It's been just over a week since Fortified Bicycle joined Techstars fall 2014 startup class. Already, the company, which creates anti-theft cycling accessories and is striving to build the perfect bike, is separating itself from the pack.
Startups apply to accelerators like Techstars in hopes of receiving mentorship from knowledgable entrepreneurs; seed funding to help get their company off the ground; and office space to operate in during the early stages. Upon graduating, they nearly always tend to seek further venture funding.
Fortified Bicycle differs from this model in that they enlisted in Techstars knowing that they wouldn't be seeking additional funding. In fact, they're already in the black.
"We do not intend to raise any money afterwards," co-founder and CEO Slava Menn told BostInno. "We're the only ones not raising money afterwards. We built our business from the beginning to generate revenue. It hasn't been easy, bootstrapping isn't easy. But it's starting to pay off."
Menn and his constituents make their money through building and selling secure bike accessories like lights and locks. Their lights, which can be viewed here, can be affixed to a bike using a custom screw that locks onto the handlebars.
Their lights were even put to the test out in the real world, though not intentionally. Menn told me a story of how one of his colleagues parked and locked his bike which, which was in view through a nearby window. He then watched as someone pulled up to the curb on their own bike and try and snatch the light in broad daylight. After fiddling with it to no avail, he up and left.
Menn is expecting the follow up lighting gear to "blow these out of the water."
Similarly, they're developing a bike lock that will replace the traditional u-lock, which Menn told me hasn't changed in some 40 years. After all, it's "clunky and cumbersome, and the bane of cyclists' existence."
As for what else is in the works, Menn understandably didn't want to get too specific. But he did hint that Fortified is considering a storage and carrying mechanism for groceries and other items that is "thoughtfully designed as compared to bike racks that have been around for 50-plus years," as well as helmets with some kind of smart technology.
Armed with a bevy of next-generation bike products and a growing revenue stream, Fortified brass is taking advantage of all Techstars has to offer. And while they're not in it for the money specifically, the relationships they're fostering are lucrative in their own right.
One of the managers, for example, is an avid cyclist himself and therefore took an immediate liking to Fortified, since becoming a great coach and friend.
"What they've done for us is force us to think really, really big," continued Menn. "We're asking questions like 'how are we going to change urban cycling?'"
Once they do, I'm sure we'll all be better off.
Image via Fortified Bicycle Facebook
