Henry Woods
GLOUCESTER, MA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)
Bluechip Technologies-US Inc.
Find More Startups
Startup
Location:
Gloucester
Industry:
Technology/Web
Year Founded:
2016
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
Limited Liability Company
Description:
We develop and sell a technology solution that helps ensure the safety of people who work alone.
Our target market faces a significant problem - workers being threatened or attacked on a regular basis, and employers who have a legal duty to protect them.
Our technology was designed in the UK and continues today as the leading product in that market.
After we sold the UK company, the original founders kept the rights to the US market and we are now building a customer base in the US.
In the UK, this market has grown to $20m/year; we think that can be exceeded many times in the US.
Working on a very small budget we have added some top-notch US customers, in Healthcare and Social services, both private and at County and City level. We use an annual subscription model, we have recurring revenues of $150k and we have a retention rate of c. 90%.
The system consists of a smartphone app that communicates with a server, and keeps track of users as they work. If they do not check out as expected the server starts an escalation procedure that can result in dispatch of emergency services. The app also includes a Panic button facility.
We are a small company, but we have excellent technology, and a captive customer base. And, uniquely, we have years of experience of building and exiting the same market-place in the UK.
Our US ambition is to use our B2B model to grow our user-base to some tens pf thousands of users and then achieve an exit to an acquiror interested in technology-based recurring revenue.