Chris Wentz (CW) is the founder and CEO of Everykey, a company solving the $2 trillion per year problem of password mismanagement. In today’s ‘How Did You Do It?’ We sat down with Chris to learn how he was able to leverage startup programs to achieve $3.2 million in revenue.
Interviewee: Chris Wentz (CW)
Interviewer: Stefani Rios (TCA)
TCA: What is Everykey?
CW: It is the world’s first universal smart key! Everykey unlocks your phone, your laptop, your tablet, etc. Anything from social media accounts, to bank accounts, anything that would require a username and password to log in. Everykey securely unlocks all your different devices when you’re nearby and locks them down when you walk away.
TCA: How does Everykey Work?
CW: Everykey is able to connect to multiple devices simultaneously by using our patented technology. Rather than creating a normal Bluetooth pair, your Everykey is sending out encrypted advertising packets. That is how Everykey is able to securely log you in when you’re around and lock everything down when you walk away.
TCA: How are LG and The US Air Force helping Everykey?
CW: The US government has been really great in the way they interact with startup companies. They have a program called AFWERX. It allows the government, in this case the Air Force, to directly interact with smaller companies. By working with the Air Force we are able to utilize some of their resources for strengthening and continuing product development and solve real problems faced by service members. This led to Everykey being selected for a $1.25M contract with the US Air Force! LG NOVA helps startup companies get into LG Electronics. It teaches you how to sell to corporate customers. At the end of the program, you have the opportunity to pitch an idea for a development project with LG. Our development project was accepted, resulting in us winning $100k to continue our work on product development with direct support from LG. LG is helping us develop our technology so your phone can be used as an Everykey. They essentially paid for that development which we now get to use not just with LG but in our own products and services as well.
TCA: What has Everykey accomplished?
CW: By working with the Air Force and LG we were able to secure significant funding to get product development projects funded by reputable names in the industry. Their support helped us reach over $3.2 million in revenue, $650,000 of which was from licensing. We also have a $100 million enterprise pipeline at this point.
TCA: It is great seeing how maximizing your involvement in these startup programs set Everykey up for success. Any Advice for those trying to break into the tech industry?
CW: My biggest advice is to apply to startup programs. Startups are the future, which is why so many people within the startup ecosystem want to help new companies become successful. The knowledge, support, and funding offered by startup programs is invaluable. You also never know who you are going to meet and having quality people in your network is priceless.
TCA: How Can TCA Help You?
CW: We’re currently fundraising and we’re also looking for new enterprise customers to buy our products and to license our technology. Tell the company that you work for about Everykey, get it in front of as many people as you can because I think we have a great technology and product. We just need more eyeballs on it.
The views, information, or opinions expressed during the interview series is solely those of the individuals involved and do not necessarily represent those of Tech Coast Angels and its employees, consultants and interns. Tech Coast Angels is not responsible and does not verify for accuracy any of the information contained in the podcast series available for listening on this site. The primary purpose of this interview series is to inform. This Interview series does not constitute medical or other professional advice or services.