What they do: GoLock Technology creates locks to secure outdoor equipment- such as bikes - from theft.
How they do it: Their first product, the goLock Venture, is an electric cabled locking system with GSM and Bluetooth that sets off an alarm if tampered with. It can also send word to the owner’s smartphone via an app.
Who they are: Steve Jones founded goLock in the summer of 2014.
Bootstrapped or investors: Jones self-funded goLock Technology in the beginning, but the startup has had investors for about two months and are on the lookout for more. They began a Kickstarter to fund the goLock Venure, but Jones said they aren’t optimistic about reaching their goal of $80,000 in time. At time of print, they had reached nearly $3,000.
The competitive edge: The alarm component of the goLock Venture is unique on the market. “I think it’s letting people know that something’s been compromised and warning people in the area that someone may be messing with the gear,” Jones said. "No other lock that we know of does that.” The product is expected to roll out in September 2016.
The biggest challenge: “The challenge is to make sure the lock works every time,” Jones said. “We think we’ve worked those components out. We’re getting good results. It’s a new way of looking at a locking system. It’s reframing the way people look at locking a bicycle or a tire.”