New technology from startup ventures is transforming the sports industry. The mission of this series will be to introduce startup companies in the sports technology space to a broader audience and allow Founders of promising new ventures to tell their story. Feel free to contact us if you know of a startup that should be considered for this series.
Company: Outside Interactive
CEO: Gary McNamee
Headquarters: Hopkinton, Massachusetts
1. What is your elevator pitch?
Outside Interactive has developed a video app called Virtual Runner which, along with interactive HD first person video, will allow treadmill runners from around the world to participate in live marquee races virtually in a whole new category that counts.
2. Problem & Solution
For Runners: Treadmill running is super boring
For Races: Our event sells out very quickly and we have no easy way to increase revenues
Virtual Runner makes treadmill running much more engaging, giving virtual runners incentive to exercise by being connected to actual live race events.
Races now have a truly global stage with an untapped and unlimited amount of participants creating whole new revenue streams, giving the race, its charities and sponsors global exposure.
3. Market – your target market and the overall market
We are beginning with the sport of running, but this technology can be applied to other sports such as cycling, rowing, walking. Our goal is to bring live race events to the world, directly into homes, through health clubs, military, rehabilitation facilities, corporate challenges, college and universities.
4. Business Model – how do you make money?
Revenue is generated in the sale of course videos, entry fees for remote participants and in video advertising of race sponsors brands. We have a revenue share model with the races for a percentage of the entry fees and sponsor ads.
5. Management Team – with titles
Gary McNamee – Founder, President, CEO
Keith Weiner – Director of Videography (Content)
Reno Stirrat – “Director of Running” (Race Event Relations)
Todd Miller – Customer Support
6. What else do you want the audience to know about your venture?
Our goal at Outside Interactive is to bring participatory marquee athletic events to a digital online global stage. Interactive race course videos that adjust to the runner’s exact pace, while also controlling fitness equipment to simulate hills will be the next best thing to being in the live race on the actual course. In the future, the possibility of a million people running, walking or crawling the Virtual Boston Marathon could become a reality.
Bonus Question: If you were to invite any CEO to dinner who would it be and why?
Thomas Edison. I have read books on Edison and am fascinated with his perseverance and diversity of inventions and thought.