Syneroid just lately raised a $500,000 spherical of funding to deliver one thing midway between microchips and canine collars to market. The corporate is discovering some fascinating slices of the market, however the deck, general, leaves just a few issues to be desired. We study extra from errors than from perfection, so I figured it’d be an important one to dive into for this week’s pitch deck teardown!
We’re in search of extra distinctive pitch decks to tear down, so if you wish to submit your personal, right here’s how you are able to do that.
Slides on this deck
All through this pitch deck teardown, you’ll see the corporate known as Syneroid and GPC Good — the corporate’s official identify is the previous, however the model they’re utilizing for the pitch deck and its merchandise is the latter. The corporate instructed me it raised this spherical at a $3.9 million valuation.
The corporate used a decent, 12-slide deck for its pitch, and no info has been redacted or omitted.
- Cowl slide
- Drawback slide
- Competitors slide
- Resolution slide
- Aggressive benefits slide
- Historical past/traction slide
- Market-size slide
- Goal markets/go-to-market slide
- Workforce slide
- Operational financials slide
- Ask slide
- Contact slide
Three issues to like
Syneroid is getting into a market that’s very simple to know: Misplaced animals are one thing that the majority of us have an expertise with in a method or one other. That’s a bonus in that you just don’t have to elucidate the market intimately. It additionally implies that the corporate is going through a wall of potential rivals whilst it’s making an attempt to achieve traction. That’s a problem, and it’s fascinating to see how Syneroid is tackling it.
Cowl the hole between the perceived and the precise
As a result of the corporate is throwing itself right into a market that’s comparatively nicely understood, its problem isn’t to elucidate what it’s doing however how it’s shifting the market ahead. The corporate’s second slide is labeled an “overview” slide, which quickly helps get an image of the general problem this explicit market phase is going through.
An investor doubtless is aware of not less than a few of this, however these bullets increase (or gently right) any preconceived notions an investor may need, smoothing the delta between their notion of the market and the realities of being in that market. This slide — whereas pretty wordy — does a extremely good job of ironing out any misunderstandings an investor could have.
Having stated that, it additionally brings up some essential questions. Misplaced pets are only one a part of the problem; stolen pets could have their collars eliminated, and animals that go astray are once in a while capable of shed their collars. Syneroid doesn’t actually tackle both situation.
Nice competitors overview
It’s fairly uncommon to see a startup put its competitor overview entrance and middle, however I believe that was a extremely shrewd transfer on this case. Once more, this isn’t a deep tech play or a market shrouded in thriller. I think that the majority would-be buyers would be capable to give you the 2 main rivals. Tackling that head-on does appear slightly defensive, however given the market, I believe it makes quite a lot of sense on this case. Right here’s how the corporate addressed it:
There are a variety of apparent rivals on this area, together with the commonest ones, current engraved metallic tags or injected microchips, which each have their very own execs and cons. There’s additionally the newest technology of GPS-enabled canine collars, akin to those from Fi, Whistle, Fitbark and others, which aren’t addressed on this aggressive panorama.
If the animal is stolen, the thief will merely discard the collar, and at that time, it doesn’t actually matter what’s on the collar.
This slide reveals an understanding of the aggressive panorama. I really like that the corporate selected to sort out this upfront. I believe it’s essential, and it’s an effective way to get out forward of the obvious pushback from buyers.
Like on the earlier slide, though its presence is encouraging, it raises some questions. I believe an NFC/QR code canine collar is fascinating, however I’m struggling to see how they’re inherently higher than customary engraved tags. The precise laser-engraved tag within the picture doesn’t price $15, as listed on the slide, however may be ordered from Amazon — totally customized — for $4, with 4 strains of textual content on both sides of the metallic tag.
Positive, you possibly can’t “replace” the knowledge, however pet house owners are in all probability capable of afford the $4 each time they transfer or change their cellphone numbers. You’ll be able to’t embrace location info, however somebody who’s prepared to catch a stray pup might be capable of textual content or name the proprietor with an tackle and particulars. Once more, if the animal is stolen, the thief will merely discard the collar altogether, and at that time, it doesn’t actually matter what’s on the collar. So far as monitoring goes, an Apple AirTag could be a superb answer for these conditions (but it surely’s as simple to throw an AirTag into the bushes as every other collar).
This slide reveals that the founders perceive the challenges with their messaging and positioning, but it surely additionally reveals that its solutions are a piece in progress.
A beast of a market
The pet market, each within the U.S. and globally, is fantastically large. Traders know that, however including a reminder can’t damage. You don’t need to seize that large of a market share to construct a really vital enterprise right here.
One of many issues buyers love greater than the rest is a large and rising market. Pet wearables undoubtedly qualify in that world, and my intestine tells me that sensible wearables (particularly GPS-type trackers) are going to be the worth driver on that entrance. There in all probability is an area for a product like GPC in there, if it is ready to play its playing cards proper and discover a good beachhead marketplace for its prospects. Pricing goes to be essential right here; this will probably be a product for individuals who need one thing fancier than an engraved tag however one thing easier (or cheaper/simpler to make use of) than a GPS tracker.
This slide reveals the general dimension of the market, which is superior, however I might have appreciated it even higher if the corporate stated one thing about what it believes its serviceable market is and the way it’ll go after these prospects.
The factor you possibly can study from this slide as a startup? Have readability in your market dimension and exhibit that it’s large and trending towards development.
In the remainder of this teardown, we’ll check out three issues Syneroid may have improved or finished in a different way, together with its full pitch deck!