SwitchBin

Switch Your Tech... Fast!

SwitchBin

Switch Your Tech... Fast!

Overland Park, KS
Software & Services
Retail
SwitchBin is a technology startup which plans to automate the process of trading in and buying new devices with its revolutionary kiosk. Buying a new phone shouldn’t feel like visiting the DMV, and with SwitchBin, the upgrade process has been designed to be simple, fast, and secure. Wireless carriers and retailers need an answer to the labor crisis and we believe SwitchBin's automated solution is it. SwitchBin is pre-revenue and in its prototyping phase. The current product is capable of both delivering a new phone and handling a trade-in without activation. Future development is anticipated to take six months after funding and will allow for the fully designed experience including the app based solution..

$19,462

raised
18
Investors
$25M
Valuation
$3.12
Price per Share
$249.60
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
Reg CF
Offering

$19,462

raised
18
Investors
$25M
Valuation
$3.12
Price per Share
$249.60
Min. Investment
Common
Shares Offered
Equity
Offering Type
$1.07M
Offering Max
Reg CF
Offering

Stack Owner's Bonus & Rewards!

Members get an extra 10% shares in addition to rewards below!

Rewards

Get rewarded for investing more into SwitchBin:

$250+
Investment
StartEngine Owner’s Bonus
This offering is eligible for the StartEngine Owner’s 10% Bonus program. For details on this program, please see the Offering Summary section below.
$500+
Investment
$500+
Receive 5% bonus shares.
$1,500+
Investment
$1,500+
Receive 10% bonus shares.
$3,000+
Investment
$3,000+
Receive 15% bonus shares.

Reasons to Invest

SwitchBin’s interactive kiosk automates the process of trading in and upgrading a customer’s phone, and its tech can be applied across multiple retail verticals including all connected devices, laptops, set top boxes, prescription delivery, and other categories where AI powered imaging and electronic validation can assist in a sale.
The wireless industry is worth about $331.3 billion in the U.S. alone. More than 270 million Americans were identified as smartphone users in 2020, over 80% of the country’s total population.
The SwitchBin team is spearheaded by an experienced group of tech and retail executives who come from senior positions with major wireless carriers, national retailers, and global supply chain & reverse logistics organizations.

*Market information provided by IBISWorld and Newzoo (source / source)

SwitchBin has developed a system which can automate the process of buying a wireless phone in the future

It’s no secret that upgrading your phone is a grueling process. Despite its necessity, upgrading your phone can be about as much fun as a trip to the DMV.



Recent trends show that modern customers are looking for a swift, streamlined retail experience and the growing rate of labor shortages have created a need for an automated solution (source). Enter SwitchBin, an integrated kiosk that makes the process of buying a smartphone fast, convenient, and secure.


Created by a team of successful tech and retail entrepreneurs who have over 80 years of combined experience, SwitchBin’s patented technology aims to enhance the customer experience by automating transactional activities and enabling retailers to deploy their labor more efficiently.

The Problem


Upgrading your phone shouldn't be a full day task

Navigating the current labor market has proven difficult for businesses. The combined shortage of workers and rate of turnover are forcing carriers to hike their wages to attract talent (source), all of which is hurting their bottom lines. These problems also have a negative impact on the customer, who have to deal with rising costs, overworked representatives, and understaffed stores. (source, source)


The process to buy and upgrade your phone is inherently complex, and these problems only serve to complicate it. We believe customers are seeking a painless and efficient buying experience free of today's frustrations. 


The Solution


SwitchBin helps carriers and customers alike save time and money

SwitchBin is an end-to-end retail wireless platform that will fully automate the process of buying and upgrading a phone. Not a vending machine, SwitchBin is a patented software driven platform using artificial intelligence to streamline the trade-in and buying process. These revolutionary kiosks are capable of ID verification, checking inventory, and screen validation, all technologies which have been vetted by the company and are contemplated to be available depending on the requirements of the SwitchBin customer. They are even planned to deliver a cloud backup securely and completely data wipe traded devices through software available to the company.


