent's kicks, and depending on their placement and their speed and your placement and your speed of your kicks, you'll either go through into the tournament or not. So with such a global opportunity of over 1 billion players worldwide, we don't want to stifle the growth. So we're going to be monetizing through challenges, in-app advertising, masterclasses, modules for the more serious players. And we also want to utilize that natural viral loop, which is, I want to beat my neighbor down the road, Billy, or I want to showcase how awesome my kick was and share it online. So our milestones for this year is release the tournament app, obviously, get 1 million downloads, expand the platform, which is really exciting. It isn't specific to football. We're just leaning into that opportunity first. Commence our direct and indirect monetization, continue our proof of concept in other sports, and lean into a Series A investment in July. So, how we can partner with you guys. Is branding. So do you want to be associated with us and really influencing this grassroots technology, so allowing everyday players that professional-grade technology? Do you, do you have a love of the sport? You want to co-develop with us? Do you want to get that next sport to market faster? Or do you want a specific aspect or challenge in the app today to come to market faster? Or do you want to take an option on us on the future, which is a very exciting opportunity with our early tournament stats looking at NPS of greater than 55, average session times over 20 minutes a day, over 50 kicks per tournament per player, with early evidence of a viral coefficient. It's definitely exciting times for us. So thank you very much, guys, and I'd love to hear any of your questions.

Cool. All right. Thank you, Holly. That went very smoothly. Thank you for starting us off nice on a good note here. So yeah, Holly, why don't you bring your— there you are. Okay, I'm gonna minimize me. I'm gonna put you on screen here. So I have a couple first questions, and this is usually how it works. Unfortunately, people are a little bit shy, so to everybody in the audience, please So don't hesitate, throw your questions into the chat there and we'll get to them. And I love how you guys, just as a side note, I'm a big, well, we call it soccer, football fan here as well. And my country will not be in the World Cup this year, so maybe I'll get up on this app and start playing that instead.

I'm a New Zealander, so my country's not there either.

Okay. All right. So let's see, one thing that I really did love about this presentation, and I'll get into some of the questions too, is just that there was a great ask. I think just as a learning moment, if there are some other entrepreneurs out there, making sure that you know what you're asking for is really appropriate. In this case, it was, you know, you can invest or you can partner. On the partner side, you mentioned that you have like an ambassador, freestyle footballer. So are you guys sort of— was that like a path for you guys to launch in the football market? Are you looking for similar things in other markets? Because I'm sure you can use the same ball-tracking, 3D modeling technology across a lot of different things, right?

Yes, so Andrew Henderson has been an incredible, incredible ambassador for us. So not only does he have his own social influences, but he also knows a lot of the other influencers. So actually, the CEO can't be on this call at the moment because he's flying to the UK to meet those other influencers. And that is the great thing, is that there is this unique opportunity in this market where the YouTubers and social media people are bigger than the players themselves. So, kids watch these, like there is a product placement with Adidas Smartball which got over 15 million views and they didn't specify it was a ball itself, they thought it was an app and all these kids realized you needed the ball and there was just so much disappointment knowing that you needed to buy this expensive ball. So yeah, we're definitely looking to expand those influences, utilize them more, utilize them in other sports because it is a platform. The algorithm isn't specific to football, it is any circular ball sport.

Oh, and if you're going to pick one, football is a good place to start. So let's see, I see some questions coming in, so that's great. So let's see. So Richard asks, is this just for entertainment? Do you think it'll be for use for advanced skills too? Right, so I guess that, that's sort of a question on top on where, you know, you see the, you know, the product pipeline, the product roadmap going, at least in the near future.

Yeah, definitely. Yeah, so it's definitely a mixture of both. Obviously entertainment's a lot a lot larger, and it's definitely more intergenerational. So you have the youngest kids and their grandfathers both love football, they all want to get involved. But there is a masterclass aspect. So one of our team members is actually an ex-footballer, an ex, ex-pro, and he has done a masterclass module that has increased kids' kicking power by 10% to 15% and their speed. So there is that area that we're looking into as to various serious players and how to make them better. And the great thing about that 3D technological environment is that we can place David Beckham's kick, his bend it like Beckham kick, say, into that 3D world and compare mine directly to his, which will look very different, but obviously kids nowadays will be— they can learn how to match that a bit better. So there is definitely that. Improvement aspect as well.

Right. And I guess from that perspective too, it's really just adding on content, right? Because the technology is there that you're tracking it. So if there's just content sort of in between the different kicks and, you know, then it's a matter of just improving and improving on your last kick and that kind of stuff, right? So as a CTO, I'm sure for you that that's like the easy stuff, right?

Exactly. It's the most exciting bit.

I love it so much. For sure. So let's see, Aye has a question, A-Y-E. I might be mispronouncing that, so I apologize if that is the case. What else are you analyzing other than the kicks? Because there's so much more variables than that. So I think, yeah, so this is more of a question on, you know, exactly when you're creating this 3D world, you know, it's the phrase that you used, are there other things that you're analyzing at least in this version or that you're planning to analyze in the future?

