MAGFAST Power Moves
Seymour, Kate and Shawn discuss current progress and future plans for MAGFAST.
Seymour: We're on —We're good — Hello. Welcome. 4:00 PM on the East Coast. Hello, West Coast Pacific, I think 1:00 PM for you. London, welcome London. 9:00 PM for you. Welcome to you, whoever you are, wherever you are in the world. Thank you so much for being here. Start getting excited. I've got I think the most important announcement in MAGFAST's company history for you today. It's certainly something that I've been dreaming of sharing with you for over three years now. And while it isn't perfect for everyone, I really think you'll love what I've got for you today. Shawn is going to join me in a moment for the latest on development and shipping. I've also got a preview for you of something that's just amazing. Our animator, Phillip has been, working like crazy for the last few weeks on a new 62 second animation. It's called A Day in the Life. And I think when you see it, you'll feel really proud to be a part of this.
So we're calling today MAGFAST Power Moves. And in addition to this big announcement, I'm going to preview for you some of the power moves that we're planning 2021 and beyond. Oh, and because it was so important to gather everyone here today to hear this news, as you know, you probably know, we offer the shameless bribe just for showing up. We register you when you registered to be here, we put you in the drawer. So if you're here in the draw. Third prize, 500 bucks in cash and $500 of MAGFAST gear. Second prize $1,000 in cash and $1000 in MAGFAST gear. And first prize is $2,000 in cash and $2,000 in MAGFAST gear. It's all packed up, it's used notes, and we've put it in a plain looking thing. We're going to send it over. What? That's called wire fraud is it to send stuff like that through those? Okay. So we'll send you a check. We'll send you a check for the money. So stand by for that. Katie will be in a little bit later on, is going to do a couple of things, including that announcement for you.
Now, I do want to make sure that you'll stay really focused while we do this, but just for a moment, we're going to turn on the chat. We've got it installed again underneath the video. I think I'm right that it's still, because of the way the chat is built, it doesn't actually work on all devices, so you may or may not have it underneath. Apologies if you don't, but let's switch it on and see who's here. Just type in your first name and say hi, let us know where you're watching from. Oh, here we go. Here it is coming online. Fantastic. All right. Great, well, thank you so much, my goodness. Thank you so much, so many folks for being here. We'll just keep that open for a second and say hi, and then we're going to shut it down so that we can stay focused on what we're doing. But thank you so, so much everyone for being here today.
All right. You know, altogether, this MAGFAST thing, suddenly this charger thing has been an eight year journey now, for me to get here. And most folks watching this know that for me, this is actually my second crack at the charging market. It was spring 2013 that I first came up with an idea for a super neat wall charger. I was actually in the basement the other day, and I found one of those first prototypes. And you probably know we're in a kind of green screen room here. Let's, through the magic of green screen, here watch this.
Look at that. This is the original prototype that I made in the basement. And I was very proud. I found it in the basement the other day and look. It still works today all these years later. Isn't that amazing? The original design was so great because it keeps your outlets free to use. Let's make it disappear again. It keeps your outlets free to use and provides USB power if you need it. So it was a kind of an early way of delivering fantastic wireless charging. And that original charter design, that was obviously a prototype, we made a quarter of a million of them, shipped it to 70,000 people. That was a huge, huge success.
The problem was that the company actually grew too quickly with actually zero investment capital, right? It had lots of sales, but had zero investment capital and it grew… Was insane. At one point it grew 400%. So what's that? It means it doubled and doubled, doubled again in the course of two months, which is just nuts, kind of impossible for almost any. Even a very large re resourced company would find that very, very hard to manage. And one of the things about growing really quickly is that you need quite a lot of money to support it, and the company ran out of cash. So that's why at MAGFAST, safety fast kind of is our motto. We've got plans to grow and to grow fast, but only as fast as the systems we've got, and most importantly, customer service are able to handle it and keep you happy along the journey.
So before we get to the main event, will you indulge me for just a moment? Because if I may, I'd like to kind of set the stage for today by taking a quick look at the final release versions of all of the products that we will be shipping. Along the way, as you know, we've made some major upgrades to individual products and to the entire MAGFAST system, to the whole vision, to the complete family of products.
