GREENCRYPT0

Austin Igein, seeking $1,000,000 for 20% of Beach Box

Austin Igein, seeking $1,000,000 for 20% of Beach Box

task

YUP icon 5000 PITCH icon 2500.0


How are rewards distributed? Learn more

7

Upvotes
Remaining

Show comments I upvoted

Austin Igein, seeking $1,000,000 for 20% of Beach Box

Rewards

No YUP/tokens awarded

Sup, Crowdholders.  I thought I'd take a few minutes to share with you the most recent pitch to go live over at Pitch Investors Live - featuring Austin Igein seeking $1,000,000 for 20% of Beach Box, pitching the "Millionaire Maker", Loral Langemeier.  

Feel free to give it a watch HERE and share your thoughts as to whether, or not, you think this might make for a great investment opportunity.  And/or whether this might be a service you might make use of in the comments below...

Here's the pitch summary:

"Have you ever been worried about your personal belongings being stolen at the beach. You put your belongings under a towel, in a beach bag, or someone has to be the one to stay back and watch your belongings. Imagine if you didn't have to worry -- imagine if there was a way to store your belongings and give you peace of mind while you are enjoying fun in the sun. That is why we created Beach Box. Beach Box is a free standing safe designed to keep your belongings safe while on the beach. It uses gps technology and tracking to safegaurd against theft. The box has a charging port for phones and also plays music."

If you're not yet familiar with Pitch Investors Live it's essentially Shark Tank, online, with cryptocurrency elements (being built upon Ethereum). A platform that enables entrepreneurs and startups to pitch investors such as Shark Tank's, Kevin Harrington, in search of funding.  And in way of an update following my last task here at Crowdholding, while the previously announced beta-testing has been delayed, the team are currently working hand-in-hand with Connext Network to roll-out the blockchain elements (hopefully more news soon on that front).  And have introduced a "digital co-working space" for entrepreneurs in the form of a collaboration wall over on the app - feel free to take a look HERE.    


Disclaimer: This task was posted by our Users. If you also want to post tasks, create a Contributor project here and use your YUP!
Crowdholding is not responsible for the quality and content of the contributor tasks




15 COMMENTS 110 VOTES

Most recent Most verbose

Thanks for the update. Great info thank you for share with us! Also, I must share with my friends this info.

Best 12 Volt Battery Charger

  Best motherboard for ryzen 7 3700x,

1 day ago

It is good idea to place free beach box so people can secure their items and feel free to do activities on beach. I think this project should be place worldwide as there are so many beaches which are extremely busy and people need to place their items. The only set back im seeing here that how much space is required for beach box to be  placed on beaches and in how many numbers? As we all know that thousands of people go to beaches.

2 days ago

The idea is great, it made me smile, but the name is too classic, you guys have to come up with something more unique that is for sure...

 

4 days ago

This comment is not available, it has been removed for violating the code of conduct

5 days ago

This comment is not available, it has been removed for violating the code of conduct

1 week ago

I like the concept of Beach box.If I were an investor, I could not pass this investment opportunity.This is the best outdoor tool i find so far so useful.

1 week ago

Ngene Obinna expert

Wow, this is really a nice and helpful idea. Keeping your item safe while on the beach is something that most people will really appreciate because one will not have to be worried about items he/she brought to the beach thereby relaxing completely and have fun at the beach. 

The price is on a high side, for me, I will say that the price should be made very cheap so as to attract people to it and then it may increase slightly, by then people would have known the importance of it and will be willing to spend high 

1 week ago

This comment is not available, it has been removed for violating the code of conduct

1 week ago

Picxy Joe guru

This is a nice concept, especially with its GPS feature, one doesn’t need to worry anymore about safety of item in the beach anymore. I don't have problem with tech innovations or launching new product, what i would say on this is about the pricing. I don't know if you guys have look at the cost of alternate products like the beach box, my point is despite of offering additional value, it should not be too far from the alternate product, cos that might be a turn-off. So, there should be a way you benchmark your price based on what your target customer can afford, commensurate to the value added.

1 week ago

Crypto Dog to the Rescue new user

Keep Up The Grind!!!