Yeah, so currently we are specific to penalty kicks. We've got other developers currently working on expanding that to longer range from wherever, you know, corner kicks, free kicks. And the things that we're looking to measure in that is whether you can get around a free kick wall and whatnot. But our current focus best guesses specifically on the kicks, we have, we always have internal discussions as to whether having a drone above the field and tracking players and whatnot is something that we will lean into. So that's definitely a future discussion as to whether we go really deep on football, measure more aspects of football and different aspects of the play itself, or whether we spread out into different sports. So it's definitely in our, in the back of our mind, but we're We're leaning very deeply into the kids environment.

Sure. So Tim asked a question here too on the technology. And yeah, I mean, it is pretty impressive. And, you know, I'm not a very unbiased source here, but, you know, there's a lot of smart soccer balls. There's a lot of, you know, smart balls and things like that. And this is literally like you could do it with a smartphone, right? So this unlocks a much larger market than just some of these other, you know, smart sporting things. Tim asks, how proprietary is the technology at this level? Would it be easy for another company to replicate it?

Yeah, so the technology currently has two patents pending, so it is going through that stage. It did take us 18 months of extremely difficult technology development, especially getting it onto the client. So none of it runs on the cloud, it's all client-side, which is definitely working phones a lot harder than Apple maybe, maybe told, maybe expected. But it is, I would say, it is extremely difficult to replicate because not only did we definitely use some odd techniques that aren't necessarily for ball tracking, but we did have the absolute godfather of sports computer vision as an advisor. So he definitely helped us jump through a lot of loops. And those patterns really do secure us as well. But yeah, previous technology definitely more leans into having the physical device and it can't see the calls and it has to be kicked over a certain distance. So this definitely is a game changer, really.

Sure.

Okay. Emmanuel had a question here too, and I think I know what the answer is, but I'm going to ask it anyway. Emmanuel's question is, you know, why not make it a platform where ideas can be added? You know, basically saying, why not open up the technology as a platform, right? Um, obviously this type of, you know, being able to use a smartphone to track things that are happening in the real world, break those down into models, uh, for improvement, right? This could become a platform slash marketplace type of thing. Um, you know, I'm sure those are the types of questions that investors like to ask, right? Um, thinking like, what could this be 5 years down the line, that sort of thing. But is that something, um, that you guys are thinking about?

It may come in the future. We are definitely, we're definitely locking it off at this stage. It is definitely our babies and we want to see where the product grows ourselves first before we open it up. With machine learning becoming a lot better, maybe one day we will open up the computer vision side because we'll utilize machine learning a different way. It's definitely a possibility, but it is something that we're looking to grow our own and see where it goes first at this stage.

Sure. And, you know, as a kind of a corollary question to that, so I know you guys raised a seed round in the past, you're growing, you're looking to possibly do a Series A round, you know, this coming summer around the World Cup. Sure, that's not a coincidence. But the, um, what's, you know, with another round of funding, I would think that it might be sales staff, right, to create other relationships. But what are, what are some of, you know, and I'm sure that this can all change, right, but what are some of the high-level things where you guys could imagine spending, um, at least, you know, the ones that are sort of obvious, right, with the new injection of funding to really get you to the next level?

Yeah, so we're definitely looking at different areas. So if it's being, you know, getting some of those larger ones, especially pull the handle, is really— pull the handle and really get a lot of— get a lot of— very easily. We're just— we don't just need a lift, we don't want the first lift first. Other areas— other areas— expanding the technology— expanding the technology— making it into different areas— to different areas— to different different sponsors. So we're talking to a few basketball brands at the moment, and tennis specifically as well. We know baseball is a huge factor, so we are looking at the ability to get that. So there is a few— especially the YouTubers are a big part. So we do have our user acquisition Instagram and Facebook at the moment extremely cheap, so we've got it in at less than 25 cents per conversion. That is cents, that is cents, but the YouTubers could be a wildcard and be even better than that, so that is definitely things we're looking into.

Okay, cool. Alright, so I am going— we did have some extra questions in here, so Holly, if you don't mind, I would recommend, you know, some additional questions have been piling up. If you want to stick around in the chat and maybe answer some of those questions. But in addition to that, a member of my team will put in her contact information, the company information, and we'll have a video afterwards where you'll get all that as well. But thank you, Holly, for joining. Appreciate it.

Great job.

Thank you for having me.

All right, cool. So, so we go from Perth and back to Perth, actually. So next up we have Christophe. Hey, Christophe, how's it going?

Oh, good, Mike. Thanks a lot.

All right, cool. So Christophe is the founder and CEO of GeoMobi. GeoMobi graduated a couple years ago from the Founder Institute, and they're very different market but also some very cool technology. So I will leave it to you, Christophe. And again, if anyone has questions in the chat, please throw them in and we'll circle back. And I think Christophe's just adding his presentation on right now.

All right, can you hear me? All right, can you hear me?

Yep, there we go. All right, cool. So I'm going to hide myself and yeah, why don't you get started?

