Role: 1156

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A Non-Executive IT/Software Director is required for our client in the leisure and fitness sector, Stance Fitness Limited, based in Imperial College, London.

The business concept is to develop an intelligent service giving gyms and gym users the ability to collect, monitor, analyse and disseminate data from strength training equipment.  It radically changes gym strength training area into smart, connected and intelligent areas where users can plan, learn, monitor and improve their performance, and gyms can enhance their offerings to customers.

The business has prototyped the hardware, is developing the software and is filing several patents. They have developed routes to market with several gym chains in the UK and abroad.

The company is looking to strengthen their current Board with the appointment of up to five Non-Executive Directors to contribute to the growth of the company.

The Non-Executive Directors will be encouraged to become a shareholder in the company to align the incoming Non-Executives interest with that of the existing Directors who are or plan to become shareholders.

Business Concept:

  • Stance changes the way that the strength area of the gym is used.  The system alters every piece of equipment in the strength training area of the gym into a data collection device that analyses and displays information on an app. It collects both exercise and biometric data, which allows users to monitor and enhance their gym experience, exercise form and performance.  And it gives gyms a significant competitive advantage and a method of increasing their membership retention. 
  • It is a game-changing technology for gyms and gym-users; it is a significant step on the route to ‘Gym of the Future’ - fitness training that incorporates smart technology to improve user experience and performance.
  • The technology is being patented.


Market & Opportunity:

  • The global fitness market is 1.2 billion people who workout regularly.
  • $100 billion global health club and fitness market. 

 

Investment Plan:

  • Stance has already attracted several investors to the business.  The business is looking to raise see capital of £350k to reach their first milestone of MVP:
  • Software £101,500
  • Hardware £150,500
  • Operations £38,500
  • Marketing £59,500


Non-Exec Director Role/Requirements/Expertise:

  • IT Software Development in a growth company (plc not necessary) who has experience of mobile applications with SaaS as a bolt on and understand software and architecture strategy - ideally with a background in the fitness or leisure sector.  
  • Understanding of an early stage/start-up business.
  • Suggested initial investment of £25k minimum.
  • Sufficient time to prepare well and attend Board and Strategy meetings.
  • It is expected that the role will require approximately 2 days per month – more in the early stages.
  • The Non-Executive will be encouraged to become a shareholder in the company to align the incoming Non-Exec’s interest with that of the existing Directors who are all shareholders. The company is registered for the SEIS/EIS scheme which provides 30% tax relief and up to 100% capital gains relief subject to status.

 

 Closing date for applications:  Friday, 27th August 2021

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