Fanalysts: Fans are now the Sports Betting Experts
Launchpeer has been instrumental to our success across all facets of the company. Without delving into product development, they helped with properly structuring the company, fundraising, helping with business strategy, and putting together findancial projections. On the product development side, they created the intitial prototype for our product with all designs, and are currently developing a product that we are bringing to market”
In February of 2021, Fanalysts took a bet on the Launchpeer startup incubator, and it paid off!
“Launchpeer has been instrumental to our success across all facets of the company. Without delving into product development, they helped with properly structuring the company, fundraising, helping with business strategy, and putting together financial projections. On the product development side, they created the initial prototype for our product with all designs, and are currently developing a product that we are bringing to market.”
Meet Fanalysts CEO Spencer Kronthal:
From Baltimore, Spencer attended the University of Maryland and with his background in science and engineering worked in development and innovation for Stanley Black and Decker. He is currently attending the University of Chicago Booth School of Business where he will earn his MBA.
Meet the Fanalyst team:
A team founded by friends and family, Spencer Kronthal, Brad Kronthal, Seth Sholk, and Micheal Stern. Fanalysts was originally started with the help of his brother, Brad Kronthal who is now in the role of Chief Operating Officer followed by bringing on Seth Sholk, whom Spencer had known for a long time going back to grade school, and finally the final member of the founding team, Michael Stern who previously had worked at the University of Maryland radio network with Brad during college!
Founded upon the principles of transparency, accessibility, and user control, Fanalysts is building an innovative Command platform that allows sports fans to easily build their own sports betting strategies and then also backtest against past results in real-time!
“As the sports betting market expands exponentially, Fanalysts will be the first affordable and user-centric sports betting research company” – Fanalysts.
Spencer stated that he’s had the business idea for some time, but after several iterations, he landed on the current concept and business model. The initial idea was originally prompted by realizing that engineering software that he’d used as a materials engineer could also be applicable in the sports industry.
Early in and throughout the program, the Launchpeer program encourages its founders to ask the big question, ‘What solution with your product provide to users/customers?’. Fanalysts’ answer? To provide affordability and customization within the app to research sports bets before placing them. The ultimate goal, “to be a one-stop-shop for sports betting where fans can research their bets and then easily place them in just a few steps.” Fans no longer need to rely on algorithms or experts anymore, they can be the experts!
Fanalysts’ leading motivation for creating their product? Removing the “black box” notion of analytics in sports. “Many organizations now claim they are using analytics as justification for their decisions, but leave fans in the dark. We wanted to bring power back to the fans, giving them great tools that are easy to use to level the playing field.”
The app is easy to use! With only 3 steps the Fanalysts command platform allows users to build and test their own profitable betting strategies. Fans will create their own predictive formula, apply filters, and review their results all while Fanalysts does the backend legwork!
Launchpeer: How long has Fanalysts been in business or in the making?
Spencer: The initial iteration of Fanalysts goes back a couple of years, but the current sports betting business/product model has been in the works for over a year. Like many startups, we’ve been forced to pivot and deal with some setbacks. We started as a platform to predict player development, but we realized the market was much bigger in sports betting. We also have hit some snags with development, but teaming up with Launchpeer has made that process smoother.
As with any startup company, Fanalysts faced their own set of challenges while building their app. With development being the biggest issue. One of the most common challenges we hear when founders join the program at Launchpeer is that prior to joining, they faced issues like having to outsource internationally, lack of communication, going through several developers, and unfortunately pushing through cash flow quickly. With a full team of startup experts, Launchpeer was able to quickly execute and define Fanalysts’ product and vision!
“Our biggest alternative solution was going at it alone, trying to raise funding and bring on a developer. Obviously, we had issues with both and since joining Launchpeer, have not looked back.” – Fanalysts
Launchpeer: What is your advice to other tech startups who might be considering the Launchpeer startup incubator program?
Spencer: First off, do it! Launchpeer has absolutely been crucial in helping our team get to where we are. Not only can they help you devise the right strategy, but they actually then help you execute that. They truly help early-stage startups go from concept to product in market.
It might seem like a big investment when you are at your early stage, but Launchpeer is truly moving us toward a successful launch. That’s something that might not have happened if it wasn’t for the program. We wanted a place that we could get the help we needed at an early stage in our company. We don’t have any coding background, so having Launchpeer market itself to those with non-technical backgrounds was perfect for us. We also are a remote company, so Launchpeer meeting us where we were at was helpful.
Currently, the Fanalysts app is in development and set to launch in December 2021.
Launchpeer is thrilled to work with startups such as Fanalysts and to watch them grow and get funded! Fanalysts corroborates all that Launchpeer offers and promises! With the Launchpeer fully remote part-time program it’s easier than ever for non-technical founders to go from idea to funding. Launchpeer is here every step of the way, surrounding you and your ideas with expert developers, designers, marketers, and funding gurus.