Excellent. Thanks a lot, John. Hi all. I'm Chris. Let me check. Something's wrong with the slide.

So Chris, what you want to do is set up slideshow and do It's— yeah, I can see it there in a second.

All right, all right.

All right, well, at this point, why don't we just— we can just go through the slides like this. It doesn't look too bad. Or if you want to just start the slideshow, then we could see it.

Can you see the slideshow now?

I cannot.

All right, so I think we've got— sorry about that. Just going back to set up slideshow.

It is to watch the slideshow on an individual window. There is an option that's something like that. Yeah. It's not full screen, but individual window. Then if you pick that one and click play, then we should be able to see it.

OK. All right, you should see the pitch now, full screen.

No, we don't see it. I would just go, um, before and we can just look at the slides.

All right, no worries. No worries. So, um, I'm Chris. I'm the founder and CEO.

So we still can't see it, Chris. If you go back, uh, to what you did before, or Alright, well, here it looks like Chris is having some tech difficulties, so what I'm going to do— Kat, why don't we move on to the next presenter? It looks like Chris is having some tech difficulties. I know we have Marshall, who is the founder of PASL. Hey, Marshall, how's it going?

Well, Jonathan, how are you?

Good. So I am stuck here. All right, there we go. All right, so Chris, why don't we swap you guys? If you want to, Kat, if you can work with Chris to get those slides to go through that process beforehand and get those going, then we'll do that. In the meantime, we will fly on over to Melbourne. And, uh, yeah, so Parcel, um, is in a very different space as well, taking care of the last mile, so to speak, of online delivery. Um, so yeah, Marshall, if you want to get started, we can, we can go with you.

Well, we'll pick up straight away.

All right. Should just take a second for Marshall's slides to come up.

There it is.

There it is.

So, my name is Marshall and I'm the CEO and co-founder of Parcel. And our story is that in my 20 years of freight and logistics experience, I experienced home deliveries going through the roof. But our industry having a real problem in being unable to deliver a delightful solution for e-commerce players. And the problem for retailers is they're losing about 70% of their sales online because people get to the checkout and don't buy. And a substantial part of that problem is people are dissatisfied with the delivery options. They're either too expensive or they're too slow. So our solution to that is to change the paradigm for home deliveries from being a 3 to 5 day service to being a 3-hour service for around the same price as a 3-day delivery. And the way that works is Parcel has people who are called Passers, and they're registered people who are regular everyday people like you and me. They're not courier drivers or professional drivers. The people have got the app running in their phone so that we know where they are. And when our partner retailers have an online order that they're going to ship from store for a local delivery, they let us know that it's ready, and then we look at where all the passes are and we identify what we call the least inconvenienced person. So we're looking for someone who's in the shopping mall right now but likely to leave very soon and go near that delivery address. They go into the store and do the pickup, and then they go and deliver within 3 hours. We have a 3-hour guaranteed delivery service. One of our key edges over traditional couriers is we can offer this service whenever the stores are open. So weekends, evenings, public holidays, right up until 5 o'clock on Christmas Eve, Parcel can still be delivering for our partner retailers. Our business model is a very simple one. We charge the retailer $15 and we reward the parcel with $10, either via a gift voucher or we can even pay them via EFT. The market that we're in is a rapidly expanding one, growing 20% year on year, and by 2025, it's expected there'll be 25 billion home deliveries every year in the United States alone. So a lot of people who are listening to this are thinking, "I've got it, this must be the Uber for couriers." And it's really important to understand that we're not an Uber for couriers. There are plenty of businesses out there doing that. And one of their big challenges is trying to engage and retain drivers. Drivers in the gig economy are people who are running multiple apps on their phone and they're constantly shopping around for which courier company or delivery company or food delivery company is offering the best deal. And this creates problems around scaling and creates problems about dealing with peaks. And because our people are regular everyday people, we're not competing in that market. We launched in September last year and we're doing really well. We've proven the model works, we've proven we can deliver, and we've proven we can deliver under 3 hours. In April of this year, we'll expand around Australia out of Melbourne into Sydney and Brisbane. With partner retailers who are signed, contracted, and ready to go. So our ask today is we're looking for $250,000 in funding to get us to a $25,000 monthly revenue rate. And from there, we'll look to scale out of Australia as quickly as possible around the world to the US, Canada, Ireland, Western Europe, and Indonesia. So if you like what you've seen today, I'd love to get in touch with you, and here's my contact details. Thank you.

Alright, awesome. Thank you, Marshall. So again, we got a couple questions coming in here. Any additional questions, put them on the left. We'll get Marshall back up on the screen here in a second. And okay, so let's see. So I had a couple questions too. So from— and this is sort of one of the questions that just came in from David, right? From the consumer as a consumer, it makes a ton of sense, right? 3-hour delivery, good price point. But sort of, you know, what's in it for the drivers, the parcels as you call them, right? What has the feedback been there?

