Foynt : Technology to support safety on the road!
According to a research from Edgar Tynar and associates conducted in 2014, 1 accident out of 4 in the US is due to texting during driving. As a comparison, “texting while driving is 6 x more likely to cause an accident than driving drunk”. This observation is not only linked to American’s way of driving but is a global one! In France, government has even decided to ban the use of tools that broadcast sound in your ears. They consider that discussing while driving fold by 3 the risk of accident.
Based on this observation, a young Mexican entrepreneur from Guadalajara has decided to work on a solution to support the decrease of accidents and encourage drivers to stop using their cell-phones.
Let’s have a look of this innovation to support safer roads for everybody, everyday and everywhere!
A vision, the start of the adventure:
“When I started, I wanted to do something for public transportation, I really wanted to create a startup focus on creating better road and I started researching which is the main cause (other than the number of cars) of traffic ? And the result was: car accident and what are the main cause for car accident is: distraction!”
Based on this observation, Nicolas, young entrepreneur of 23 years old and students of Tec de Monterrey (one of the most famous university of Mexico) in Guadalajara, decided to work on a tool early 2015 “to encourage people about safe driving”: Foynt was coming alive!
After few months of brainstorming and a first version of the app, the company was established in USA, selected by an incubator. After a first successful investment of 25 000 usd, Foynt is in the process to close a second one of 600 000 usd !
How it works?
The application :
- Measures the time and the distance user travel without using your phone.
- Record your trips on a map.
- Very easy to use : press to start/press to stop.
And Nicolas and his team already thought about tricks:
- What if we use a bike instead of a car to get points ?
We have linked our app with other data. The app is able to make the difference between an average bike speed vs. a car speed.
- What if I use my app but it is my friend riding to get more points? First, the other driver can drive badly and affect your scoring. Second, we are working on a function through Bluetooth which would detect if several app are on for a same ride. Therefore the app would ask the user which one should be on for this trip.
The reward :
- Based on time and distance, user gets points added to its profile.
- Ranking list of user and his friends : “Who is the better rider !”.
- As an incentive, user can use its points in its favorite store like : free coffee at Startbucks, meals at Mcdonalds, free night at a hostel…
Foynt has already partnerships with major companies such as McDonalds or Starbucks. It is a win-win situation, users are keen on having free-gifts and for companies it is cheap and viral advertising. Plan is to adapt the reward based on the market. Europe won’t have the same rewards than Mexico for example.
Who are the users?
With the first version of prototype, “we had several users: from students to people up to 60 years old. Our first targets are high-schools and university’s students.” Indeed, students are the most connected people.
Some figures, in less than 6 months, Foynt successfully got a community of 6000 users with a growing acquisition rate of 20% weekly.
They expect the same in the new version of the app !
New test version of the app should be released by May 2016 and will be launched. It will be for existing users. Then, in summers the app should be available for everyone in some cities in the US (in California and Texas, states with the highest rates of car accidents) and in Mexico (Guadalajara and CDMX). Foynt think international and notably a launch in Europe!
And Foynt is thinking further with partnerships with insurance companies to reward their best users with insurance discounts!
To know more about Foynt : http://foynt.com/en/foynt-drive-safe/