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: Watteam Ltd.
Founder(s): Ofir Gal On, Eli David and Sharon Katvan
Headquarters: Irvine, CA
1. What is your elevator pitch?
The power-meter industry is currently a highly increasing market that brings in approximately 100M USD a year.
The POWERBEAT™ is currently a one of a kind power-meter that focuses on delivering the most accurate ride info to the rider, with an emphasis on power, while maintaining a low price tag. The POWERBEAT™ uses dual sided measurement technology as opposed to most other power-meters that are available in the market.
2. Problem & Solution
Problem:
Due to the high price tag of power meters, most armature or pro unsponsored riders use heart rate monitors and speedometers to track their training activities. These methods of training are inaccurate due to the many variables that can affect a person’s heart rate (e.g. Stress, Health, Nutrition, etc..).
Most power-meters require purchasing a complete new part of for the bike, thus increasing the price of the product.
Non-environmental thinking. Most power-meters are powered by disposable batteries, increasing battery waste.
Solutions:
Manufacturing a product that is an add-on to the current bicycle, with no need of purchasing a new part for the bicycle. This method reduces the production cost, thus creating an affordable product that can be sold to both amateur and pro riders and giving them the option to train with a power-meter.
The POWERBEAT™ uses a rechargeable battery, thus reducing battery waste.
3. Market – your target market and the overall market
Being an affordable product, the POWERBEAT™ is aimed at a large market of riders, starting from the amateur rider to the top pro riders.
The POWERBEAT™ can also be used as a part of health and spinning clubs.
4. Management Team – with titles
Ofir Gal On – Co-founder and CEO
Eli David – Co-founder and COO
Sharon Katvan – Co-founder and CTO
5. What else do you want the audience to know about your venture?
We believe that power-meters are the future of fitness training and the POWERBEAT™ is currently the most affordable and accurate dual sided power-meter.