Eliminating the pain of lost property with patented smart tags and SMS notifications, one school at a time

 

Client | RagTagd

 

THE CHALLENGE

Structure an investment vehicle to fit a growing team selling a patented product across New South Wales

THE OUTCOME

Formal agreements between the RagTagd team members including shares and investor protection

Parents face a daily problem of trying to find their children’s lost property. RagTagd found a software and hardware solution to lost property. In uses their patented smart tag system.

 

RagTagd was launched in 2015 by mechatronics expert Chloe Blattman and entrepreneur Eugene Holdenson. The system aims to ensure school uniforms that are lost at school are not gone forever. It saves time lost looking for missing items. It saves money replacing items, ultimately keeping parents happy.

 

For each of the 105 schools that have implemented RagTagd’s lost property solution, school uniforms are embedded with passive RFID tag inside the clothing. This is coordinated by RagTagd.  When the clothing item is lost and winds up inevitably in the school’s lost property, the tags are picked up by a sensor, and the parent is notified with an SMS notification with the location of the item of clothing.

 

Process of Scale

 

The key focus for RagTagd was to gain traction early. RagTagd planned to expand to other territories and markets in a relatively short period of time. The team focused on continuing to refine their product by offering free trials. They paired this with contractors to streamline the process and expand quickly.

 

The RagTagd team needed to oversee management of the distribution and logistics process.  This involved speaking with manufacturers, which they found challenging. Negotiating appropriate contracts was difficult. When developing a patented product, exclusivity is key. It ensures the patent brings a return on investment for the business.

 

Journey Challenges

 

In the early stage of RagTagd, one parent received 4000 texts in a 60 second period.  Another parent was sent to the wrong school to pick up a lost item.  The team saw this as part of the learning process and took measures to ensure these mistakes weren’t repeated.

 

“When it came to issuing shares, we needed guidance – we had no idea.”

EUGENE HOLDENSON, CO-FOUNDER OF RAGTAGD

 

Other challenges involved structuring the business. The team wanted to understand share issues and protection when investors came on board. LegalVision helped the RagTagd team through the process of bringing on investors and issuing shares. Because the startup was growing quickly, LegalVision prioritised speed and efficiency with communication and finalising documents for the RagTagd team.

 

The Future of RagTagd

 

RagTagd continues to expand their product with more schools joining the RagTagd program. The team also have plans to expand their service to cover not only uniforms but also other items that go missing like lunch boxes, drink bottles and shoes. RagTagd plans to partner with Transport NSW to ensure that those items that go missing en route from school are also found.

Turning ideas into reality can be challenging. If you have any questions about licencing or creating bespoke agreements for your needs, get in touch with LegalVision’s business lawyers by calling 1300 544 755, or fill out the form on this page.

Our Case Studies
If you would like further information on any of the topics mentioned in this article, please get in touch using the form on this page.
  • We will be in touch shortly with a quote. By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. See our full Privacy Policy.
  • This field is for validation purposes and should be left unchanged.
If you would like to receive a free fixed-fee quote for a legal matter, please get in touch using the form on this page.
  • We will be in touch shortly with a quote. By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. See our full Privacy Policy.
  • This field is for validation purposes and should be left unchanged.

Privacy Policy Snapshot

We collect and store information about you. Let us explain why we do this.

What information do you collect?

We collect a range of data about you, including your contact details, legal issues and data on how you use our website.

How do you collect information?

We collect information over the phone, by email and through our website.

What do you do with this information?

We store and use your information to deliver you better legal services. This mostly involves communicating with you, marketing to you and occasionally sharing your information with our partners.

How do I contact you?

You can always see what data you’ve stored with us.

Questions, comments or complaints? Reach out on 1300 544 755 or email us at info@legalvision.com.au

View Privacy Policy