Wouldn’t it be amazing if every access-controlled device we owned was automated? What if your only role in securitizing the world around you required your proximity to unlock? No more remembering passwords, taking off your sunglasses to be recognized, or needing to have the right key for the occasion. This reality is currently being implemented by Everykey. How many times do you walk away from your desk with your computer unlocked? Probably more than you can remember. Aside from the obvious security issue, your computer goes to sleep and then you have the hassle of unlocking everything again. Everykey solves all these problems. Implementing Bluetooth technology, Everykey senses your proximity to the device. When you walk away, the device is locked automatically. When you return, the device is unlocked. As the world’s first universal, wireless smart key that unlocks your phone, computer, or tablet automatically, Everykey automatically logs you into your online accounts when you are in the vicinity. When you leave the set parameter, Everykey automatically locks your devices, so you never have to worry about leaving them unattended. Soon, Everykey will function with the capability to automate the locking and unlocking of the doors to your home, as well as your car doors.
A college project became a business.
With funding from two college friends and some family, a product was created for a receptive market. Now you’ve graduated college, the idea is good, but you’re not sure how to penetrate the market, set finances in place, set reporting in place, along with all other essential aspects of business. However, you’re excited. You get the opportunity to present this product to a set of investors. Several potential investors are in the audience, and they recognize the market opportunity for your product and additional funding is now available. The deal is closed, and the company is underway. What comes next is arguably the most difficult part; build a team, prioritize, implement the product development roadmap to match the market need, set up financial reporting, establish a board of advisors, marketing, sales, manufacturing, shipping, and customer support. With results achieved, Everykey has grown enough to warrant a Series A financing round at 2-3 times the value of the seed round. This valuation bump is typical of early rounds before valuation multiples accelerate, the sales velocity increases, and multiple channels of revenue mature.
Building a business touches many disciplines.
Persistence drives sales to increase. Government and other large contracts get finalized and the business is growing. Technical issues are resolved to enhance product performance and applicability, new features are added, and it is not a surprise that customers love their Everykey even more. With all this growth and exposure come more organic inbound business opportunities as opposed to the struggle of having to outreach. How nice! Planning the next stage of growth, series A funding, and the use of proceeds.
Outside advice adds to what you know.
The advisory role augments the entrepreneur’s vision. Seeking advice and appreciating feedback from an experienced source requires a level of humility that is not always found in the entrepreneurial spirit. If the relationship works through mutual respect and appreciation, the collaboration guides the entrepreneur on the most efficient road to success.
Want to know more about the secret sauce? Get in touch.
If you want to talk about Everykey, my involvement with start-ups, or you would like to discuss your opportunity, reach out.