New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series.
Company name: OnTrack
Founder(s): Andrew Hong, Elvis Mitropoulos, Hisham Malik
Headquarters: New York, New York
Website: https://www.ontrack.io/
1. What is your elevator pitch?
OnTrack is a platform aiming to connect the fitness & health industry through technology. We've created an ecosystem where end users, coaches, gyms, studios, brands, and other businesses can connect with one another through technology and promote health through the process. We have a mobile app for end users to store all of their data, connect to our network of coaches, gyms, and businesses, and earn points for every health-oriented action they take which they can redeem for rewards from our partnered brands. We also have a web application for our coaches, gyms, and other enterprise clients to better manage their existing operations, use our technology to increase their business, and tap into our ecosystem of OnTrack members and brands.2. Problem & Solution
We believe that the fitness/health industry is extremely archaic and outdated in terms of how people connect with one another, whether it’s between a trainer and a client, a member and a gym, member to member, etc. We created OnTrack to serve as a platform to not only log & sync all of a user's physical activity, nutrition, and health data, but to also offer a way to connect with others in a way that's never existed before. We believe our platform will not only serve as a revolutionary way for people to better understand and be more engaged with their health, but also as a way for end users, brand, gyms, coaches and all players in the industry to support collective global health.3. Market – your target market and the overall market
We have 2 customers - the average user that will be using our mobile app, and coaches, gyms, businesses & services in our network (B2B). We believe our mobile and web app provide tremendous value to both of our customer segments, and it is the most opportune time to be entering this market with our unique solution.The number of health club memberships in the U.S. has increased from 33 million in 2000 to 55 million in 2016, gym and health club revenues are expected to reach $30 billion in revenue with a 2.8% yearly increase, and the global health and wellness industry is about to reach $1 trillion of revenue. More jobs are being created in this space than ever before, and we are riding the wave of a fitness/health trend, as now 60% of all Americans actively participate in some form of recreational sport that requires a certain level of fitness.
As more and more people are transitioning toward joining health clubs/gyms and the wearable fitness technology market is skyrocketing, OnTrack is aiming to capitalize on this market by combining all facets of this industry as consumers are deciding to become healthier.
4. Business Model – how do you make money?
We take a 10% transaction fee on all transactions made through the site, whether that’s purchasing a course, hiring a coach, etc. We also offer a paid web application for trainers, nutritionists, coaches, gyms, and other businesses on a monthly subscription basis.
We plan on opening up several other revenue models in our pipeline down the road, such as offering our user health data to partnering healthcare & insurance companies, partnering with brands to run sponsored campaigns on our platform, creating customized solutions for national gym chains and for athletics programs, and offering novel services to our users using AI to offer insights into user data.
5. Management Team – with titles
Andrew Hong (CEO) - Andrew worked for Nielsen's digital marketing division, Oracle Corporation as a Technology Consultant then moved on as an early team member of NY fin-tech startup, CoreOne Technologies, which was later acquired in 2015. Andrew has started several projects and startups along the way, some of which were successfully sold.Hisham Malik (CTO) - Hisham has worked for Bloomberg as a senior developer and went on to found his own development firm, Architect. Hisham has over 15 years of collective full-stack experience across different programming languages and technology platforms.
Elvis Mitropoulos (COO) - Elvis has extensive managerial and business development experience in the Crossfit and commercial gym sector, working with companies such as Equinox, Gold's Gym, and Crossfit 212. He is an ACSM certified personal trainer as well as a clinical physical therapist.