iLost
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iLost
Searching and retrieving lost items.
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private limited liability company
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the Netherlands
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Softwaresystem for organizations to manage their lost and found department and to manage the logistics of their lost and found.
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Hanneke Stegweg, founder and CEO.
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Yoshi Janssens
Hanne Stegweg
Summary
iLost went in the lead in the digitalization of the founded items service. They built a platform which enables organizations (the finders) to reunite losers with the lost items and for organizations to manage their lost and found very easily.
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Lost items are put online. The registered loser can see the lost items on a database of the specific location he/she visited earlier. Then they can contact the finder and schedule a pickup or let iLost return the lost item through their own return service. They want to make everyone who lost something into a happy loser by returning the lost items.
Background
A couple of years ago Hanneke lost her camera. The camera was never found or never returned. That when she came up with the idea of iLost.
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The company started crowdfunding. iLost hoped for €100 000 of funding but already reached this goal after six days. After the full crowdfunding period they reached €238 000, 238% more than first thought. Then in 2013, they got into Startupbootcamp Amsterdam, an accelerator program. This was a big help at the startup and from this program they received €450 000 in funding.
Mission
Return 1 million lost items aka 1 million happy losers for 2020. (iLost, 2016)
Vision
Digitalize the found items services. They want to easily bring the finder in contact with the loser and hereby, return more lost items.
Values
Honesty, trust, loyalty and fun.
Business Model
Hanneke started a completely new business model. No other company in the world has the same core-business.
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iLost believes in the lean startup methodology which means that iLost loves working with every person or organization who can provide them of honest feedback. The organization learns from this and gives them chances to improve.
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The revenue model of iLost looks like this: they ask a subscription fee. Organizations have a number of items to manage in their lost and found and up to 50 items per year is free. The more items organizations have in their lost and found, the more they pay. They also ask an amount for the return service of iLost. E.g. the town of Ghent has 1500 lost items in their lost and found. When they subscribe to iLost they can report the items and losers can browse these items. Because they have 1500 items they will pay €60 a month.
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iLost was promoted via festivals and received awards. They used very little social media. Through the crowdfunding campaign they also got some attention from the media, but iLost is still working on their fame.
Growth
They are now focusing on the Netherlands and want to grow with 100% this year. After they become well-known in the Netherlands they want to expand abroad.
Customers
iLost focuses on organizations. For example Amsterdam Arena, Keukenhof Holland, Hertz, Walibi Holland, etc. ( (iLost, 2016)
Competitors
There is not yet known competition. No other company in the world does the same as iLost.
Conclusion
The main treat for iLost is to keep finding the right people.
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Important before you develop something is to do a lot of experiments and ask many customers what they want and what they expect. You also have to keep flexible. When something doesn’t work, don’t stick with it, change it.
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As tips for other startups Hanneke says that you have to get the hang of the lean startup methodology. This will keep them flexible. Also startups shouldn’t forget to talk with their customers, they can provide important feedback and help grow your company.
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The biggest obstacles for Hanneke at the start were finding good developers and programmers.
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The ambition of iLost is to have one global online platform for lost & found, but they want to grow in Europe first.
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Posted on 19/05/2016