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BINO

100% self-service crowdsourcing platform

USA, New York
Market: Public catering, Trade, Artificial Intelligence, Mobile applications
Stage of the project: Operating business

Date of last change: 16.11.2017
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Idea

BINO - crowdsourcing platform for SMB. It allows you to measure customer experience with the help of mystery shopper visits in 100% self-service mode. It’s simple: shopper recruitment, training, scheduling, data validation and payments are fully automated. Start your project in 20 minutes and get the first report today!

Current Status

We started sales in Russia in August 2017. In October BINO has $1200 in revenue (+267% month to month), about 100 clients and 2000 shoppers. We have a strong team, product, and clear strategy. In November BINO starts in NY.

Market

Our primary target market is the companies that already use mystery shopping or merchandising audits. Its size is about $1.5B in the US and $4B globally. A secondary market is the companies that don`t know what is mystery shopping (basically small business). We plan to get 5% of the primary target US market in next 2 years and start sales in Asia & Middle East in 2018.

Problem or Opportunity

Crowdsourcing market consists of agencies and old-school services. And this is a problem because agencies are the middle layer. They are expensive, slow and finally, it's not easy to find the suitable agency. Especcially for a small company.

Solution (product or service)

BINO allows you to order instore-audits in 100% self-service mode. It’s simple: shopper recruitment, training, scheduling, data validation and payments are fully automated. Start your project in 10 minutes and get the first report tomorrow!

Competitors

We have a few groups of competitors:
A. Mystery shopping agencies (SecretShopper, Coyle, BARE). They are expensive but they deliver strong customer service.
B. Direct competitors (Field Agent, iSecretShopper, Presto InstaShops). They have self-service mode & small price per visit. But use manual labor.
C. Crowdsourcing services (Mobee, Gigwalk). They have strong mobile platforms. But don`t have a full self-service mode.

Advantages or differentiators

For each group of competitors BINO has good advantages;
A. MS agencies. BINO 2 times cheaper, you can start the project in 10 minutes, you can control all processes.
B. Direct competitors. BINO only the one has 100% self-service mode. We have automatic scheduling & quality control of the data based on AI.
C. Crowdsourcing platforms. BINO focused on mystery shopping. It means that you can use complex questionnaires, scenarios & collect audio/video files. And we have a self-service mode.

Finance

We have invested own fund in November 2016 ($200K). In February 2017 we raised $130K from Starta Accelerator (NY). Our seed is $700K and 500 of them we have already get.

Business model

BINO has two subscription plans.
A. Up to 50 visits monthly - $10 per visit;
B. Over 50 visits monthly - $6 per visit.

Money will be spent on

Product development and start sales in the US

Offer for investor

We are looking for $200.000 for 5%. We usually make out a deal via SAFE.

Lead investor

 
$ 500.000

Incubation/Acceleration programs accomplishment

February-May 2017. Starta Accelerator, New York. BINO was selected from 400 startups and finished on the 2nd place in the batch.

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation