Stage of your startup
When did you start
Caracas, Capital, Venezuela
Definition in 1 sentence
Vote for the decisions of your sports teams.
The sports industry worth's about $83 billions and that’s thanks to the fans: no fans, no sports. That said, every professional team has the need to increase its business revenue and improve their fan loyaly, and that is what Hyncha does. We give a voice to the “hinchas”, they vote and decide for their club.
Are you incorporated?
Gaming, Sports, Entertainment
How do customers use or interact with your product?
Mobile/Tablet (iOS), Mobile/Tablet (Android)
Product Demo Video Adress
Why do you want to attend this program?
We are looking for seed funding in order to fully develop our platform and also we are looking for mentoring
Describe the problem you are solving
- Sports fans want to take more action on the game and be listened by their teams, they want to take decisions and demonstrate how much they know about the sport/team.
- Teams need to improve the relationship with their fans, increase the size of their fandom and increase their business models.
How are your customers solving that problem today?
- Interacting on social media (comments, replies and participating in activities promoted by the team).
Target custormers - Define customers, who are they
Sports fans. Ages: 18-45 years. Income: > $35.000/year. Residence: USA
How do you plan to acquire customers?
Partnership with teams: taking leverage of their communication tools
What is your revenue model or expected revenue model?
- Subcription: pay a monthly or annual fee to become a Hyncha.
- Transactional: paying for extra challenges in order to gain points faster.
What is your target market?
- Men (90%) and women (10%)
- Ages: 18-45 years old.
- Soccer fans.
- Financial status/level: B+, B and C+.
- Residence or lived in: Colombia (Bogota, Medellin, Cali, Barranquilla) or Mexico (Mexico DF, Monterrey, Guadalajara).
- Occupancy: university students, employed workers independent workers, small and medium size company owners.
What is your total available market size
What steps have you taken to validate the market?
We have talked directly to potential users in Colombia. We interviewed soccer fans and ask them how they feel about their teams, what problems do they have, and how are they dealing with them.
The most frequent comments we received were related about the frustration they had when the team made a decision they don't like and they can't do anything about it. If the team has a good performance they are happy enough, however they feel they need something else.
Do you have competitors? Please write down the names
Seattle Sounders Alliance
Competition: write down competitors and explain
- Socios.com: It is an app where soccer fans can buy and exchange tokens from their teams, vote on polls and be rewarded.
- Team owner: you can invest in a small soccer team in Spain with 50 Euro.
- Nostragramus: sports betting platform on India.
- Seattle Sounders "Alliance". They set up a system for Fan involvement with the Alliance. It is conformed by fans who bought the season tickets and they have vote on different topic of the team like.
Who are your competitors and how are you different?
- Socios.com: platform where fans can buy tokens and vote in some club's decisions. We are different in: better subscription process (buying tokens process is confusing), better UX (easier and intuitive), we will have challenges where fans can demonstrate their knowledge and win points (higher level -> more important polls). They are app only, Hyncha will be app, web and SMS.
- Team Owner: opportunity to buy shares of a small Spanish soccer team with only 50€.
- Nostragamus: betting platform.
What progress have you made in the last six months?
1) Design Sprint: we did it within 8 days. We stressed the idea, the business model and as a final result we made the screens of the app in the Marvel app.
2) Video showing how it will work.
2) MVP progress at 40%.
3) Online market research Colombia: Online surveys of soccer fans in Bogota and Medellin to validate the idea.
4) Design of the graphic line, purchase of the website domain and social media.
5) Business plan with its respective financial details.
6) Landing page with CTA.
How many customers/users do you currently have?
0 (working on the MVP)
What is your monthly growth rate?
0, we haven't launched yet but we expect that we grow at least 10% per month in subscriptions (paying users)
- Active users: an active user votes on 50% of the polls and play 50% of the challenges available in 1 month.
- Revenue: monthly revenue for subscription payments and in-app purchases.
Sinc we haven't launched yet, the KPIs are zero to date.
How much runway do you have left(Month)?
How is equity divided?
How much money raised since start?
Target fund to raise
Other info Write bullet points (Grants, prizes, acceleration)
Add more comments
- We are building the MVP and hope to launch on May 2020 to get our first users and feedback.
- Demo link: https://marvelapp.com/a96c8fb/screen/66891547
- We could't take a picture of the team all together due to the COVID-19 situation.