I bet you have a really great bike product idea. Cleaner gear shifting, better pedals, lighter shocks, glow-in-the-dark tires, tastier supplements, smart-phone performance tracking. You watched countless Shark Tank episodes and Kickstarter videos and thought, “Hey, I can do this.”
When we launched Fortified Bicycle in 2012 we had lots of ideas, too. Like most ideas, ours were borne out of a problem. In our case the problem was bicycle gear wasn’t designed for urban cyclists. Our first bike light product came after a friend had his light stolen. Riding home that night he was hit by a driver who couldn’t see him. So we made the world’s first anti-theft bike light and it got our company off the ground.
Everyone told us not to do it, and they had genuinely good and persuasive reasons: the bicycle industry is really tough; making products in the U.S. is too expensive but if you make it overseas the Chinese will copy you; and so on. Our favorite came from an industry veteran: “How do you make a million dollars in the bike industry? Start with $10 million.”
Well, we did it anyway. And because we’re teachers at heart, we’ve shared our battle-learned lessons during guest lectures at MIT and Boston University, and in past articles. Now, we’re teaming up with Bikerumor to bring these lessons to future bike entrepreneurs in a new series. Let’s get started…