Oh, before we do this, I just want to… Sometimes when we've shown the improved products in the past, we've had people saying, "Yeah, but I backed you early. I got into at the beginning and these new people are getting better stuff." No, no, no, no. Everybody gets our best stuff when we ship. All right? You'll all be getting the best, fully upgraded designs. If you were here with us to start, however you'll remember, you'll know that the core ideas of MAGFAST, like the core essence of MAGFAST, has been with us from day one. And yet, along the way, it's been amazing how we've been able to make the most of the, yes, far too long development process. Shawn will be here in a minute with some news about that, some good news in a minute. But it's been great how we've been able to take advantage of this extended process to take the whole project, the whole vision, the whole company to an entirely different level.
Let's say MAGFAST Life, for instance, my baby here. All right? The power bank that you want to have with you every day. It's got our fast, patented MAGFAST system that lets you just snap to charge any two products comes with our gorgeous USB version of our little mini cable as standard. Love this little guy. If you're a regular viewer of our updates, you know the love affair I have with our little cable. It's patent pending now. It's just such a beautiful design. We ship Life, and in fact all of our power banks with the USB-C version of the cable because USB-C is becoming the industry standard with Apple Lightning and micro USB available too.
And mini cable, the mini cable is just one of them five. Astonished after all these years, I still can't believe it, five ways of getting power out when you need it. There's the mini cable. You can take it out and then use the USB-C outlet with PD power delivery. That's the system for maximizing charging speed between all modern devices. We've got an old fashioned USB-A outlet, the kind that you've been using for the last decade or more, a fast charge USB-A to get the max out of that. Then, of course, another way of getting power out is our fast, magical MAGFAST, the snap to charge connection for accessories and sharing. And of course, Qi Certified wireless charging where you can just place your phone directly on top like that and immediately it starts to charge.
So Life is just a powerhouse product. Four ways of getting power in, the five ways I just showed you of getting power out, so you've always got power in there when you need it and you can get it out again because otherwise you're just carrying around a brick. No one else, no one else in the industry, has all of this. And the power of Life, the kind of the strength of Life's design, sets the stage for everything else that we're doing, like MAGFAST Wall, the phenomenal upgrade to my original charger design, the one that started at all Wall is a fantastic charger all by itself. As the old company proves, shipping all of those copies people, people loved them. And they still to this day, they say, "Oh my God, I use it every day." The new MAGFAST Wall has USB-A, but also USB-C, again, with power deliver. We have PD power delivery across the USB-C right the way across the entire MAGFAST family of products.
But now, of course, Wall has MAGFAST snap to charge on the top and underneath, and it becomes this great base station for charging all of your gear without messy wires. MAGFAST Air, the only QI wireless charge of its kind in the world, has this neat stand that snaps on and off and stores magnetically right on the back and gives you a total of three ways to use it. Put Air right on top of MAGFAST walls. Perfect for keeping your electronics away from big spills and little fingers in the kitchen. Or snap on the stand, put it on your bench or desk. Perfect 69 degree viewing angle for when you really need to focus on your most important work.
Or you can just stick any of our power banks right on the back and use it anywhere in the world. You don't need any wires at all for this, anywhere you like, anywhere you're traveling, any of our power banks, including MAGFAST Road for your car. Again, no one else we've found is doing this. Crazy power for up to six people on a road trip like this. You got two USB-Cs on the end, two USB-As on the end. And then another A and another C on the top. The Cs will have power delivery, of course, and the amazing, beautiful flashlight, a torch as we call it in England, a torch, flashlight, integrated into the tip there for emergencies, small and large.
And then our specialist product. The thing about the MAGFAST vision is we're starting with six products, five of which are, we call them general products. In other words, there's a role for each of those five products in everybody's life. But we wanted to do one that showed how we can focus in on niche markets and be kind of profitable within niche markets as well. And we chose to do that for the Apple Watch and made this product called MAGFAST Time. Isn't it gorgeous? All our MAGFAST features, of course, the mini cable, USB-C. And this is an industry first, we think, this fantastic extending platform driven by a precision server motor. It's just the best way to charge your Apple Watch. And it's certified as part of Apple's MFI program, made for Apple Watch.
And of course, the beast is MAGFAST Extreme. It's the world's first and only power bank, we think, with 11, 11 ways to get power out. A beautiful, slim line powerhouse design. Three wireless cheek coils on top that can charge three phones simultaneously, three modern phones with wireless charging, three USB-A outlets, two USB-Cs with PD power delivery. Plus our gorgeous mini cable with the amazing little design that won't ever fray or break like other cables, and MAGFAST snap to charge. And on top of all of that, Extreme is so powerful. You take off this little cap on the end, you see this outlet here, this 12 volt, you plug it in, it's got so much power it can jumpstart your car and a bunch of others all on a single charge.