*SwitchBin and its planned capabilities are currently in the proof-of-concept & development phase. The above image features a prototype SwitchBin kiosk currently not available for commercial use. This prototype model allows you to demonstrate the purchase and trade-in of a phone in one transaction.


Our platform is made for the modern, high-speed consumer. The last thing today’s customers want to do is go through the lengthy process of upgrading their phones. With SwitchBin, they no longer have to, freeing employee bandwidth to tackle more complex matters day-to-day.


With SwitchBin, carriers are able to expand their distribution in a modern way at a fraction of the cost and time. Simply put, we believe SwitchBin will be the ultimate tool to augment carriers’ storefronts into a universally optimized experience. Our kiosks are safe, compliant, and fully tested, so customers can rest easy knowing they can upgrade their device securely and seamlessly.


The Market


One of the first movers in automating wireless retail experiences

SwitchBin is targeting the $331.3B Wireless Phone Retail market and the more than 270 million smartphone users in America (source, source). In 2021, nearly 150 million smartphones were purchased in the U.S. alone (source). As one of the first end-to-end solutions for wireless retailing, we believe SwitchBin is well positioned for the market needs.


(source)


Beyond phones, SwitchBin’s technology can be applied to other billion-dollar retail industries. In the longer term we are planning for iterations which can be used for services like laptop upgrades, as well as potential partnerships with businesses like cable companies, where SwitchBin could facilitate cable box and modem exchanges.

Our Traction


Patented and preparing for market trials

SwitchBin has already secured a patent on the end to end automated process of buying, trading, and activating wireless phones with our kiosks, which will allow customers fast access to the devices they want without the need for interaction with a sales person. Currently, SwitchBin has signed a contract for market trials with a top-tier carrier, and we are also in serious discussions with and developing operational plans with other wireless retailers.



Complimenting our cutting-edge product is SwitchBin's experienced leadership, a team with deep roots in the retail and wireless markets, along with large company and start-up history. Our team of advisors are experts in various disciplines and industries, equipping SwitchBin with every connection we would ever need in the U.S.

Why Invest


Optimizing retail experiences with SwitchBin's self-contained stores

We believe SwitchBin will be the ultimate sales supplement for wireless carriers. It’s a quick, easy, and cost-effective method to give the customer an ideal upgrade experience, and it lightens the burden of the storefront workers. Moreover, our technology translates perfectly to other retail spaces, which gives our platform a dimension of adaptability that's difficult to find anywhere else on the market. 


Help us revolutionize the wireless retail industry and become a shareholder in SwitchBin today.


*SwitchBin is currently in the proof-of-concept & development phase. The above image features a prototype SwitchBin kiosk currently not available for commercial use.

Offering Summary


Company

:

SwitchBin, Inc

Corporate Address

:

12022 Blue Valley Parkway, Overland Park, KS 66213

Offering Minimum

:

$9,999.60

Offering Maximum

:

$1,069,997.76

Minimum Investment Amount

(per investor)

:

$249.60











Terms


Offering Type

:

Equity

Security Name

:

Common Stock

Minimum Number of Shares Offered

:

3,205

Maximum Number of Shares Offered

:

342,948

Price per Share

:

$3.12

Pre-Money Valuation

:

$24,975,000.00











*Maximum number of shares offered subject to adjustment for bonus shares. See bonus info below.

Voting Rights of Securities Sold in this Offering

Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.

Investment Incentives and Bonuses*

Time-based:

Friends and Family Early Birds

Invest within the first 48 hours and receive 15% bonus shares

Super Early Bird Bonus

Invest within the next 72 and receive 10% bonus shares

Early Bird Bonus

Invest within the next 7 days and receive 5% bonus shares

Amount-Based:

$500+

Receive 5% bonus shares

$1,500+

Receive 10% bonus shares

$3,000+

Receive 15% bonus shares 

*All perks occur when the offering is completed.

The 10% StartEngine Owners' Bonus

SwitchBin, Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.

This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $3.12 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $312. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid during the investor's eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.

Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus in addition to the aforementioned bonus.

Insider Investment Notice

Officers, directors, executives, and existing owners with a controlling stake in the company (or their immediate family members) may make investments in this offering. Any such investments will be included in the raised amount reflected on the campaign page.

