Syneroid just lately raised a $500,000 spherical of funding to deliver something halfway between microchips and dog collars to market. The corporate is discovering some fascinating slices of the market, however the deck, general, leaves just a few issues to be desired. We study extra from errors than from perfection, so I figured it’d be a terrific one to dive into for this week’s pitch deck teardown!
We’re searching for extra distinctive pitch decks to tear down, so if you wish to submit your individual, here’s how you can do that.
Slides on this deck
All through this pitch deck teardown, you’ll see the corporate known as Syneroid and GPC Sensible — the corporate’s official identify is the previous, however the model they’re utilizing for the pitch deck and its merchandise is the latter. The corporate advised me it raised this spherical at a $3.9 million valuation.
The corporate used a good, 12-slide deck for its pitch, and no info has been redacted or omitted.
- Cowl slide
- Drawback slide
- Competitors slide
- Resolution slide
- Aggressive benefits slide
- Historical past/traction slide
- Market-size slide
- Goal markets/go-to-market slide
- Group slide
- Operational financials slide
- Ask slide
- Contact slide
Three issues to like
Syneroid is getting into a market that’s very straightforward to grasp: Misplaced animals are one thing that the majority of us have an expertise with in a method or one other. That’s a bonus in that you simply don’t have to clarify the market intimately. It additionally implies that the corporate is going through a wall of potential opponents whilst it’s attempting to achieve traction. That’s a problem, and it’s fascinating to see how Syneroid is tackling it.
Cowl the hole between the perceived and the precise
As a result of the corporate is throwing itself right into a market that’s comparatively properly understood, its problem isn’t to clarify what it’s doing however how it’s shifting the market ahead. The corporate’s second slide is labeled an “overview” slide, which quickly helps get an image of the general problem this explicit market section is going through.
An investor probably is aware of no less than a few of this, however these bullets increase (or gently appropriate) any preconceived notions an investor may need, smoothing the delta between their notion of the market and the realities of being in that market. This slide — whereas pretty wordy — does a very good job of ironing out any misunderstandings an investor could have.
Having mentioned that, it additionally brings up some necessary questions. Misplaced pets are only one a part of the problem; stolen pets may have their collars eliminated, and animals that go astray are every now and then capable of shed their collars. Syneroid doesn’t actually deal with both situation.
Nice competitors overview
It’s fairly uncommon to see a startup put its competitor overview entrance and heart, however I believe that was a very shrewd transfer on this case. Once more, this isn’t a deep tech play or a market shrouded in thriller. I believe that the majority would-be buyers would be capable of give you the 2 main opponents. Tackling that head-on does appear a bit defensive, however given the market, I believe it makes quite a lot of sense on this case. Right here’s how the corporate addressed it:
There are a variety of apparent opponents on this house, together with the commonest ones, present engraved metallic tags or injected microchips, which each have their very own professionals and cons. There’s additionally the newest era of GPS-enabled canine collars, comparable to those from Fi, Whistle, Fitbark and others, which aren’t addressed on this aggressive panorama.
If the animal is stolen, the thief will merely discard the collar, and at that time, it doesn’t actually matter what’s on the collar.
This slide exhibits an understanding of the aggressive panorama. I like that the corporate selected to sort out this upfront. I believe it’s necessary, and it’s a good way to get out forward of the obvious pushback from buyers.
Like on the earlier slide, though its presence is encouraging, it raises some questions. I believe an NFC/QR code canine collar is fascinating, however I’m struggling to see how they’re inherently higher than normal engraved tags. The precise laser-engraved tag within the photograph doesn’t value $15, as listed on the slide, however can be ordered from Amazon — fully personalized — for $4, with 4 traces of textual content on both sides of the metallic tag.
Certain, you possibly can’t “replace” the knowledge, however pet homeowners are most likely capable of afford the $4 each time they transfer or change their cellphone numbers. You possibly can’t embody location info, however somebody who’s prepared to catch a stray pup might be capable of textual content or name the proprietor with an deal with and particulars. Once more, if the animal is stolen, the thief will merely discard the collar altogether, and at that time, it doesn’t actually matter what’s on the collar. So far as monitoring goes, an Apple AirTag could be a superb answer for these conditions (however it’s as straightforward to throw an AirTag into the bushes as every other collar).
This slide exhibits that the founders perceive the challenges with their messaging and positioning, however it additionally exhibits that its solutions are a piece in progress.
A beast of a market
The pet market, each within the U.S. and globally, is fantastically massive. Traders know that, however including a reminder can’t harm. You don’t need to seize that massive of a market share to construct a really important enterprise right here.
One of many issues buyers love greater than the rest is a large and rising market. Pet wearables undoubtedly qualify in that world, and my intestine tells me that sensible wearables (particularly GPS-type trackers) are going to be the worth driver on that entrance. There most likely is an area for a product like GPC in there, if it is ready to play its playing cards proper and discover a good beachhead marketplace for its clients. Pricing goes to be essential right here; this shall be a product for individuals who need one thing fancier than an engraved tag however one thing easier (or cheaper/simpler to make use of) than a GPS tracker.
This slide exhibits the general measurement of the market, which is superior, however I might have favored it even higher if the corporate mentioned one thing about what it believes its serviceable market is and the way it’s going to go after these clients.
The factor you possibly can study from this slide as a startup? Have readability in your market measurement and showcase that it’s massive and trending towards development.
In the remainder of this teardown, we’ll check out three issues Syneroid might have improved or executed in another way, together with its full pitch deck!