So we're really thrilled with these products. And across the entire range, we've added some stunning family features. Small details like gold flash, gold plating, all of the USB connections, gold flash, gold plating for better connection. And it looks pretty cool too. And some major innovations. Again, if you've been with us on the journey, you've been there for the excitement as these have emerged. Fingerprint, our unique anti-counterfeit and lost and found system. I can't emphasize how important this anti-counterfeit thing is. Counterfeits, if they ever work in the first place, are likely to fail years before the real thing, and it can be dangerous, particularly counterfeit batteries and chargers. So we have the system to make sure that you always know you've got the authentic MAGFAST product.
Fingerprint's super easy to use. You just take any phone and scan the fingerprint that's unique to every MAGFAST charger to get an immediate confirmation that this is authentic. And with appropriate privacy protections in place, Fingerprint will also allow a lost item to be returned to you. Plus, scanning the fingerprint gives you instant access to instructions and warranty information, and one more big secret feature that we're not announcing until next year.
And of course, across the whole family, we've got LEDelicious, patent pending, trademarked, gorgeous LED system that's now on every single MAGFAST charger. And LEDelicious is such a great example of how we believe we think completely differently about this whole business. And if you're like me, your place, your home, your office has all this equipment with all of these LEDs, they're all flashing away and blinking, and you never understand what any of it needs, which is why we put… I personally put hundreds of hours into making this LEDelicious system really simple, really intuitive. Look, here's how much power you've got. Here's charge coming in. And here can see charge happening on the individual ports and the speed of the breathing on those green lights shows you whether it's a slower charge or a faster charge.
No one else is doing any of this stuff. They're not even thinking about charging in this kind of a way, charging as a part of your life, a family system you love not just a bunch of products and specifications and kind of blinking lights. So, as I mentioned earlier, we've made a new feel-good film that I think celebrates what we're doing here. And it's going to show us how MAGFAST has grown out of this original idea I had in the basement all those years ago into this family system that becomes effortlessly kind of becomes a part of your life. Only the small team that has worked on the film has seen it until now. It isn't quite finished. It's lacking some of the finishing polish, but I really wanted to share it with you because you're part of our family. I wanted to share it with you. And if I may, I'd love to share it to you now.
Isn't that amazing? Thank you, Filip. Thank you team. And it gives me goosebumps every time. So we're getting these products right and none of us can wait to get them in your hands. Shipping is our number one priority, but we're going to get the right and ship them. And Shawn is actually… Is Shawn ready? Shawn will be here in just a second and we'll go through the very latest news on production and development, which I think you'll love.
All right, today's all about power moves for reasons you'll understand, I'm going to show you some of the power moves that we plan to grow and make you proud to be a part of MAGFAST a little bit later on. I'm not going to spill all the beans, but I am going to let you in on just some of our secrets as we pursue our, they call it big, hairy, audacious goal to be the world's most of admired, most profitable charging brand. But before we do that, I think he's ready. He's ready. Let's bring in our chief engineer, Shawn, for the latest on development and production. Hello, Shawn.
Shawn: Hi, Seymour.
Seymour: How are you, sir?
Shawn: Doing great.
Seymour: All right, listen, let's jump to it. I think you've got some good news for us now on the new sample of MAGFAST Extreme. Yes?
Shawn: I do. I do. So just to take us back a little bit, we had gotten pre-production samples of Life and they were great, but we found some issues, not a big surprise, including there was an internal power drain. We had a power interruption when we were activating the LEDs, and then some issues with the Qi wireless charging. We weren't 100% satisfied with those things. And so, our production partners were able to resolve those issues in the Extreme sample. And as you recall, the first one we got unfortunately was damaged in shipping, so we were unable to test those fixes. But I'm happy to report that I've received the replacement and all of those issues have been resolved.
Seymour: Fantastic. All right. So important point for folks to understand, because this is a system Shawn has, we're saying, a couple of months ago, if this wasn't a system I'd have authorized for production by now. But because everything needs to work beautifully together, it means getting the foundation right is all the more important before you start. But it also means that once a firmware issue has been resolved, and this is normal. The things you raised just now, these are just normal in development that you have things you want to tweak, I think, yeah?
