Yukon North Of Ordinary

News archive for January 20, 2014

Project closing in on lock on investment target

The keyless padlock developed in Whitehorse is on track to raise the $165,000 target established on the Kickstarter crowdfunding platform.

By Chuck Tobin on January 20, 2014 at 3:09 pm

photo

Photo by Whitehorse Star

GORD DUNCAN

The keyless padlock developed in Whitehorse is on track to raise the $165,000 target established on the Kickstarter crowdfunding platform.

As of this morning, $68,865 or 41 per cent of the target had been pledged with 46 days to go before the campaign ends.

TEO – transferable electronic operation – is a padlock which is locked and unlocked by smart phones or other devices with Bluetooth technology.

Gord Duncan, president of Total North Communications, created the product with a team of others inside and outside the Yukon, under the company name OckCorp.

In an interview last week as the fund-raising effort surpassed the one-third mark, Duncan said the decision to go with the Kickstarter platform has already achieved two of three goals.

The team, he said, is receiving the feedback from the public it was seeking.

“People have told us what they thought about it, what they liked and they told us what they did not like.”

Duncan said the TEO fund-raising campaign has also attracted the attention of some major companies.

It is, however, still early in the campaign, and the local businessman who admittedly likes to tinker with innovation doesn’t want to sound to too brazen.

The interest is high, but so too is the fund-raising goal established by Duncan and company, he acknowledged.

On the other hand, the 580-plus pledges to date are coming around the world, not just from Canada, but from Germany, Japan, South Korean, the United Kingdom….

Duncan pointed out the product has received coverage from some of the top-level on-line publications, such as AppleInsider and TechCrunch.

TEO is being marketed as suitable for everything from a bicycle lock to use in industrial applications involving many locks which can all be operated by one smart phone.

At home, sick? Need a friend to retrieve text books from your locker? Just email him the key, which can be sent with an expiry time for its use.

The Kickstarter platform requires the promoter to establish a fund-raising goal along with a deadline to achieve the target.

The 60 days allotted to raise the $165,000 for TEO will expire at at 1 p.m. March 7.

If the goal is not achieved within the 60 days, Kickstarter would return the money.

Statistics, however, are running in TEO’s favour.

Eighty per cent of the products on Kickstarter which reach 20 per cent of the target go on to reach the full amount.

Pledges for TEO can vary in amounts, depending on the package offered by OckCorp.

For $79, for instance, an individual will receive his or her own padlock, with an estimated delivery date of this coming December.

A pledge of $249 earns a TEO and a poke of Yukon gold.

By Chuck Tobin
Star Reporter

CommentsAdd a comment

Erin Stehelin

Jan 20, 2014 at 5:46 pm

It is great to see ideas for innovative products like this come from the Yukon. This product, aside from it’s obvious padlock capabilities,  offers some really neat tracking / audit trail features. Great job Gord (and team)!!!

Add a comment

In order to encourage thoughtful and responsible discussion, comments will not be visible until a moderator approves them. Please add comments judiciously and refrain from maligning any individual or institution. Read about our user comment and privacy policies.

Your full name and email address are required before your comment will be posted.

Commenting is not available in this section entry.

Comment preview