A device to detect and stop stovetop fires.
Upon activation, it sprays environmentally friendly, non-toxic, water-based fire suppressant to extinguish a fire — even a grease fire on all four burners. At the same time, it activates an audible warning alarm, sends a z-wave signal to turn the electric or gas to the stove off and notify the owner or monitoring station of activation or even low battery.
FireBot costs $45 to manufacture; FireBot will retail for $165. There are over 100 million kitchens in the United States. If we can place a FireBot in just 1% of those kitchens, that’s one-million units sold, which equals $165 million in gross sales, and that’s just the U.S.! We hope we can provide the solution to put an end to this yearly problem.
May 15, 2015
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VIRAL Level 9: Master of your Destiny
You’re #1 or #2 in your market and on the verge of a profitable exit for investors, with multiple acquirers actively pursuing you.
What investors at this stage are likely to like about your business:
You’ve nailed the market, regularly beating competition in your industry revenues. Customers are renewing and you should be able to articulate your renewal rate. You can point to industry benchmarks and show that you’re beating those revenue benchmarks month over month. Your customer base is growing every month across multiple markets.
Customers are coming to you, not the other way around. You have numbers on inbound versus outbound leads and at this point your unit economics are extremely strong and you’re tracking toward bottom line profitability.
Your product, or suite of products, is delighting customers in multiple markets and your team has a clear product roadmap on how to continue to iterate and stay ahead in the market.
What investors at this stage are likely to ask questions about:
At this point you’re going to need a team that can navigate a successful, profitable exit. What is your exit strategy and who on your team has the expertise in M&A, IPO, etc. to navigate this process?
- Unit Economics:
You have strong unit economics in at least one market but you may not in all of your customer segments – where are you unit profitable, where are you not, and what’s your strategy to get to bottom line profitability?