Green Bikes of Lowell
Class: 2013 Winter Accelerator
A bicycle share program in Lowell, green and fun transportation. Along with a supporting web application to make bike sharing fun, unique, and affordable. The goal is to have bicycles around Lowell in Spring of 2013!!
GreenBikes of Lowell is now a reality. We have created the realtionships that need to happen, we have started negotiating contracts, we ae raising the funds to bring the bikes live in the summer! All the ducks are in row!! Could not be this far without the Accelerator! Learning from my fellow entrepreneur's, the workshops, the resources provided by the Sandbox, even the Leadership Institute, (even being featured at last month's Innovator Mixer!) but most of all the Mentor's!! From my dedicated 3 mentors who are in-valuable, to other's mentors who donated their time and even mentor's who felt like going the extra mile! The program was fun, insightful, helpful, but most of all accelerating!! Look for the bikes in the summer, check out GreenBikesofLowell.com to be part of the process and get all the updates! LOWELL THE BIKES ARE COMING!!!
2/13 – 2/18
Started making a case for breakdown of annual subscribers vs casual users.
Met an employee of Hubway and he is giving me great advice on how many employees I need, roughly how much maintance will be involved.
Operating costs include maintenance, distribution, staff, insurance, storage facilities, website hosting and maintenance, and office space (if necessary).
New York City’s analysis of several systems concludes an average operating cost
of about $1,600 per bicycle, we’re actually able to decrease this number significantly by new innovations in bike-sharing, through incentives to the riders, and by doing routine maintenance check-ups via bicycle.
Met with another Mentor though the program, George Rose, and he helped me so much with my Profit-and-Loss statement to the point where I now know that Green Bikes of Lowell is feasible and can be sustainable, I do have to have more subscriptions than originally assumed, but through guerilla marketing with a few bikers going around town on commission will allow us to get the required amount of customers to stay sustainable.
As the price of fuel rises, traffic congestion worsens, populations grow, and a greater world-wide consciousness arises around climate change, it will be necessary to find new modes of transport and better adapt existing modes to move people in more environmentally sound, efficient, and economically feasible ways.
Green Bikes of Lowell fits the needs of the 21st century.
2/5 – 2/12
Met with David Parker as a Mentor, David and I have had many conversations before but did not get to speak in great detail, so this was very helpful. We ended agreeing that my strategy for funding is appropriate and I should start going out there and asking for loans now! So I took his advice and started working hard on my Pitch Deck, but for specific people and businesses I have already spoken to but will now have more detailed questions to ask and a quality pitch because of feedback from the Mentors.
Met with my 3 mentors as a group. Was incredibly insightful, we spoke about
What are the deal breakers?
-true cost of operations
Does pricing model allow profitability?
Push the survey out. GB needs market justification.
10 p slide deck (financials, project plan, timeline) to present to potential investors.
01/22 – 01/29
January 22 Great article in the paper :)
Because of the Lowell Sun article, the Dracut Rotary club reached out to me, and asked me to speak at one of their lunches!!
The CrowdFunding event was very interesting at Mass Innovation.
I am now confident I can do a successful CrowdFunding campaign. At the event, I asked the Founding Team from USpin how they met, and the Founder had put an ad on Craigslist!!! HAHAHA I loved that, it made me confident that my founding team is also out there ready and excited to come work at Green Bikes of Lowell!
Met with Joe, my Mentor and figured out how many employees I need, and the hours they will work, which is a huge step forward to figuring out my cashflow.
Met with Kamal and started discussing key Partnerships!
Started making “customized” decks for each vendor that I will visit to show them how their logo will appear on the bike.
Developing a budget/cash flow plan. I do think it will be easier to construct now that I have some more concrete pricing and advertising models to depict as milestones within the budget from my Mentors feedback.
01/28 – Reached out to MassBike, and will get Bicycle Safety brochures in multiple languages, including Khmer and Arabic!
Also, was on my very first panel tonight talking about GreenBikes! At UML as part of their DIfferenceMaker Program, it was one of their Kick-Off events. It was the first time in Alumni Hall as an Alumni, really nice feeling. And then Professor Steve Tello asked me to speak again on Tuesday the folowing day on their other panel which was an ever bigger audience. And they asked me to do my pitch! So that was fun! Pitching to UML students about Green Bikes, and I had finished the website the day before, and they had it up on the projector screen behind me during my pitch, really great stuff!!