I have seen a similar product on Shark Tank. No offense, but it sounds like an upgraded knockoff of that one, and much more expensive. Valuation is $5 Million... I did not see the product and I did not hear of any sales to date (not enough info). Personally,  I would not use or invest in this product as a consumer as it is $10 an hour to use.... a lot of $$ if a good return rate is expected too. The Shark Tank product was picked up by one of the Sharks and hotels, events and resorts were targeted.

Scalability is obviously my issue due to the reasons above.

If there were any sales to date, I could have a better opinion as whether it is investable or not.

I would not use as I feel it is not much of an problem and competition is already out there and have the marketing and sales data to scale.  

2 weeks ago

Karen M guru

I like the concept of Beach box. Howo, like those before me saidi, it is a bit pricy. There is a similar product on the market but without the GPS. A cable is used to secure the box to a fixed object. I'd a phone is inside a locked box and gets stolen, wouldn't the phones GPS track it?

A Google search shows other products with the same name although they are different products. Therefore, a name change may be needed to be sure the customer finds this product.

I would not invest for the reasons listed above.

2 weeks ago

De Gem guru

Cryptocurrency enthusiast, avid reader, rapper and SDG advocate.

In my estimation, people do stay at home for long hours so this is going to get expensive considering charges are going to start from $10. I don't think a lot of people are going to fork out $40 for 4 hours spent at the beach every time. Maybe once, that's fine. But every time? No, I don't think so. My opinion is limited though because Austin says Beach Box is going to be US-based. I don't live in the US and I don't know how events pan out at beaches over there, so I'm not ruling that out completely. That stated I do believe a lot of things must be considered for beach Box to really take off.

First of all, I think Beach Box will take a while before gaining much popularity with its future patronizers because we're in the middle of a pandemic and not many people are going to the beach or will want to go. Then there's the situation of people paying for their items/things to be kept safe for the entire duration they spend at the beach. Prices are even lower with this option (anywhere from $10-$20 I think). Furthermore, as Kim suggested, others will simply want to keep their things in their car, etc. Finally, I'll hammer on the price again. I believe it can be made competitive compared to the original.

If I were an investor, I'd have passed this investment opportunity for now. After a careful review from Austin, I would reconsider my decision.

2 weeks ago

I have seen new researches go on and on with good ideas and project. I see this as one of them also. 

You shouldn't be a lot too worry about your belongings as long as you have owned them and taking them out on you to the beach shouldn't be the greatest problem. I see this as a good project

 

2 weeks ago

yue shina new user

The idea and praticality the beach box would bring is fanastic. Going to the beach and not having to worry about ones belongings. ALso have 2k insurance is very good. Only concern is the price. I understand the gps, tech and all that is great and enchances the security but for someone like me who is just a normal person the costs would be way to high. This is more for the rich with those costs but none the less great thing to produce.

2 weeks ago

Kim R senior

This is an interesting pitch  I wish I could have seen more info on the actual product itself so I could more fully understand the concept including product size, weight, storage capacity, etc.  I's also like to have seem more financial information and too better understand the target market.  Based on the pitch,   I woul  agree the revenue model based on rental seems to be a good choice for this product. 

After seeing the pitch,  I am having concerns about the high cost to consumers and understanding the size of your target market.

The presentation said cost to consumer was planned at : $1 Unlock fee Plus a charge of $7-$10 per hour. I'd estimate a beach trip where someone goes in the water usually lasts 3 - 8 hours.  This means a customer would spend 

Between

$22 and $31 for 3 hours

$29 and $41 for 4 hours

$43 and $61 for 6 hours

$57 and  $81 for 8 hours

In my mind, this customer cost seems way too high to be desirable for the average beach goer. I feel like before paying this price, most people would chose an alternative option.  Alternatives that come to mind inlude  storing your stuff in a car, storing it in a traditional locker somewhere nearby, Paying someone's little brother $20 to watch the stuff, or just not bringing anything valuable that can't be readily replaced with you to the beach.

To make a profit, you would need many boxes with high utilization rate in order to cover the costs.  This is due to the high price point for manufacturing each box (Starting at $3500) AND cost of wages to the rental staff and ongoing maintenance and storage for the product.

I believe the product would not make sense for most consumers at the proposed cost. It would mostly appeal to a small niche of very wealthy people and technology enthusiasts.  This makes me question the expected profitability of this business model and I would need to review  more detailed financial and business projections to understand the expected value and profitability of this product.  Based on the high cost, I probably would not personally  use this product..

3 weeks ago