Entrepreneur Profile: ParaWare, LLC
Aaron Burke and Russ Queen have developed a device that will change the running shoe industry forever!
What is mino?
The mino by ParaWare, LLC is a shoe sensor that automatically tracks the wear of your running shoe and shows you when it is worn out, so that you can change them before you get hurt.
Why is there a need for this product in the market?
Running on worn out shoes can lead to injury, but a running shoe doesn’t show you its foam has lost its shock absorbing protection, and it is hard to guess just by looking at them from the outside. Runners need a way to accurately determine when their shoes are ready to be replaced.
The decision was a culmination of events: early sales, determinate path to profitability, mounting mino-tasks (trade show and customer visits), and becoming a finalist at Entrepreneurship for All (EforAll)’s Accelerator Program. Both of us view the Accelerator as a 2.5 month “career experiment.” We didn’t want to miss the opportunity to expand our resumes.
What are some successes you have had so far?
We have sold about 200 minos to two local run-specialty stores and direct to runners at races. Last week we returned from a retailer trade show and took preorders for 200 more minos to 8 retailers from NY, PA, FL, and MI.
Why did you decide to take part in the EforAll Accelerator Program?
We feel that the mino business has a mature local-launch and needs to move to a regional launch to grow (e.g. east coast). We recognize that we are not ready to scale up the business beyond 100 minos/order and need to focus on improving our sales skills and processes as well as reducing our COGS so that we can reach profitability soon.
Where do you want to be in six months?
There are over 800 specialty retail stores across the nation. We have a goal of being in 10-20% of them.