Bioboards: Pioneering the Future of High-Speed Electric Skateboards
Bioboards Eskate Sweden is making waves in the electric skateboard market with their high-speed, innovative designs. Founded by Markus Johnson, who also serves as the CEO of the startup Meloq, this venture has quickly gained traction and is already breaking even with its premium electric boards.
Markus Johnson’s career path has been anything but conventional. Starting as a ship electrician in his youth, he has transitioned through various roles, amassing a wealth of experience. Now, alongside his full-time job at Meloq, he has launched Bioboards, showcasing an impressive ability to juggle multiple responsibilities.
On a snowy day in Stockholm's Hornstull, Breakit visited Johnson to discuss his entrepreneurial journey. At Meloq, he leads a team focused on developing measurement tools for elite trainers and physiotherapists. The startup has successfully raised 15 million SEK in capital and is looking to secure more funding this year, with plans to introduce a new product that includes sensors to help assess fall risks in the elderly.
Despite the challenges of balancing his professional life with family responsibilities—he has two young children—Johnson finds joy in the dynamic world of startups. “I love the opportunity to work on design, development, production, e-commerce, marketing, and strategic decision-making all at once,” he shares.
The Concept Behind Bioboards
Bioboards specializes in designing, building, and marketing electric skateboards, including their own battery manufacturing. Through e-commerce, the company reaches customers worldwide, with Australia, Canada, and the USA being key markets. The idea for Bioboards emerged when Johnson began designing a skateboard in CAD, sparking interest among his friends and leading to the growth of the company.
In terms of financial performance, Bioboards has seen its revenue more than double to around 2.5 million SEK, with profitability anticipated in 2023. Currently, the company needs to sell approximately 40 boards annually to remain viable. Interestingly, Johnson did not initially plan to create a business; instead, it grew organically as people expressed interest in his work.
Navigating Challenges in the Industry
Bioboards faces competition from other electric vehicle and sports equipment brands, some of which have struggled to maintain stability. For instance, motorcycle company Rgnt recently went bankrupt after overestimating sales, while surfboard company Radinn faced financial challenges despite rapid growth.
Though still small, Bioboards is mindful of these challenges, especially considering the niche nature of their product. Johnson is particularly focused on competitors like Lacroix in Canada and Kaly in the USA. “Lacroix has become quite large, and I estimate they generate around 50 million SEK in annual revenue. However, they’ve taken on a lot of fixed costs, hiring numerous employees and investing heavily in product development that diverges from their core, profitable idea,” he notes.
Future Goals
Bioboards aims for sustainable growth, targeting an initial revenue goal of 50 million SEK. The company started with an initial investment of 2 million SEK and plans to seek additional venture capital to facilitate growth. “As a small company producing expensive products, scalability is challenging. We could produce 500 boards, but that would require significant investment, which isn’t feasible at this stage,” Johnson explains.
In three years, he envisions Bioboards achieving a revenue of 30 million SEK, developing an off-road model, and launching a more affordable version to reach a broader market. As for his role, Johnson anticipates bringing in a dedicated CEO for Bioboards while remaining as a founder.
Innovation and Safety
Bioboards’ electric skateboards are distinct from traditional skateboards. They are designed for terrain riding and controlled via a wireless remote, making them heavier and not suited for tricks like ollies. “Our boards are meant for long distances at high speeds,” Johnson clarifies.
In terms of speed, Bioboards offer models that can reach up to 110 kilometers per hour, significantly faster than legal limits in many places. In the USA and Australia, riding electric skateboards is legal as long as riders adhere to traffic regulations. Johnson emphasizes the importance of safety, recommending helmet use and ensuring customers understand the responsibilities of riding high-speed boards.
Ultimately, Bioboards is carving out a niche in the electric skateboard market, driven by innovation, customer engagement, and a keen awareness of industry challenges. With aspirations for sustainable growth and a commitment to quality, the future looks promising for this Swedish startup.
Source: Breakit.se