Irregular Use of Proceeds

The Company will not incur any irregular use of proceeds.

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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$62,400.00 USD
$97,000.00 USD
Cash And Cash Equivalents
$800.00 USD
$0.00 USD
Accounts Receivable
$0.00 USD
$0.00 USD
Short Term Debt
$0.00 USD
$0.00 USD
Long Term Debt
$0.00 USD
$0.00 USD
Revenues And Sales
$0.00 USD
$0.00 USD
Costs Of Goods Sold
$0.00 USD
$0.00 USD
Taxes Paid
$0.00 USD
$0.00 USD
Net Income
-$34,600.00 USD
-$3,000.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

The Industry is Hurting for Labor!

19 hours ago

The SwitchBin team has spent these last two days at The All Wireless & Prepaid Expo in Las Vegas. The one common theme from dealers of wireless phones is the labor shortage. The situation is not improving and dealers are looking for solutions to make sales and frankly even keep their doors open. We believe we have created several advocates while we've been here and expect they will be helping us make some noise in the industry about our solution! As we often say, it's not if the wireless channel will move to automated solutions, it's more likely when they'll do it. We're working hard to make that happen. Tell your friends and family about our opportunity. We still have value based incentives for tiers of investment. Yours in automation.


The SwitchBin Team

Business Development Activity

10 days ago

This week has been a good week for business development discussions. We have serious conversations going with a carrier who we are scheduling a technical review with, and they've asked us to provide pricing. We also had a discussion with a company who is connecting us to a large firm who represents brands to the grocery channel where we think we have a fit for a prepaid offering with a large wireless brand. The activity we're seeing based on our campaign and new demonstration video is encouraging. Pushing hard to keep up the Business Development activity to convert into a new trial! Automation is coming to retail and we believe this wireless channel will have to join the revolution.

Campaign Update

14 days ago

We're excited to be up on the platform and raising the capital we need to continue development and fund future market trials. We had a strong start the first few days and have a healthy average investment from our industry outreach and ongoing StartEngine customers. Our plan is to now do more marketing to drive people to the page and start achieving the hurdles we need for better visibility and more engagement to get to our number. 

Our solution fits a need in the marketplace relative to reducing labor costs and we believe that alone should be the strongest indicator of potential success. Having our current investors share this opportunity with their networks, and adding marketing to likely investors over the next several days should start fueling more activity. 

We appreciate your support in helping us achieve our goal!

Regards,

Bob Kilinski

Retail Automation is on a Steep Trajectory and We Believe Wireless Retail is Ripe for Automation

28 days ago

If you look at a sampling of the retail automation market at the links below you'll see a consistent story, and that is growth in the market across multiple use cases. What you don't see is any mention of the wireless smartphone market because it's "complex" to solve for in our opinion. Labor is expensive and the wireless transaction has a long duration in the existing model. The need is real in this segment and we spent the time to develop a process and patent to address the need. From WNS, "Retailers will leverage the phygital (physical and digital) route to personalize customer journeys from start to end." SwitchBin is the definition of Phygital and we've used this term frequently. We're counting on customers who are tech savvy and time depleted choosing to buy online (digital) then pickup and trade-in at our machine (physical) if given the option. 

We're seeing a lot of positive comments as we promote our raise across our social media and business channels. Looking forward to more awareness and momentum as we move forward. Thanks for following along on our journey!

Regards,

Bob Kilinski


https://www.mordorintelligence.com/industry-reports/north-america-retail-automation-market-industryhttps://stefanini.com/en/trends/news/complete-guide-to-retail-automation-modern-tendencies

https://www.alliedmarketresearch.com/retail-automation-market#:~:text=The%20retail%20automation%20market%20size,of%20automation%20in%20retail%20industries.

https://www.prnewswire.com/news-releases/demand-for-global-retail-automation-market-size--share-will-surpass-usd-26-540-2-million-mark-at-cagr-of-10-7-growth-by-2028--industry-trends-value-analysis--forecast-report-by-zion-market-research-301545040.html

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