My Sky - Startup of the Year
Company: My Sky, Lausanne, Switzerland
Company Description: My Sky is an independent expert in private aviation that empowers jet owners across the globe by providing them with a revolutionary financial management and benchmarking tool to optimize time and money spent on their asset. My Sky’s revolutionary IT platform collects, digitizes, verifies, analyses and stores all financial information and allows instant access to the information that matters.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Startup of the Year - Business Services Industries
Nomination Title: My Sky: Revolutionary Approach to Private Jet Ownership
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the date since 1 January 2014 on which this organization began operations. TEXT REDACTED FOR PUBLICATION
My Sky (known on the market as My Jet until 12.04.2017) is a Switzerland-based company offering an online platform for financial control and benchmarking services for the private jet owners through the Software-as-a-Service model.
It is co-founded in 2015 by Chief Executive Officer (CEO) Kirill Kim and Chief Strategy Officer (CSO) Christopher Marich who both saw an opportunity to modernize a low tech, opaque and fragmented market by using a blend of sophisticated IT solutions, team of independent experts and user-friendly interface.
Recent studies* indicate that today 22,000+ jets are flying worldwide and c. $32 bln are spent yearly on jet operations. Another 8,000+ private jets are due to be delivered within the next 10 years. However, owning and managing a private jet is still a challenge. Too many intermediaries, too much paperwork, no visibility of costs, permanent delays in invoicing, no accounting standards – these are just some of the issues the jet owners and their representatives have to face today. As a result, about 25%** of all operational costs are spent inefficiently in this industry, meaning that over $8 bln could be optimized worldwide.
In less than two years we managed to build the company that has an absolutely unique position on the business aviation market: we are neither an operator nor a management company, and are not linked to any industry player. There are no direct competitors today adopting a client oriented SaaS approach. Competition either services the operators (that have no interest in "changing the game") or the suppliers (that have no decision power)
Since January 2016 our IT platform has been developed significantly to exceed the expectations of our clients based on their proactive feedback. Today My Sky Business Aviation Platform empowers jet owners across the globe by providing them with a user-friendly financial controlling and benchmarking tool to optimize time and money spent on their asset. Our proprietary software collects, digitizes, analyses and stores all relevant financial information on the aircraft and provides it to the owner via a user friendly online platform available 24 x 7, giving immediate indicators on financial performance. It is the missing link between industry players and owners / their representatives, allowing to remove any questions and obscurities.
My Sky allows accounting of the aircraft's data in real time using an in-house cost methodology and proof tests them against the largest independent cost database in the industry. We are the only tool that allows aircraft performance analysis and comparison to historical data and similar fleet trends. The goal is that time and money spent on aircraft management are optimized by making the whole process more transparent, efficient and comfortable for owners and their representatives.
Since January 2016 the company has witnessed an exponential growth and has achieved the following KPIs as of 1 May 2017:
• 1,600% in employee growth (80 as of 1 May 2017 vs 5 as of 1 January 2016),
• 1,000% in client growth (50 vs 5),
• 600% in sales pipeline growth (140 vs 23);
• 93% client retention rate;
• 72% lead conversion rate;
• 95% employees retention rate;
• an existing pipeline of 140 leads will enable us to cover our growth objective for the next 1.2 years.
My Sky’s mission is to revolutionize private jet ownership through technology and expertise. Our innovative and disruptive approach provides an opportunity to augment traditional cost management practices of the industry through a smart blend of technology, data analytics and best industry practices. Combining innovative IT software, unique financial methodology and human expertise we provide clear information and specific customised solutions.
* Bombardier Business Aircraft: Market Forecast 2014-2033
** My Sky proprietary data
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
1. September 2017: Software V.2.0 release with even more innovative features for clients;
2. 1 May 2017: 50 aircraft under financial control;
3. April 2017: My Sky wins Sapphire Pegasus Business Aviation Awards for Innovation;
4. 12 April 2017: My Sky, previously known as My Jet, announces its rebranding: the new name reflects global expansion and the significant evolution of product and service offer;
5. October 2016: My Sky accepted as AEROSUISSE member;
6. September 2016: Second round of investments – Series A: Market Analysis team creation, IT development, new product packaging, sales team growth, production centre creation;
7. August 2016: My Sky wins Bronze Stevie® Award in 2016 International Business Awards;
8. April 2016: My Sky accepted as EBAA member;
9. December 2015: First round of investments: creating a team of auditors, insourcing IT team, hardware & software upgrades;
10. July 2015: Software V.1.0 release, commercial launch, first client contracts signed.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?