Potential Competitors

As the interest in, and popularity of, ChronoWake has been greatly increasing for the past year and a half, it’s not surprising that a couple of potential competitors have sprung up recently. We would like to address this in a public statement.

The first such competitor utilizes a motion-detection mechanism to attempt to determine the ideal time to wake up by estimating sleep stages. However, monitoring movement is only an indirect measure of sleep stage, and is thus, by definition, less accurate and precise than utilizing EEG (electroencephalography), the primary mechanism utilized by ChronoWake. It may occasionally wake the user at the ideal time, but not nearly at the rate of our product.

The second competitor does, in fact, attempt to utilize EEG to determine sleep stage. With some of our funding, the ChronoWake Team purchased this $400 product and tried it out ourselves. Despite a higher price point than our product, it doesn’t seem to work at all. In fact, during testing by one of our team members, he awoke several times during the night, once actually getting up and leaving the bed for a few minutes. In its sleep summary the next morning, this product claimed that he slept soundly through the night and never awoke until the morning. Obviously, if this product cannot detect whether one is awake or asleep, it will not be able to initiate waking at an ideal time.

In summary, both products appear to rely at least partially on the placebo effect. Conversely, our product relies on proven scientific methods to determine sleep stage. In fact, the only scientifically and medically valid way to determine sleep stage is primarily through EEG, as demonstrated by these papers, among many others.

Emergence of competitors is not a negative. In fact, we consider it a great sign – that the basis of our product has been validated in the business world. Other companies that have also done the market research have come to the same conclusion as us: there exists a large enough market to warrant large research and development expenditures. As a well-respected entrepreneur, venture capitalist, and professor once said, “If you can’t find any competitors, you either haven’t looked hard enough, or no one will want your product.” And with a technologically superior product, we have no doubt that ChronoWake will dominate this market.

Attending Biotech 2009

On behalf of ChronoWake, Ryan Goldstein, President/CEO, will be attending Biotech 2009, the world’s premier bioscience conference, taking place November 16 – 17, 2009 at the Pennsylvania Convention Center. Quoting the symposium overview:

From November 16-17, 2009, top bioscience leaders will be at Biotech 2009 to network, connect with potential partners, share business strategies, and learn from their peers.

These leaders include top executives from the region’s global pharmaceutical, biotech, medical device, and diagnostic companies; venture capitalists and other investors; university researchers; university-industry liaison officers; government officials; and support organizations.

In its ninth year, this annual joint symposium of BioNJ and Pennsylvania Bio is designed to advance the growth and development of the bioscience industry in our region. It will facilitate opportunities for information sharing, new skill development, networking, collaboration, and partnering among companies at all stages of the continuum.

Fred Hassan
Fred Hassan

Biotech 2009 will be featuring world-renowned speakers, including David Holveck (President and CEO of Endo Pharmaceuticals, a global pharma company with over 1,200 employees) and Fred Hassan (pictured on right, Chairman and CEO of Schering-Plough Corporation, a $50 billion healthcare company).

Registration for this event normally costs over $1,000. Thanks to a generous grant from the U.S. Department of Labor and the DVIN Life Science Fellowship Program, Ryan’s registration fee has been subsidized fully, allowing him to attend this event for free.

Find registration information here. If you’ll be attending, let us know, and be sure to say hello!

Penn Startup Internship Fair

Penn Startup Internship Fair
Penn Startup Internship Fair

ChronoWake has been invited to participate at the Penn Startup Internship Fair being held on November 20, 2009, in Jon M. Huntsman Hall. The event brief is pictured on the left (click for full resolution). This fair will give us an excellent opportunity to recruit some of the brightest Ivy League students, in disciplines ranging from business to engineering. View the logos of the participating companies.

Thanks to Eduardo Orozco of Campus Escapes, a fellow Wharton VIP company, for organizing this fair.