Director and Founder
Coin Metrics Ltd
In 2004 Richard identified a market need for a wireless telemetry product within the gaming/gambling sector in the UK and Europe. Using decades of software, firmware and hardware design experience, he designed and developed the Site Guardian product and within 6 months was in a position to sell the system to the market. Combiining Bluetooth, GPRS and internet development with a compact and cost effective design Richard produced a ground-breaking telemetry system perfect for the market.
After developing a sales and marketing strategy and business model to produce maximum return and benefit for a start-up organisation, the product was introduced to the market and sold well. By managing costs, supply and demand, Richard was able to grow and develop a successful start up business selling '000s of units into the market.
As demand grew and the business had plans to move into other sectors, such as vending, investment was needed and so the company was positioned for a trade-sale. After a successful pitch on the BBC show "Dragons Den" in 2006 to generate £200k of investment (the largest company valuation ever on the show at that time) the company was then successsfully approached by two major players in the industry and the "Dragons Den" money was declined.
Coin Metrics was acquired by Brulines Plc in 2007 and was successfully integrated into the core business with Richard still responsible for product design and business development. The business model then successfully transitioned from a typical capital purchase model to a recurring revenue model. Having now sold over 15,000 units in the UK, Coin Metrics is now completely integrated into the Brulines business.