Bike Matrix

In Founder Focus we introduce entrepreneurs and innovators working on our next generation of new business startups, social enterprises and small businesses.

At a glance

Founders: Adam Townsend, Lyndal Bailey, Adam Barnes

Business: Bike Matrix

Founded: August 2022

HQ: Waikato

Can you tell us a bit about your business?

There is a high number of bike parts standards, and customers are confused about which parts are compatible with their bike. After spending 18-months working in an online bicycle parts retailer, we’ve seen how that confusion affects business. This knowledge and exposure, combined with our years in the bike industry made us question why nothing had changed since we started 14 years ago. It was time to stop avoiding it and take some action.

Bike Matrix is building a global Database and API for the Bike Industry. A backend that can be used by the whole industry, providing bike-specific parts compatibility information. This means, when a customer selects their bike and shops online, or a salesperson selects a bike through their POS system, they see only the parts that are compatible with the chosen bike. By removing confusion we increase confidence and smooth out the purchase decision, increasing conversion rates and reducing returns.

We’ll start with eCommerce integrations right here in New Zealand, where we can lift conversion rates on parts by 30% or more (based on Partly’s results in the automotive industry), expanding to Australia, and then globally. Opportunities include everything from a consumer app, through to full Product Information Management for global manufacturers. We’re not limited to regular 2-wheel bicycles either, we’re already seeing interest from the emerging micromobility market.

What’s the backstory for your business idea?

We moved to NZ late in 2019 as a temporary stop on our way to Canada. It was here we saw the Supercheap Auto model of shopping for car parts by your rego number. We knew there was a global problem related to the high number of bike standards and confusion around bike part compatibility and it had become a running joke within the industry.

What the industry hasn’t recognised though, is just how much customers are struggling with it, and how it’s affecting business, and why no-one had done anything about it. Working in customer service and product content creation for an online bike parts retailer, we saw first hand what that confusion and lack of confidence was doing to the purchasing process. We decided to do something about it and set about mapping how components fit a bike and eventually had a working prototype. We now have a Tech Co-Founder on board and are building our product.

What programmes, learning or mentoring have been of assistance so far?

We’ve been lucky enough to attract a fantastic mentor and bike nut in Jon Davies (CEO InsuredHQ). He’s an entrepreneur himself and professional mentor, having previously worked for NZTE and Nasdaq Entrepreneurial Center in the USA. He’s been a wealth of knowledge and grounding for us.
I did the Startup NZ Entrepreneurs Programme and InvestEd course which were both invaluable, and I listen to podcasts like We f*@kin love startups podcast, 20VC and NZ SME & E, among a few industry ones.