Coinlock — Coinlock is a smart portable lock designed for bicycles, skis, strollers, etc. If coin lock detects 3 seconds of unnatural movement, the alarm will go off scaring the thief as well as sending a notification towards the owner. Coinlock is not only small and light but also provides an easy user experience through smartphone connection helping users to achieve another level of security.
Coin inc. pioneers technology that provides security through smartphone connection and IOT solutions. Coin lock is our first product which is a smart portable lock designed for bicycles, skis, strollers, etc. Have you ever had an experience when you needed to pack everything up just to go to the bathroom? I've always had problems securing bikes in such cases as grabbing a coffee, food, or using the restroom. Conventional locks could not be used because they are too bulky and heavy during my rides and I always got paranoid when I had to leave belongings away even just for a quick moment.
Coin lock is not only small and light but also provides an easy user experience through smartphone connection helping users to achieve another level of security. If coin lock detects 3 seconds of unnatural movement the alarm will go off scaring the thief as well as sending a notification towards the owner. We have been interacting especially with our first round of users (cyclists) to design a product that they desperately demand and many of them were willing to purchase our product once it is available in the market.
We wanted to re-define security with Coin lock. In the current market, there have been infinite efforts to make locks unbreakable. While material strength means ultimate security just like kryptonite locks, things still get stolen. While the technology to make locks gets stronger, thieves also get smarter. We realized that most common problem with theft situation is that while belongings get stolen, owners are not aware of the situation and often times it is too late. By coin lock’s connectivity, it may not have the strongest material, but it’s smart feature will buy enough time for owners to react. Ultimately knowing how to react when the lock is being tempered, Coin lock also secures user’s mindset.
- up to 3 seconds to detect movement
- Bluetooth V2.1 Range up to 100 meters
- Internal Alarm + Beeping Light
- 6 - 9 month battery life with USB charge
When coin lock detects an unusual movement, alarm will ring on both the lock and on the phone with popup screen. This enables users to react immediately.
Alarm can be switched on and off to make maximum alert towards suspected theifs. Or just have fun with the sound.
Theft / Crime Heatmap
To have right insights and understanding around your surroundings, theft/ crime heat map will be shown to help users with their decisions.
The app also features a community platform in which users can share oppinions and share informations.
R&D and Business Plan
Bringing design studies into the real market, we needed to come up with specific and detailed business plans. Through periods of 4 months, we studied our users, specific markets, competitors, financial, materials, and many more factors that impact our success. The process was full of explorations and fun which included Tour of Rhode Island and Rapha Design Forum.
We wanted to make the perfect bike lock for avid cyclists. We started by comparing different types of bike locks in the market. Looking at the market trend, there was an emerging demand for smart bike locks and light bike locks. Therefore, we plotted excisting types of bike locks in a xy chart. During our research, we noticed that there was an opportunity for a lock which is smart and light.
Realizing the opportunity of coin lock, we continued developing our idea. We have studied iterations after iterations including our trip to Loft.llc, an industrial design and engineering firm located in Providence, to consult out product. After laying out material, production, and shipping cost, we produced 5 year Financial Plan which best estimates our business. All the process included weekly presentations which was reviewed by different students, professors, professionals.
As a first step, In order to gain insights to generate opportunities, we set out to study all competing products and made four way chart according to our direction. After examining key features of Smart-Analog, Heavy-Light, we were able to find a "blue ocean" where there was an opportunity for smart and light locks.
Series of different surveys were conducted throughout this project reaching out up to 243 people. The main focus for this survey was to view user behaviors and the value aspects to design Coinlock.
- Portability effects the use of lock
- More than 30% of avid cyclists own bikes worth more than 8,000 dollors but also about 30% of the total cycling population had experienced bike theft
- Due to the lack of portability of conventional locks, more than 50% of cyclists do not use locks
To the beginning to the end, it was all about the interaction with our primary users. With our strong connection with both local and international cycling community connections, we were able to gather valuable informations and stories which became good foundations for our product insights. By close interaction with our users, we were able to find out problems that they do not recognize and design a product that they desperately need.
*People we reached out include
Sun Ho Park (Former Olympic Cyclist+Asian Games Medalist)
Jules Googly (Professional Cyclist)
Along with our interaction with primary users. In order to make this product to be produced, we had to go through iterations after iterations of material studies. We had to search right materials for our cables which had to be strong enough to hold 10 seconds of cutting time with a bolt cutter. Trying out different way of using the lock was a constant struggle as we had to compensate with price and size. We also visited Loft llc, a local industrial design and engineering firm based in Providence, to get our project reviewed by professionals which really effected our outcome.
*click arrows to see the slide
“I always leave my bike where I can see clearly”
Jules Googly - Professional Cyclist
Problem - I have a bike that is over $10,000 and I can’t use traditional bike locks because locks themselves are heavier than my bike and they are too bulky.
Context Scenario - A lock that is very small and light which can be fitted inside his pockets will help him to concentrate on his daily trainings.
“I will have to leave my bike unattended once a while and I get paranoid”
Alec Babala - Amateur Cyclist
Problem - I love consuming food when I go on rides but I always find myself being paranoid whenever I have to leave my bike behind whenever I have to grab food or coffee.
Context Scenario - Lock can easily be stored in Alec’s jersey pocket which is positioned in his back. while stopping for a sandwich, bike is secured by notifying Alec whenever it detects any unnatural movement.
“I have bike locks that I never use”
Nikolas Bentel - Varsity Cyclist
Problem - I make sure I get a lock but I never use them and spend hours trying to find a good place to hide my bike.
Context Scenario - With coin lock, users can place their bike wherever they feel secure and comfortable and enjoy their moment. Knowing that the lock is connected, they feel mentally secured.
Quotes - “I leave my bike with someone or use helmet straps to secure” / “Always leave it close to the door, and in sight if possible” / “Hope and Pray” / “I slip the chain off the chains so that thieves can’t just pick it up and ride off on it or leave chains to the biggest gear”
Feedback - "I would totally buy it if this is available in the market" / "Cyclists have limited space in their pocket, but Coinlock seems small enough to fit every kinds of pockets" / "Interesting concept of redefining security with connectivity, however my only concern would be the material strength of this lock"
5 Year Financial Plan
Business Model Canvas
Retail Price : $60
We have been interacting with cycling communities to design a product that they desperately demand. And many cyclists were willing to purchases our product once it is available in the market. We have the perfect team, excited consumers, and a great opportunity to position our product in the market. Currently we are communicating with design agencies and manufacturers in Rhode Island to bring this product to our customers very soon.
Future of Coin
Coin, starting with the security product, we would like to continue pioneering smart security products. After acquiring users from Coinlock, we would like to gradually increment our services towards home