Startupbootcamp Demo Day – Sports & EventTech

The latest Startupbootcamp Virtual Demo Day covered startups in Sports and EventTech. Given the current pandemic lockdown and the lack of sporting events and public festivities in Melbourne (“Australia’s sporting and events capital”), the pitch night was sub-titled “The Comeback…”

As with similar startup programs running during the pandemic, it was remarkable how much the teams had achieved in the circumstances. The 10 startups that presented were as follows (website links in the names):

FlipTix

According to the founders, 30% of all fans leave events early – so they have identified an opportunity to re-purpose those empty seats. Rather than re-selling existing tickets, this platform is issuing new tickets for seats that are no longer being used. Already working with key festival promoters, the team say they are not encouraging flipping or scalping, nor are they competing with existing event ticketing outlets engaged by organisers. As well as issuing new tickets, FlipTix offers event upgrades. However, they also mentioned “pre-event” flipping services – which I assume is different to scalping? Finally, it wasn’t clear how FlipTix verifies that seats have been fully vacated – what about all-day tickets for the cricket, for example, where spectators are free to come and go (with pass-outs).

Benchvote

As sports clubs struggle to maintain connection with their fans under the limitations of lockdown, Benchvote drives engagement with team sponsors and brands to bring them closer to their fans. Essentially an SaaS campaign creation platform, Benchvote offers annual licenses and individual campaigns, and is seeking to engage with other consumer brands, not just sports and events.

Globatalent

Described as “The Sports Neobank”, Globatalent helps aspiring athletes to “sell” shares in themselves to fans and investors (in return for a proportion of their future income). The founders claim that 48% of young athletes lack sufficient funds to continue their sporting careers. With a background as talent scouts in professional tennis, the founders are familiar with the challenges faced by struggling players. While the model seems simple (essentially securitizing future winnings and sponsorship money), it raises a number of questions: do these investments represent financial securities (and all the regulation which that entails)? is it a form of modern slavery (however willing the participants)? does it lay the athletes open to risks associated with gambling such as manipulation and collusion? why wouldn’t fans invest in the clubs instead, with their talent development structures? how does it apply to professional sports such as AFL that have strict salary caps and player drafts? and is it more suited to individual rather than team sports?

Floteq

The team presented data that suggests pubs and clubs waste 9-12% of their draught beer, because of their current systems. Not only does this mean lost sales and revenue, the lack of product consistency impacts brand Integrity. The founders believe that post-COVID there will be an even greater focus on cost controls within hospitality, with the added need to reduce waste and maintain consistency. Floteq comprises an IoT device at the point of delivery and service, to track volumes, sales, quality and consistency.

Friends of Mr Ed

This is an app called “Fred” for race horse owners, to facilitate communications between stables and syndicates. Fred offers a subscription-based B2C model, with the opportunity for additional revenue streams (from sponsors and other industry participants). I’m not familiar with the racing industry, but I don’t see why owners can’t simply use existing social media (and crowdfunding platforms)?

BindiMaps

This system helps blind and vision-impaired people to navigate indoor locations, even if they have never been there before. Designed for office buildings, shopping centres, university buildings and visitor destinations, it uses Bluetooth beacons operating on a standalone system, and can be up and running within 24 hours, complete with an analytics dashboard. Although originally intended for the vision-impaired, it can of course be used by anyone.

TRENDii

In recent years, fashion has “moved from the catwalk to social media”. TRENDii is an AI-powered fashion app and browser extension that allows users to “shop at the point of inspiration”. Aimed at fashion brands, publishers and consumers, TRENDii will rely on ad-based revenue, but with the ability to offer advertisers greater audience reach and context. The founders are also exploring audience partnerships and new verticals such as homewares and furniture.

IntelliCUP

This team is the Australian licensee for the IntelliCUP system for beverage point of delivery and dispensing. Pointing to poor UX at venues and events, the founders are positioning Intellicup as an integrated order, purchase and dispensing system, and are already undertaking client trials. Revenue will come from transaction fees, hardware sales, in-app purchases, and the sale of data and analytics.

Humense

Also referencing the challenges facing professional sport during COVID19, Humense is proposing an immersive on-field viewing experience for TV spectators. It brings on-field vision from a 20 camera system offering infinite angles and volumetric imaging, all viewed via VR headsets. The founders claim that this will be the future of sports broadcasting revenues.

SportsCube

The founders state that community and local sports clubs lack funds; yet sponsors face too much red tape. SportsCube is designed to help businesses to sponsor clubs, and the team is already working with clubs and corporate sponsors. The business takes a 15% commission or success fee (which is half of traditional agencies).

Next week: Blockchain and the Limits of Trust

Stereolab at Melbourne Zoo

There was a recent newspaper article about the number of older rock stars having to cancel tour dates due to ill health, injury and just plain old age. The irony is that when most of those performers started out as professional musicians, no-one really expected their careers to last 10 or 15 years, let alone 40 or even 50 years. Now that artists increasingly rely on income from ticket sales (rather than royalties from streaming services), there could be lean times ahead for ageing rockers – and that’s before we take the effects of COVID-19 into account. Thankfully, Stereolab were able to play at Melbourne Zoo last week, before cancelling the rest of their Asia Pacific concerts due to the virus. Of course, by comparison to much of rock’s gnarly royalty, they are mere babes, having “only” formed in 1990. And although they have not released any new material for 10 years, during which time the band has been on hiatus, Stereolab have an extensive back catalogue to draw upon now they have started touring again.

Alongside contemporaries Saint Etienne, Stereolab were part of a reaction against late-80s grunge and acid house, and between them they ushered in a return to more interesting melodic and harmonic structures, vintage/retro sounds and complex textures, all informed by an aesthetic that embraces electronica, exotica, soundtracks, bossa nova and dub effects. In fact, both bands have collaborated with similar post-rock artists on each side of the Atlantic such as Jim O’Rourke, Tortoise, Mouse on Mars and To Rococo Rot, not to mention The High Llamas’ Sean O’Hagan. (Both bands also have extensive back catalogues, with frequent non-album, one-off, limited and rare 7″ singles scattered throughout their discographies.)

By going back on the road after such a long break (and with no new material to promote), there was a risk that Stereolab might simply be going through the motions – even coming across as their own tribute act at best, a self-parody at worst. Thankfully, despite the familiarity of the songs, the band managed to keep everything sounding fresh, energetic and full of enthusiasm. And despite maintaining that original aesthetic, Stereolab have enough variety to remain interesting and avoid sounding samey – which has no doubt helped with their own longevity, unlike many contemporary artists who will likely be forgotten quicker than a Crazy Frog ringtone.

Next week: Margaret Tan and Dragon Ladies Don’t Weep