BitLock by Mesh Motion Inc.
Founder and CEO: Mehrdad Majzoobi
Bitlock is the world’s first keyless bike lock to enable low cost peer-to-peer bike sharing among individuals and communities. Located in San Francisco, currently ran by the founder as the only employee, raised 120K seed funding from crowd-sourcing on kickstarter.com and currently finalizing the first generation prototype. Appeared on several entrepreneurial and start-up blogs and websites including TechCrunch.com, Mashable.com, CNET.com and etc).
The market that Mesh Motion is after includes sharing devices and services. The initial idea came from home lockers that could be accessed by cell phone and the owner could unlock the door and give access to their friends or visitors. However, he realized that competition in the door lock access was very high. Later on, they shifted their idea towards bicycle locks that could be a better. The bicycle lock sharing is a relatively new market.
They started a crowd fund raising through kickstarter.com and that was their first attempt to reach out their potential customers and get a lot of feedback. Through that experience, a lot people from all around the world mentioned their needs and what it would take to buy that product. Based on that initial feedback, they announced that the future product would be modified. For instance, one of the major comments was whether the lock can be accessed without an application in case the battery dies or the owner loses his cell phone. Their product is on pre-order sale for 119$ which sounds reasonable. Another pricing option for them could be given by monthly charges that the user buys the initial lock at a lower price and the access would be subscription-based at a monthly charge that lock owner can use the company’s network servers to share his lock and give access to the friends. Currently there is no retention strategy and in the future they need to take that into account.