Seymour: But once we fix that firmware issue in Life, it propagates through to all of the others. And here you've fixed some Life issues in this Extreme sample. Yes?
Shawn: Yes, that's right.
Seymour: Can we take a look?
Shawn: Yeah, sure. As a family of products, they share a lot of common features. And so, if we can address some issues in a new pre-production sample, then those fixes will then flow into the other skews as well. So you can see, I have here the Life sample that we've shown before, and this is my new Extreme sample.
Seymour: Let's just point out, without graphics on it. So it doesn't have the logo, it doesn't have the markings on it.
Shawn: That's right.
Seymour: This is an engineer's version, not a kind of a positive publicity version.
Shawn: Right, this is fresh out of the factory and they, and they were rushing it to us, so there the graphics were not applied.
Seymour: All right, well, let's see it charging something.
Shawn: Right. So I happen to have a iPhone 12 here, so I'll activate Extreme and place it near on the center t-coil.
Seymour: Now, I don't know if you guys heard, boom, it charged immediately, which is particularly impressive with iPhone 12, which has actually been reluctance with a lot of other chargers, right?
Shawn: Yes. And we had some concerns about that. I know that Apple is releasing new firmware, but this is a fresh out of the box phone. As you can see from the start-up screens, it's the original firmware, and it does start right up.
Seymour: Yeah. Fantastic. Well done. Well done. Have you got any other phones there?
Shawn: I don't have any other Qi phones handy, but I have charged three devices at the same time, all charging with 10 watt wireless Qi, as well as the USB-A and USB-C output, so the testing has gone great.
Seymour: Terrific. Okay. Are there any final tweaks in this Extreme sample? Is there anything that didn't meet your standards? Our standards?
Shawn: Yes. So there's a minor issue with the power delivery output on the type C connector. I've tested it with many different devices. And on a couple of Samsung devices, there are one or two power profiles that are not activating. Again, not a huge surprise with pre-production. Something that the engineers have already resolved on their end, and that we'll see integrated than the next sample.
Seymour: And you used that phrase power profile, I think just to, let me try and explain it, you can correct me if I misspeak. So power profile is where the phone says, "Hey, I'm this kind of phone and I like my power like this." And the charger goes, "Oh, I know who you are. Let me see what I got for you."
Shawn: Right, right.
Seymour: And what you're saying is that the match is great across pretty much everything. Just a couple of, I think, it's like you said, older Samsungs.
Shawn: That's right. Three-year-old Samsung devices weren't handshaking properly, but we've already resolved it in the lab.
Seymour: Okay. So the burning question is, if all of the issues from Life have been resolved in this Extreme sample, have we now solved everything? Do we now know that it's safe to proceed to tooling on one or more of the products? And I just want to just frame this for kind of 15 seconds for everybody watching. Tooling… Well, Shawn, why don't you take us through the stages? Because the refrain I always do is it's half as big as your dishwasher and weighs twice as much as your car. Is it the other way around? It's as big as your washing machine and weighs half as much as your car, and takes a long time and costs a lot of money. So just take us through those stages, so just to remind folks why it's risky to commit to it too soon. And then let's…
Shawn: Well, the end result is a large block of carbon steel, which has the shape and form of your plastic housings, as well as the needed channels for the molten plastic to flow and for cooling and things like that. And so, once you cut it, that's it, you're kind of committed. You can do some fine polishing here and there. So there's a few steps. So the first step is as a 3D CAD model. You design it on the computer.
Seymour: This isn't the model of our product. This is the model of the mold that will make the product. So it's the kind of the inverse, the negative, the…
Shawn: That's right.
Seymour: Yeah. It's the jelly mold, in fact, isn't it? It's the jelly mold, essentially.
Shawn: And it has some, as I mentioned, some additional features you need for channels for injecting the plastic. Sometimes there's slides, moving parts, things like that, that are specked out in 3D CAD. And this is a process called DFM or design for manufacturing, and it's a two to three week process where you are doing everything in cyberspace before you start cutting the metal.
Seymour: Mm-hmm (affirmative). Got it. So that's DFM.
Shawn: That's right, which leads us to the second stage, which would be cutting the steel. This is the most time consuming part, because these are… In the end, you want a very precise cut form with very smooth or textured surfaces, depending upon the final outcome, and so it's time consuming…
Shawn: … Purposes, depending upon the final outcome.
Shawn: And so it's a time consuming, painstaking process.