Yeah, so the parcels are people who are just regular people who are out shopping. So this is not an income source for them. It's essentially offsetting the cost of what they're already doing. So a lot of people who've signed up work in the shopping malls already, whether they work in a store or whether they work in hospitality. And they might work a 3 to 6 hour shift for $20 an hour. And now when they finish that shift, they have the opportunity to make another $10 on the way home. Another demographic is people who are out shopping and it pays for fuel, it might pay for parking, or it might pay for lunch for them. But essentially it pays for that. It's a sharing economy thing. They're already going to go home anyway. And now they've made an extra $10 just for going home.

Right. No, I like that. It's an important distinction, right, that it is a difference between the sharing economy and the gig economy. Yeah. Okay, so Raj asked, what if the delivery is cross-city? Is that just not something that would fit into the model, or is that something that you guys facilitate?

Yeah, right now at launch, we're a hyperlocal model, so our delivery guarantee to our retail partners is 15-kilometer radius from their stores. So we're delivering cross-city, we're not delivering cross-state yet. But if you look at a lot of retailers with stores in many malls, a 15-kilometer radius in most cities provides pretty good coverage across the city for them. So we won't deliver a 40-mile delivery, but we'll do a 10-mile delivery.

Okay, cool. What are, what were the types of retailers that were in your test that you've been doing that you'd be getting some good feedback from?

Our first two retailers, one was gifts and small items, quirky items they call themselves. That was Pookie Pookie. The second one was a store called Purebaby, which is a premium organic cotton retailer for baby clothes. Both those customers approached us and asked to be part of the pilot because they both saw a need for their customers where on a Friday afternoon or a Saturday morning or even earlier in the week, there might be times when someone's forgotten something or needs to get something really, really quickly. And they knew their customers would be happy to pay the premium for an instant delivery rather than waiting for sort of 3 to 5 days. The next customers to come on board are in apparel, footwear, and even party supplies. So we're going to be delivering bouquets of 5 helium balloons in Sydney in April.

Nice, nice. Okay. So Tim asked the question as well, What is the current monthly run rate? If you are comfortable sharing that, I know that you mentioned what the goal was.

We currently— we piloted up until Christmas and we're currently parked until April because there's a stack of tech and dev work to get done. So the current rate is $75 to $100 a week. It's pretty low. We're just doing sporadic offline deliveries at the moment. The next customers that come on board will go quickly into that $500 to $1,000 deliveries a month. With the signed and contracted customers ready to come on board in April. So, 1,000 deliveries a month is $15,000 run rate.

All right, and then let's see here. I had a couple. Are there— is there a screening process for these parcels? Is there a screening process?

So, a screening process. So, when people sign up, we get their name, address, phone number, and a bit of social information about them as well. And then they're running with the app that's constantly tracking their information. We're partnering with a company called Universal Reputations, which is a company that brings together people's reputation and ratings from a whole bunch of different platforms such as eBay and Uber, with the goal being we can provide a complete picture of who they are.

Okay, cool. So let's see if I have any last questions here. So, okay, so Raj asked, in a two-sided network model like this, you always need to develop both sides simultaneously, right? So how— and this is a good question, right? This is the chicken and egg question that is probably something you're dealing with every day of your life. How do you propose to acquire both the retailers and the parcels at the same time and maintaining a balance so that there's quality and, you know, that everybody has a good experience on both sides of the equation there?

It's a really good question. So we intend to do that by not worrying about doing that. So our key is acquiring retailers, so we need to get the demand side going. That's the priority. We've already proven that we can acquire parcels simply through Facebook advertising and some organic work. So we know our cost for acquisition is about $3 a passer. We know our landing page is converting at 33%. So when we launch around a store, we know that $1,000 gets us 350 passers within 15-kilometer radius, which is enough to run each location. And a location might have multiple customers within it. From the point of view of the retailers, because we offer a 3-hour guarantee, We also have a backup plan where we underwrite that with professional couriers. If, for whatever reason, we can't get a parser, then we know that we have a network of professional couriers that can do that delivery for us on demand. We obviously try to avoid that because professional couriers are really expensive.

No, no, that's a great point, and I saw that pop up a couple of times on here too, right? If this was a very risky proposition potentially for the retailer $100, but if you're backing that up with the professional delivery, then at least to them, that's, you know, provides them with a little of insurance, right?

Yeah, we don't want to— basically, the guarantee of the retailers is we don't charge if we don't deliver within 3 hours. And surprisingly, the only time we haven't delivered in 3 hours is when we did use a professional courier in testing and we were 36 minutes late. So that was a lesson learned that day. Yeah, that was a bit disappointing.

All right, cool. So, um, and again, uh, just like the last presentation, there's a lot of questions coming in. So Marshall, please hop on there. Uh, we'll also be sending out Marshall's, um, contact information as well afterwards. So thank you, Marshall. Great job, man.

Thanks very much.

Thanks, everyone. All right, cool. So, um, just double checking too, there's been a little bit of echo. I've been turning off my microphone every time I'm not speaking just to be extra safe, but for the other presenters, just a quick double-check that all your microphones are off when you're not speaking too would be awesome. So okay, it seems like we are in a good spot to go back to Christophe.

Looks like it, John. Done.

