New technology from startup ventures is transforming the sports industry. The mission of this series is to introduce startup companies in the sports technology space to a broader audience and allow Founders of promising new ventures to tell their story. This particular startup took part in the Hype Global Sport Innovation Competition In Rio De Janeiro on August 24th, 2016.
Company name: Statbeat
Founder(s): Fast Monkeys
Headquarters: Kamppi, Helsinki
1. What is your elevator pitch?
Statbeat is a sports cloud that connects tournaments, leagues, teams, players, friends and fans. All statistics from Statbeat tournaments and leagues are stored in player profiles and team profiles. Statbeat offers a next level social tournament experience.
2. Problem & Solution
Organizing and managing a tournament is not quick and easy enough. On average, it takes about two hours per attending team. It also can be extremely hectic with updating results and progression when the tournament is on, especially when the job is done by volunteers and parents.
Statbeat automates tournament and league routines. With Statbeat, the two-hour average can be dropped down to 15 minutes per team. In addition, if the organizer wants to, results and statistics can be entered live on mobile by referees, team managers or officials.
3. Market – your target market and the overall market
We have estimated that there are over 100 000 tournaments and leagues a year in the world. All of them can be organised with Statbeat by self-service. Nine sports and all currencies and time zones are available at the moment.
Statbeat targets grassroots team sports tournaments and leagues. It is about 80% of the overall tournament and league software market – a 40B$ market. Overall spending in sports advertising in the world is close to 100B$ a year.
4. Business Model – how do you make money?
We sell our product to organizers. The first tournament or league is for free, and after that the cost is 9,90$ per attending team.
We also sell digital ads that are placed in tournament pages, match pages, player profiles and team profiles – such locations that are exposed to a highly fragmented target group of sports goods consumers. Organizers get a commission of ad sales.
5. Management Team – with titles
Sami Verkkoperä, CEO
Eero Vehmanen, CTO
6. What else do you want the audience to know about your venture?
Statbeat dreams of offering a real-life fantasy sports game in all grassroots tournaments and leagues.