Start-up profile: LabCore and iShake
LabCore Ltd is “a UK based technology company specialising in customer focused solutions that redefine consumers experiences based on disruptive trends and emerging technologies.”
The company is developing iShake, an app that will disrupt the ratings industry by allowing honest transparent and traceable ratings of life experiences on a single platform, creating a powerful connection between businesses and consumers.
“Our inspiration came from the fact that it’s so hard to find an authentic review and yet so many products and services use rating platforms,” says Breige Tinnelly, co-founder and director of business development and strategy. “False reviews, slow and tedious methods of feedback, no connection with consumer, narrow scope and limited social media exposure are acute problems for businesses and consumers who do not have a complete solution across so many market segments.”
iShake was built in response to this need. It uses a combination of GPS and a patented “shake” to rate the validity of the rating – the faster a user “shakes”, the higher the rating. All ratings are traceable and transparent. A pilot was rolled out in August 2016 and is gaining traction with valuable feedback on the proof of concept and MVP.
The business model
The business model is primarily subscription-based revenue for businesses using the platform, as well as three other forms of revenue: promoted posts, cost per click, and web ads that kick in as user numbers reach scale. Before developing the product, the team canvassed opinion and built a beta product, protected IP and looked at building a team and network to help with fundraising and moving the business forward.
The team and expertise
LabCore is a team of three co-founders. In addition to Breige Tinnelly, Lee Baldry is the founder and CEO of LabCore Ltd, with a background as a creator and tech developer. Caroline McAteer, co-founder, is director of PR, as well as the CEO of The Sports PR Company. The company also has an advisory board, all with seasoned experience in bringing tech companies from start-up to launch and successful sale, as well as securing external funding. A development team of six sits in India.
LabCore has just taken office space at WeWorks Chancery Lane, having pitched for and won a place on their “mission possible” program.
LabCore achieved its SEIS family-and-friends investment round and are now on an investor roadshow to raise a seed round of £250k. They are also in discussions with investors and a crowd funding platform to help drive the next stage of growth.
The 4.5 Blog met Breige Tinnelly at TechPitch 4.5 earlier in the autumn, where she attended as an audience member. “We loved the event, both the pitches and the networking,” she said.
She was equally impressed with the judging panel and the range of talent and expertise within the audience. “There was a great spectrum of industry players on the panel and attending the event,” she said. “We look forward to our opportunity to pitch iShake at the next TechPitch 4.5.”
iShake is live and available for download now.
The TechPitch 4.5 series of pitching events take place throughout the year. TechPitch 4.5 PLAY, in collaboration with Hasbro, will take place on 22 November 2016. Get your tickets here. We are now receiving applications for TechPitch 4.5 on 31 January 2017 – apply now!