All right, cool. So Christophe, why don't you come on in? And putting Christophe on screen here. All right, doing a little Brady Bunch thing here. And there we go, presentation. Awesome. All right, so I'm going to hide myself and mute myself. Uh, floor is yours, Christophe. He's a Perth Founders Institute graduate, founder and CEO of GeoMobi. Great.

Thanks a lot, John. So yes, I'm Chris. Sorry for the weird start. I'm the founder and CEO of Geomobi. Geomobi is a location services provider specializing in real-time geolocation, geofencing, and activity monitoring. So we're basically helping our clients to make sense of their real-time location data, leading to better business decisions and eventually increasing their bottom line. So, we're basically convinced that the battle of tomorrow's business performance will be won by using contextual, accurate, but also real-time location-based data. The problem is that the quality of location data is not reliable enough. Collecting the data is very power-consuming. Storing location data and tracking movements and behaviors can lead to serious privacy issues. And the current location-based services do not cover all use cases, both indoors and outdoors. Well, uh, until now. So we have developed a suite of software development kits which is integrated directly into your mobile application or your IoT device, extracting location intelligence that is accurate, battery-friendly, private, and covers all location-based use cases. Whether you want to track assets, personal, indoor, outdoors, multi-story building, or even in, in the ground mine, with the ability to reach these end users from several kilometers away down to just a few inches. So because we've got a very horizontal technology that can potentially serve multiple verticals, we chose to focus on very large markets ready for digital disruption with a very enthusiastic growth momentum and where our technology can address at least their top 3 challenges. So of course we got mining, which is a $22 billion industry, but also the construction, which is a $10, globally $10.3 trillion industry. So we did pivot the entire business about 2 years ago to focus on the enterprise platform. That showed much better revenue upon our initial subscription model. So last financial year we turned about $200,000 from various customers listed in the ASX, and with the same growth we had in the past quarter, we are on track to reach $1 million by the end of this year. So business model, our business model is very easy, very simple. We use a combination of one-off setup fee along with a yearly license based on the volume of messages going through our cloud service. There's about 15 to 20 geofencing companies at the global level at the moment, but with our current patents in place, existing partnerships, and unique features, we think that we're the only company to achieve an all-in-one, highly precise, battery-friendly location services for enterprises. So we truly the next generation of location-based services. So we're a 12-person company across 3 different continents with various skill sets including technology, which is myself, marketing, financials, and tax. So to date, we raised a bit less than half a million dollars in the past 2 years from sophisticated investors in Australia and incubators. Even though we're not actively looking for raising our Series A right now, we welcome the possibility to offer some equity to the right investors. So we'll be happy to consider an investment from $1 to $2 million range and bring more expertise in the company. So I just want to conclude by saying that if data is the new oil, then location intelligence is rocket fuel, and Geomobi is ideally positioned to leverage this new era. Thanks a lot for listening to me. Let me just move back to My face.

Great, awesome, awesome job, Christoph. It was, it was worth, it was worth the wait. Um, all right, so Christoph is bringing himself back on screen here. Any questions that you do have for him, please do get them into the chat. I'll start off with a couple questions just to, just to get things going here. So one thing that I'll just point out that I loved as well is is sort of the, you know, there's the term like always be closing, right? It's also always be raising. Yeah, that's right. The best time to talk to investors and that kind of stuff is, you know, is ahead of time, right? And it looks like you guys are on a good path. You're generating some good revenue, but obviously you'd be foolish to not listen to opportunities. So that's great. So you had mentioned, so you guys pivoted, right? To the enterprise. What were the types of businesses— you said that it was more of a subscription-based platform or a subscription-based model back then. What were the types of businesses that were doing that?

So it was, it was, it was a SaaS platform. So we open our platform for developers and digital agencies, and about a year, a year, we really tried to convert from to move from the freemium model to paid customers. And we had an epiphany saying that maybe the market of developers around the world that want to experience geofencing and geolocation, they got some struggles and then actually come to our platform, is not big enough. And this is at the stage as well that we had these big companies here in Perth in mining and construction that started knocking on our door. Saying that we want to increase safety on site, we want to increase our productivity, we think location intelligence can help us out, uh, is there something we can do together? So it's a, it's a completely different sales process. It's a kind of a long sales process compared to SaaS, but we've got some, uh, so far we had some very exciting, uh, deals with them. So we just decided to completely forget the, the SaaS model where we struggle initially, to focus on delivering a location allocation location-based services for enterprises.

No, that totally makes sense too, right? I mean, in hindsight, for everybody. But yeah, I mean, geolocation is still not early, but at least it's not to a point, you know, most of the demand is going to come from big businesses. And, you know, some independent developers and smaller agencies and stuff like that might not be positioned to sell those types of businesses, right? To really kind of reap the benefits of it. Okay, so let's see, I got a couple questions. I have some more questions as well, but I'm going to start deferring to some of these others. So let's see, David asks, what is the value prop and how you— all right, well, let me, let me ask the second part of the question. How do you deal with privacy concerns?

