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After sitting under a drinking fountain to charge his phone at a conference because it was the location of the only available outlet, Kyle Hagge had the idea to create something that would ensure he'd never again have to repeat such a task.
Hagge eventually co-founded Joy Boost LLC, a Milwaukee startup that invented an adhesive battery that can keep a phone charged for hours beyond when it would normally die.
But if you're eager to get your hands on one — because we've all been in similar situations — it might not be as easy as buying one to have on hand.
Joy Boost's go-to-market strategy is to sell large quantities of the product to other businesses, such as music festival operators, bars or mobile app companies like Twitch or Uber that lose out when users have a dead phone battery.
The idea is that those businesses could profit by selling the battery packs and in turn, Joy Boost could benefit from larger purchase orders, said Forest Richter, who now serves as the CEO of Joy Boost. The model also wouldn't rely on user behavior.
"Eighty-five percent of people experience some anxiety about battery life," Richter said. "This is a product (where) it's just there. You need battery right now and you don't have it, you can buy it. ...I think of it as a reactive product."
Richter began as an adviser for Joy Boost in summer 2020, although his main focus at the time was his own startup, venture capital fundraising platform Uncrowd Inc. He took over as Joy Boost's interim CEO around February 2021 when Hagge left Joy Boost for a dream job at New York-based online media company Morning Brew.
After Uncrowd was acquired in a six-figure deal in June, Richter decided to stay on as Joy Boost's permanent CEO.
Joy Boost plans to begin selling its product this spring, Richter said. The battery packs are manufactured in China and like many products, progress has been slowed by supply-chain issues. Once the product is ready, the company's focus will be sales and then raising money to grow, Richter said.
"Building infrastructure was built before a time that we had all of this mobile technology," Richter said. "I genuinely think something like our product is going to become ubiquitous. ...The way that we think about charging is fundamentally going to change in the next decade as battery technology evolves."
Company name: Joy Boost LLC
Headquarters: Milwaukee
Year founded: 2020
CEO: Forest Richter
No. of employees: 4
Website: joyboost.co
The product: A wireless charging solution for cell phones. Joy Boost is going to market with an adhesive lithium-ion battery pack that will allow a phone to function for 24 hours. The product has a provisional patent, Richter said. The initial version is designed for one-time use but the company is planning a rechargeable version, too.
How it makes money: Joy Boost plans to generate revenue from sales to other companies. It's targeting customers that would sell the devices for use at events such as music festivals and conferences; for retail in locations like airports and bars; and for use in off-grid situations such as during weather emergencies or for camping. Customers could also include mobile app companies that would subsidize the cost for other distributors.
Size of the market: Joy Boost estimates its initial target market is valued at $6.7 billion, including the events, retail and off-grid applications.
Competition: Portable power banks, Mophie juice packs, Apple's MagSafe products
Competitive advantage: Joy Boost would be "on-demand," meaning users wouldn't have to carry it with them because it would be sold to them when they need it, Richter said. Joy Boost's product also has a streamlined design and it works with any mobile phone that has wireless charging capabilities, regardless of brand.
Technology it could disrupt: Charging infrastructure, Richter said.
Key leaders: CEO Forest Richter, technical co-founder Marcelis Muriel, operations director Herman Feller, business development director Jake Krueger
Investors: One angel investor in New York
Capital raised: Joy Boost declined to disclose the amount of angel investment it received.
Capital sought: The company plans to seek additional funding after the product is on the market.
Ideal exit: A $30 million to $100 million acquisition from a company such as Utah-based mobile phone accessory retailer Zagg Inc., which has acquired comparable companies — including Joy Boost competitor Mophie — within that price range, Richter said.
