Virtual currency backed by physical movement encouraging the world to be active.
What we help to solve
The problem that Sweatcoin tackles is Present Bias, a behavioral bug in our psyche that prevents us from doing things that do not give us an immediate result. Present Bias makes it difficult to keep up motivation to exercise beyond the initial ‘excitement spike’ (think New Year Resolution, when people give up on the gym after the first month or abandon their FitBits).
How we solve it
There is only one solution to Present Bias known to man - Instant Gratification. Sweatcoin creates Instant Gratification by verifying and converting steps into virtual currency units in real-time. Users spend Sweatcoins on goods, services and experiences provided by vendors, user community and corporate wellness partners or donate them to charity.
What we offer
At the current stage, Sweatcoin is wrapped into an iOS and Android app. The end vision is to become a distributed digital currency. Currently we are also interconnected with Apple Watches and soon to be more wearables.
Sweatcoin turns movement into true currency by marrying novel behavioural insight and mobile technology, Sweatcoin makes physical activity irresistible for the masses.
Who is this product aimed at?
We are already working with over 200+ vendors who accept Sweatcoins as payment. Further to this we are in discussions with large brands + companies regarding future projects.
Sweatcoin’s value to vendors is in (1) user engagement and (2) user acquisitio. As we grow our user base we will start charging our vendors for featuring their products on our marketplace.
Sweatcoin has 3 main B2B applications: (1) corporate wellness; (2) insurance/health services; (3) local and federal governments (e.g. paying some of your tax with Sweatcoins).
What we're looking for
Local implementations of our Sweatcoin market places where communities of users are connected with the local vendors and all of this activity promotes health and wellness in the area.
We would need endorsement to the users and vendors.
Data we use
Our product uses movement data that is not shared with the third parties due to sensitive nature of this information.
Data we create
Sweatcoin creates a lasting behaviour change - our users are 14% more active each day every day even over the period of 6 months after installing our app.
To turn movement into currency Sweatcoin collects movement data that is not shared with the third parties due to sensitive nature of this information. The information on user's product preferences and their engagement with partner vendors, however, is easily accessible due to users willingly sharing this information directly with the vendor when they redeem their products.
Who we work with
200+ companies have partnered with us and accept Sweatcoins, exploring routes with pharmaceutical companies, federal governments and insurance/health services.
iOS app launched in the UK (5/5/16) and US (8/24/16) and achieved product-market fit - we change user behaviour and deliver retention levels 4.5x vs. the health/fitness industry:
- 750,000+ installs
- 21.5% D30 retention vs. 4% for the industry
- 3.1 daily app opens 30 seconds each
- 87% onboarding conversion.
Plays well with
More than 200 companies already partnered with us and this number grows by 1 to 2 a day.
Why you should work with us
If this campaign aims to make large numbers of people active even if they are not very sporty then this is about us.
With 700,000+ users who came to us organically through no pr or marketing expenses to date, we have some of the highest retention and engagement as well as ability to change their behaviour for the better.