New technology from startup ventures is transforming the sports industry. The mission of this series is to introduce startup companies in the sports technology space to a broader audience and allow Founders of promising new ventures to tell their story. This particular startup took part in the Hype Global Sport Innovation Competition In Rio De Janeiro on August 24th, 2016.
Company name: Hyfit
Founder(s): Guy Bar, Ali Erciyas
Headquarters: Tel Aviv
1. What’s your elevator pitch?
Hyfit is the first wearable gym. It’s not just a suspension training tool—it also trains you and tracks your workout. It is designed to make it easy for everyone to train anywhere and anytime, as individuals or in professional groups. A revolutionary, portable, and easy-to- use product that can be personally customized. The “Internet Of Things” changed the world, and now it’s changing the world of fitness too.
2. Problem & Solution
About 33% of the global population do not train, but they wish to. Forty-five percent of the global population do not train because of the lack of time or just pure laziness.
More than 85% of those who train do so for health, weight loss, and fitness. The increase in obesity and health care awareness has led to constant growth in the market, and the world keeps looking for real training solutions for individuals and governments. Hyfit is the all-in-one solution that becomes part of you!
Hyfit is affordable for everyone and anyone. Since it tracks and guides users through workouts, it ultimately also plays a role as a motivator.
As a wearable product, people can carry it along in their daily walk and upgrade their standard habits. Walking with Hyfit is an upgrade to their standard habits, and walking is the most popular sport activity in the world! Twenty to 30 percent of people walk daily for exercise worldwide.
Hyfit also has a role in the anti-aging market (worth $679 billion, while the fitness market is worth $390 billion) since it is the easiest, most intuitive, most loveable, and most effective suspension training solution.
3. Market – your target market and the overall market
– The global strength training equipment market was valued at over $4 billion in 2015, with a 3.5% CAGR estimated from 2016 to 2023.
– The U.S. market that purchased exercise equipment for home use was valued at $77.4 million in 2016.
-The market for fitness trackers nearly doubled in 2015, going to $1.46 billion in sales from $692 million in 2014.
4. Business Model: How do you make money?
The company will generate revenue by selling Hyfit products and programs for individuals and institutions. The business model is based on (i) distribution through distributors and (ii) e-commerce.
1. Distribution
Under the distribution model, Hyfit will sell its products to sports equipment distributors in the target countries, which will be responsible for all marketing and distribution expenditures in their region.
2. E-Commerce
Under the e-commerce model, Hyfit will sell its products through its own website, Amazon, eBay, AliExpress, and other major e-commerce sites.