A: You take time off work and fly yourself to an investor meeting in Vermont.
In business and in life, we often decide whether we can trust in someone by shaking their hand and looking them in the eye. I went to Vermont to shake hands, look people in the eye, and hear first-hand from representatives of the company how things are going.
I walked down to the conference room area with another investor and saw Robert the inventor, who was standing down the hall in front of a table. He had just walked in and was still wearing his coat, along with a neck brace. We introduced ourselves and I inquired about his neck surgery. After having had a similar back surgery, I was surprised he had been able to make it. In short, he said it was feeling as well as could be expected. It was nice to shake his hand and talk with the man in whom I had entrusted so much faith and $$$$$. For someone who had just had neck surgery and driven two hours, Robert was very pleasant and thanked us for coming. He took the time to talk to me even though they were in the middle of setting up and preparing for the presentation. At no time did he seem bothered, disinterested or show any desire to escape this conversation with a total stranger. I gathered that he is either a genuinly nice person, or what they say about people from Canada being so nice is true.
Robert explained at the beginning of the meeting that they were having it because they had committed to having it on the conference call. He was referring to when Dave Myers had said that he would rather not have investors at the booth in an industry trade show, but would instead do a meet and greet to show the unit and answer questions. For that reason, Robert felt he owed it to us. I find that admirable, as it would have been understandable for him to forget about it. After all, he didn't say it, someone else did.
The Wanderport attendees were Robert, Andrew and the co-inventor who was on the initial patent application. They are still friends, and in a competitive industry, I think that also speaks to his character.
It was good for me to see Andrew, as we have talked quite a bit in the last year and a half. He is just as nice in person as he has been on the phone. Throughout the meeting, my impression was that he is excited and also very busy with the many areas developing in the Wanderport world.
Robert had put together a slide presentation to show the evolution of the product so far, in addition to the need for this technology. This was not only for us in attendance, he will also use it in the near future to show manufacturers.
Some of the slides:
- Between U.S. and Canada up to 20% of utility bills go to heating water.
- Currently water is heated in a static state, not dynamic.
- Water heaters currently available must be vented, which can cause various issues.
- Explained the anticipated delta, or measure of heating difference, that they have been able to accomplish. During this slide they explained why they were confident moving forward that they had a strong product. They had felt the heated water with their own hands and they were able to achieve this result every time, and for as long as needed.
Robert is excited about this moving forward in the U.S. They have been talking with a large U.S. manufacturer already. Although he could not reveal the name of the manufacturer, he said that we would recognize it.
The website may go live this week or next.. Andrew said they should be able to have some numbers on it.
The big surprise they announced is the new App for Android and Apple products. Robert showed us the app on his Android tablet. He showed how to change the water temperature, how easy it would be to set the 7 day timer, and also how it would show usage of water and energy allowing the user to change his showering habits to save money. You can see more of it in my last post, or by going to the Android Market. But keep in mind, this is a committment they have made. They had someone design it and they bought the license. The App is now on the Android Market. For me, that was a sign of things moving forward in the near future.
It was obvious Robert was excited to take the cover off of the MCMHU (multi-cavity microwave heating unit) which had a white sheet over it to this point. When he unveiled it, it truthfully wasn't very attractive, and he explained that it was currently made in a way to allow access for everyone to be able to work on it. He said the finished unit would be smaller and obviously more attractive. Robert also explained that Design 1st had put in temporary PVC piping to show what it would look like for the presentation. Upon returning to Canada Design 1st will put in the copper plumbing so Robert can run his tests.
Most of the attendees expected more of a finished product and questioned the crude appearance of the unit. Although I too was disappointed with the look of the unit, I did understand that access was key right now, and they could always put the pretty on it later.
Quotes / Statements from Robert:
- "Our unit will do better" (than other tankless water heaters)
- The unit will be in other markets who do not require UL before the U.S. to start sales faster
- "I am here to build, not bolt"
- We have a manufacturer. If they decide to do this, from there it will take 60-90 days
- If we are not making money in 2012, I will be very disappointed.
How close are we? I asked if they were on a football field, where would they be in regards to the goal line. Andrew said they are probably on the 40 to 30 yardline, but like a true Canadian, he added that in Hockey they are starting the third period.
The timeline, barring any tweaking after tests, would look something like this:
- Unit goes back to Design 1st so they can plumb it out
- Robert runs his tests (from here he will decide if any changes are needed, hopefully not)
- If no changes needed, they will show the unit ASAP to the U.S. Manufacturer already lined up
- Based on what the manufacturer needs, there could be some co-designing changes
- Upon Manufacturer approval, 300 units would be purchased and go into the field for Beta testing
- From there orders would be taken and sales would hopefully begin
