Traction Report #1

3 min

Pandemic implications

COVID-19 and its effect on society initially caused us to downsize the working force, revise the time plan, and postpone the launch of our first product. The research and development continued throughout 2020 despite the implications, which led to newly identified market opportunities and technological advancements. Our creative team managed to further the technology and scale our platform to make our launching product even more competitive.

We view the digital adjustments as an opportunity to increase operational efficiency and we will continue to strive towards building a virtual culture when the pandemic is over. A virtual workplace creates more freedom for our employees, and it also enables the company to gather competence from all over the world. Therefore, we do not only advocate for a remote lifestyle through our products but also in how we conduct business and build relationships.

Company traction

The development has steadily progressed during the pandemic, and we have acquired valuable competence from market-leading companies in electronics and wearables. Our diverse team now consists of senior product and business developers with extensive networks and experiences from various industries related to Nord A1's products, markets, and target customers.

The early-stage product claimed finalist spots in two innovation competitions during the concept development, one of which is for startups with the greatest potential to reach 30 million SEK in revenue within five years. Since then, we have advanced the technology and developed three AI watch models with proprietary movements, as well as initiated a test launch within our network that resulted in hundreds of preorders in 72 hours.

The company has engaged in cooperation with Tillväxt Helsingborg and Coompanion, and we were also accepted into the national Connect business network where we participated in a diverse competence panel and developed valuable relationships that helped to redevelop our identity and strengthen our brand significantly.

The company was recently granted government funding from Vinnova and EUIPO to initiate the development of our second hybrid generation, which will further the company’s sustainable mission in potential favor of market positioning and increased revenue.

We are also happy to announce our finalist spot in Business Challenge where we are 1 of 10 out of a total of 350 companies competing for "Startup of the Year", along with acceptance into their business development program. Furthermore, we also have an upcoming participation in Mobile Heights, with the ambition to further improve the project with the help of a specialized competence panel in the area of technology, which will help to support the company's official launch in 2022.

Board of Directors

Alongside founder and CEO Robin Schultz is recently assigned senior chairman Stefan Johansson from BizDevNet, together with recruited Kronaby co-founders Pål Borge and Sarandis Kalogeropulos, as well as senior financial expert and founder of Advicify, Anders Bergqvist.

The decision to back the project came very naturally to us with our prior industry experience and Nord A1's new thinking. The level of innovation in both product development and marketing makes this assignment very exciting and we are intrigued to see how we can improve people's lives by regulating the huge amount of digital traffic that people endure on a daily basis."

Pål Borge
Board member
Summarizing assessment

The assessment of the company's current position is consistent with the targets of minimizing risk by connecting proven producers, confirming a high volume market interest, as well as researching and testing strategies and channels. The business model is internationally scalable and the market shows continuous growth. The wearable tech market is poised to grow by $35 billion during 2020-2024, progressing at a CAGR of 13%. Hybrid smartwatches are expected to make up over 50% of smartwatch shipments by 2022, which is the equivalent of nearly 80 million hybrid smartwatches: up 460% from an estimated 14 million in 2017.

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