Yeah, so we, we had a lot of We had a lot of advisors looking at actually privacy concerns, which is one of the top main concerns when we talk about monitoring location. Location is actually very sensitive and personal. So basically, we're not storing any personal information on our cloud service. We're just storing that location data and some sort of profile. So there's absolutely no way we understand actually you are John from the Foundry Institute, blah, blah, blah. Analyzing profile, and we're able to tell you, for instance, in construction, how long this specific group of workers spends in different areas. And we can interact with them in real time, whether, for instance, they're entering a restricted area, we can actually ping on their smartwatch or on their phone saying, yeah, you're not supposed to be here. We don't know who you are, but you're not supposed to be here. It's not safe.

Right?

So that's our take on privacy. So we got our lawyers that just advises how to do this. And there's no personal information on our code servers. That's exactly how we deal with the privacy concerns.

Great. Good answer. And I'm sure it's a question you get very often.

Yeah, that's right. That's right.

Yeah. So all right. Richard asked, are you going to allow enterprises or really any other organizations to whitelist able to service, or are you guys sort of, you know, fully taking control of the technology?

Sorry, your voice is breaking a bit, John.

Oh, um, are you guys going to, um, to look to white label it at all to any of the enterprises or anybody else, or are you guys sort of fully taking control of it now?

Yeah, so it's, it's already kind of white label. Uh, the— our business more works with with channel partners. One of the best examples here in Perth is we really struggled at some point to get in touch with big guys in BHP or Rio Tinto because we were just small companies somewhere in Perth. So what we decided to do is talk to the mining services providers. They're already actually on their supplier list. We said, "We've got this technology. We think we can enhance dramatically dramatically what you already have, and you can sell it to your own clients, like BHP or Rio Tinto. And it's fully white label. So basically, we deploy the solution into 6 or 7 different sites in WA, and it's all the name of our clients, not us. No one knows that actually the GeoMobile is powering all the location-based services.

[Speaker:CHRIS BROADFOOT] OK, cool. Kuneth asked, the IoT devices that you're talking about, these aren't things that you would manufacture yourself, or do you have any plans to do so, or are you looking to sell to the larger companies that are producing those?

That's a good question. Yeah, we manufacture the entire IoT devices. Basically, it looks like it's a little bit smaller than a cell phone with no screens. There's BLE 4.5, Wi-Fi, GPS, and we optimize the hardware with our own software. So we control the entire thing from the case to the hardware to the firmware. Our team controls the entire conception and development of the IoT device. And we're already sending that to our clients.

Okay, cool. So I think I had mentioned there too, so the construction industry, was that— that was one of the biggest targets, at least in the short term, correct?

Yes, that's right.

That's right.

And what, what are the types of applications that they're using for it specifically, just to give people a little bit of context on what some of the applications might be, at least in the short term?

Yeah, absolutely. There's two, two main areas. We're improving safety on sites and we're improving productivity by knowing where your assets and your people are moving. Are you really— in real time, you— the site manager can really understand if there's something, there's a wrong patterns going on, how many people are on site, how many are leaving. They've got all this automated check-in, check-out, and time sheeting as well. So we're saving them a lot of time with all day-to-day tasks by monitoring, like I said, the check-in, check-out, but also where the groups of workers are. I've got an example of what happens. So one day we had these aggregated travel times. So this is the how long workers travel from point A to B on the construction site, it went completely nuts. So we went from like 15 minutes to 35 minutes or something like that. In less than an hour, we flagged it and said, "What's going on?" It's just because the toilets container has been moved to the other side of the construction site, and people were actually just moving all around the construction area to go to the toilet container. That's a funny example, but that's exactly the kind of things We can try. We can analyze in real time what's going on.

Right, yeah, I think David heard that coming. Maybe David here in the chat has a background in construction, but he called the toilet issue. Yeah, no, it's a great use case. I wouldn't put it on your home page, but it's a great—

Yeah, it's going to be interesting. I'll talk to my marketing manager.

Yeah, all right, well, awesome. Thank you, Chris. So again, same, same as I said to the other presenters, there's a lot coming in. We're not going to get to all of them, so please do hang out in the chat and we'll send along Chris's information afterwards. And thank you, Chris.

No worries.

Thanks, John.

All right, so I am going to put myself back on the screen and we are coming up on our final presentation. So we've gone to a lot of different businesses. We're going to another B2B business and we're going right back to Perth again. A lot of cool companies coming out of Perth. I've never been there myself, but I hope to get there soon. So, Mike, are you there? All right, so here's Mike. His screen is queuing up. Uh, Mike Watson is the founder and CEO of Kribbr, and as I mentioned before, Kribbr is based in Perth, and they are creating another kind of worksite B2B technology where they're creating a mobile newsfeed to help improve employee engagements, um, and specifically on the use case of compliance, right? FI, for example, we use Slack and we use a lot of these kind of Web 2.0 or maybe Web 3.0, I don't even know what it's called now, type technologies. But a lot of those are not great solutions when there's a lot of compliance-based businesses. So see, we got Mike on the screen now. So I'm sure Mike will describe this much more eloquently than I can. And again, Mike Watson from Kriber.

Cool. So you can hear me?

So you can hear me? Yeah, yeah, we can hear you fine. Yup. And again, for anybody in the chat, just throw your chat into— or throw your questions into the chat and we'll circle back to them. So, Mike, we are not seeing the presentation yet. Can you hear me, Mike? Okay, I can see you again, Mike.

Okay, okay, let me just—

let me check my slides again.

No worries. This is— technology issues are to be expected on events like this, especially when I am in California and most of the people presenting and watching are in Australia. It's a different day. We're basically an exercise in time travel here. So, all right, Mike, so we see you good, we hear you good. I'm gonna hide myself, and why don't we get started?

Okay, great, awesome. So I'm Mike Watson. I'm the CEO and co-founder of Kriba. I spent the last decade working on construction sites around Australia and the Middle East. And just like Yammer was built for the corporate work environment and Slack was built for developers, I've built Kriba for the workforce and high-risk industries and the problems that they face. So in a high-risk industry, communicating information with the workforce is critical for keeping them safe and alive. And yet it's a complex, high-risk work environment, so there's so much noise around the information communication— communicated with the workforce. And the, the final delivery of the information to the workforce is still very manual and largely ineffective. Our solution is providing the right information targeted to the right individuals at the right time across multiple platforms and mediums with automated compliance reports, making the whole process efficient and effective. We have a web app where managers log in. They can manage their teams. They can target bulletins to groups or contractors or visitors or geo-targeted regions, like for instance, if a geo-mobi, and then they can track the engagement with every message that goes through the platform and improve their communication and receive automated compliance reports. The workforce can use our mobile app to receive and engage with that message. They can also do that through SMS and email. We're going to add communication channels continuously to always be cutting edge and other mediums. And we see voice and natural language processing as the future of workforce communication. So we'll be implementing that in the near term. We've had some great traction over the past 6 months with big names in oil and gas and construction. A client in the UK that's just signed up for a recurring annual contract. We've got some really exciting trials and pilots with big names in construction and oil and gas. We're $5 per user per month. Our unit economics are looking good, and the market is a largely untouched market by technology. That's the high-risk industries of construction, mining, and oil and gas. It's a global market. If we look at English-speaking countries only, it's about $2 billion. And if we expand into Asia and Europe, it's about 20. Then once our platform evolves into more than just communication, more of an employee engagement tool, the market expands further. Like I mentioned, largely untapped. Our biggest competition is still really the status quo manual communication methods. Some— been some investment in construction technology in the past couple of years that we've seen companies like SignOnSite doing great work around site attendance. And we do get confused with companies like Slack for communication, which is really unsuitable for a high-risk work environment. But we don't see them as competition, more of as a future integration partner. Our go-to-market strategy is inside and enterprise sales. This is our sales funnel at present, and it does represent over 150,000 potential seats or about $10 million in recurring annual revenue. Our team has a wealth of experience in construction, mining, oil and gas, risk, venture capital, software development, and startups. And we are raising money, so if you're an angel, we'd love to talk to you about our company. With the funds that we raise, we want to do a lot with our product around voice technology and artificial intelligence coaching around communication, and of course integrations, and push out sales as well to grow our user base and to grow our revenue. So if you're excited about workforce communication, do reach out to me. My details are there below. Thanks.

Great. Awesome, Mike. All right. Why don't you throw your face back up on the screen there? And yeah, just as an example, I mean, we use Slack here at the Founder Institute, but we are very far from a high-risk business, uh, you know, our use case, we send a lot of stupid, uh, memes and GIFs and things like that to each other. So, um, no, um, I think one of the— and just to comment on the pitch itself too, uh, for someone in, in the space that sees a lot of pitches, that sees a lot of deals, um, from, from startups and, um, you know, from the investor side as well, The unit economics in the presentation are excellent, right? And for those, if you are watching and if you are an entrepreneur or even if you're an investor, maybe starting, just getting started on this thing, you know, go back on the video and just check out his slide on unit economics where he breaks down literally all of the very, you know, the finite parts of the business, not only just the customer acquisition costs and the lifetime value, but also the sales cycle. Right? Because especially when you're selling to some bigger businesses, that's, that's one of the biggest risks that you can have. And it looks like you've gotten the sales cycle to a pretty decent state. Um, yeah, and yeah, so that was my first question too, is, you know, how— is there any, any trick to that? Or, um, or how, how do you think you've been able to get that sales cycle to a good, to a good size?

It's evolved, I guess. We've managed to get our message a lot clearer, um, know who to speak to within the organizations. And no, like, on our— in our pipeline, we do have some of the big elephant companies in there as well, but also targeting, you know, the deer companies where the sales cycle is shorter so we can actually get it moving faster. Um, and the industry is funny, it's a bit— it's very risk-averse. So once you get a couple of companies on board, um, the others tend to follow. which helps as well. So, it means everything kind of starts speeding up. And also the nature of our platform is that when each project you will always, or worksite, you will always have more than one company involved. So, one of our first projects was with Woodside and they had some people from Subsea 7 on the project. And then from that, just naturally, it spun out to another project with Subsea 7, which is a completely separate account. So that helps speed up that whole customer acquisition, reduce the cost and speed up.

