Carlos M. Menendez
Fort Lauderdale, FL (USA)
Role(s):
Founder/Owner/Principal
Recon Paddleboards
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Startup
Location:
Fort Lauderdale
Industry:
Sports/Recreation
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
Limited Liability Company
Description:
Stand Up Paddleboaring (SUP) is a healthy and growing market (19% cagr in the last 10 years). Recon is a unique patented board (USPTO # 8,672,719) that has features and functionalities never offered before in a SUP. It has a built-in stereo system, all around illumination at flotation device, 3 waterproof compartments, ability to haul cargo, and a detachable fishing pole holder.
The Recon board can equally provide a thrilling adventure, relaxation, a great workout, or simply a pleasant gathering with family and/or friends. No other board in the market offers such versatility.
Recon is ready for full scale manufacturing once the financing is secured. The project requires an investment of $2 million. It will be the first and only round of financing needed and the Recon’s Internal Rate of Return is 41%. About 75% of the funds will go to manufacture the products and marketing, 10% will go to infrastructure and personnel, 7% to e-commerce and working capital, and 5% to G&A.
Recon innovations are “game changers” in the same fashion Apple’s iPhone changed the mobile telephony industry. Once Recon is launched, the market will no longer be happy with “me too” boards.