Right, and as you said, you know, I think you phrased it really well, is that in a lot of these cases, these sort of old-school, I don't know, old-school businesses, but just a lot of the ones that still rely on paper, right, your biggest competitor is the status quo. And in those types of businesses specifically, you know, working kind of bottom-up gaining trust and getting other people is the fastest way to really change the behavior from a lot of people that are just super risk-averse, right? So I think it's really, really smart strategy. And I've definitely personally seen a lot of companies try to pursue these types of businesses to try to go top-down and, you know, invest a lot in, you know, really expensive salespeople and to flush a lot of that money down the toilet. So I think the approach you guys are taking is super smart. So we got some questions here from the audience. So let's see. So Richard just had a less of a question, more of a suggestion, but TickForce, a company in Perth dealing with compliance mining, Richard suggests that you check them out. RBH asked, did you support only text chat or can you support sort of like 3D work instructions, you know, I guess that would be much more than, you know, is it just a text-based client or is it supporting other things that, you know, kind of will fit into other risk-based realms, right? I guess is how I would interpret that question.

I think I can answer that. So at the moment, the communication that goes out, you know, is a text message. With attachments that are images. You can embed videos in there. But one of the advantages we see of using us as the platform for communication with the frontline workforce— so we're not talking about engineers and just them, it's everyone on site— but being able to push something out and then deep link through to the right application. So we do see a an integration, and we've already met with SafetyCulture to integrate with iAuditor, which is an excellent checklist application used around the world, so that you can send out the— we can send out the information associated with some incident that's happened on site with some piece of equipment, with the information about, you know, how it failed or what have you, and then link directly through to start the inspection of that person's piece of equipment. So you get all the context around what's happened, why it's really important that they go and inspect that piece, and then also start the inspection with the right form asking the right questions. So, and that's just one example, but it can go further. You could take that to any kind of application. But if you think about it in the same type of the way that Slack works with all their integrations, that's really how it works. Works.

Right. Get people into a platform that solves, you know, some of their most, you know, day-to-day needs, and then that can open up opportunities to grow the platform in the future.

Right, right.

So let's see, I saw that Richard also asked, is this just monitoring or is it for filtering as well? Does that make sense as a question?

I'm not sure. I'm not sure.

Okay.

So I guess one way of answering that, we are tracking all the information around engagement with messages. So then as a manager, you can go back and review how each communication was over the workplace, especially around time, what was the subject, subject, how much engagement, what was the feedback, were people pleased, engaged with it, reading it for a long time. All that type of information trended over time helps you engage them. We also plan to really boom with data model around that to coach people that are using our platform about when they're not using the right touchpoints. Or best practices. Not sure if that answers the question.

No, no, it does. I was— I thought maybe it was some industry jargon, to be honest. But I have a final question here too, and if anyone does have any final questions for Mike, please throw them in there. But just, you know, you mentioned on the funding that you guys are looking for? You know, obviously you've done a bunch of trials with some large companies. I saw, you know, Merck was on there and some other big ones that I recognize. And, you know, you're getting the unit economics down to a pretty good stage just from pure business perspective. What are some of the first things that you guys will look into investing as a business, you know, with some injection of funding?

We have a lot of product work to do that we think will unlock a lot of growth for us internally with our current customers that they're asking for a lot of things that they're already aligned with what we're doing. So a lot of it will be product. And then just getting out there and really going for global growth. Especially in countries that have similar occupational health and safety standards such as Australia, New Zealand, the UK, Canada, and the US. That's really our focus for the next year, basically.

And we're—

oh, sorry, sorry, integration is going to be a big thing as well, which will help our product be really sticky once we get in with an organization. They start to integrate their, their system, their ERP systems with our systems to push out notifications automatically for certain events, and really relying on us to do the tracking and compliance piece, the last mile, like, like parcel, but with a last mile digital, digital delivery of information to, to a workforce.

Cool. All right, awesome. Well, thank you, Mike.

Um, thanks.

And I think we got everybody here. Is everybody still on? If you want to put your cameras on, we can do a little Brady Bunch moment here. But that does conclude all of the companies. Awesome. We got— oh great, look at that, we got everybody involved here. So from all across Australia and from myself here in the US, I'd like to thank you all for joining again. I think All of you did a great job presenting tonight, and if you do want to contact them about their businesses for whatever reason, we're going to be sending their contact information. You will receive a video from this presentation shortly. So I hope you all have— I guess it's daytime and morning in some parts there in Australia, but thank you all for joining, and you can expect to receive an email from us soon. And any, any final thoughts from our presenters or No? It was a bad question. I didn't really provide much context. But why don't we all just say bye and then we'll go from there.

Alright. Thanks for organizing this, John.

Yeah, no problem. Thank you everybody for joining.

Thanks, John.

Thanks for watching.

Have a great day. Take care. Bye.