Seymour: And the final stage for us is this incredible polishing, because we've got this beautiful glossy finish, but there's no point in putting a glossy finish on a tool that was rushed.
Seymour: And this essentially is the difference. If you go to any store, you go down to Walmart, and you look in there at the cheapest products that seem a little… And then you look at the most premium products that are there and they seem really like that, the mold is a huge part of the difference in how the products feel, yeah?
Shawn: It is. There's a huge spectrum in quality and performance with tooling, and we are going high end.
Seymour: Yeah. All right. So we got to design the tool, then we got to cut the tool. Now, I remember from when we did this before, when you're 90% of the way through cutting the tool, that's when you can first throw some molten plastic in there and get out… What's it called? A T…
Seymour: A Tzero sample, right?
Shawn: Yeah, they're the first injection parts off of the mold. And they're a little rough, but that's intentional. You want to make sure that the plastic is flowing right and you don't get things called knit lines, and you just observe the performance of the tool before you finalize the machining of the tooling.
Seymour: All right. So now that everyone understands how you must not commit to tooling until you're certain that nothing is going to change, because it's such a long, laborious, expensive process. And we got the quote in the other day for MAGFAST Life. I forget… It's 32. I think it's 32 and a half thousand dollars just for the one tool, just for the one product, right?
Shawn: That's right.
Seymour: So the big question is, can we commit to tooling, for the first product at least?
Shawn: I think that we can commit and start the process right now, based upon what we're seeing.
Seymour: I literally got… Almost crying. I got the whole body goosebumps just hearing that. So if I authorize right now, can we proceed to the design for manufacturing for the tooling? Can we just push ahead with that right away now, yeah?
Shawn: Yes we can.
Seymour: Oh my God. As I said, it's been a long journey. Shawn, listen. You're amazing. Shawn and I have this fantastic creative tension because we love each other. Certainly, I love him after all of these years. And there's this… I think you always appreciate when I'm trying to push us further, and I always appreciate when you're keeping us within the guard rails.
Seymour: And nine out of 10 folks stay with us through this process, which is kind of amazing. So thank you watching this for being with us.
Shawn: Yes, thank you.
Seymour: But we're going to be shipping something amazing, and you're looking right now at the man has made it all possible. Thank you so much, Shawn.
Seymour: Yeah, it's been a long, long journey, this. Too long. But Shawn has been with us, patiently working and getting this right for us, for you, from day one, and has brought us to the cusp of this incredible opportunity that we have today. So huge thanks to him, to you, Shawn, and to you.
Because the truth is… I think it goes without saying… This project, this idea, this dream, would have been completely impossible if it weren't for you and for your kindness and your trust and your patience. So thank you from the bottom of my heart.
All right, now I'd like you to meet a guy called Mike Marcola. Back in 1977 Marcola was an angel investor. So a guy with a bit of money who was looking around, investing in different companies. And he had an opportunity that most of us would have loved but didn't have, which is to invest in a little startup called Apple Computer.
Here's a picture of him with Steve Jobs, handing over a check. First investment that Apple ever received. 250,000 bucks I think. Now what was so special about Mike Marcola? Well, there's a small issue that he had a quarter of a million bucks hanging around to invest, which was a good start, but more importantly, he knew someone who knew Steve Jobs. He had access to startups. He had access to Apple in the early days.
And that's much more important than it sounds because, until very recently, most of us had zero chance of making an early investment in any kind of privately held company.
Why not? Well, two big reasons. The first, as I just mentioned, is access. Even if you'd wanted to put in a few thousand dollars back in those days, how would we have found out about it? How would have we discovered the opportunity? And the answer is that we wouldn't have done because these are private companies, and only well-connected people knew about them.
And the fact that they're private companies is important because, until very recently, the SEC, the Securities and Exchange Commission, wouldn't allow private companies to offer their shares to the general public, or any kind of investment, actually, which meant that the law was meaning that only the top one or 2%… They're called accredited investors… People like Mr Marcola, were allowed to get in early.
And that's a big deal because small private companies, of course, are clearly generally a little riskier, but they also can represent a much bigger opportunity.
Mike Marcola got a much better return by investing in Apple right back in those early days than anybody got when it became a public company at what's normally called an IPO, an initial public offering. In fact, I think I read some of the Apple value grew something like 8,000 fold before they did their IPO and offered shares to the public.
So here's the thing. Here's why I'm telling you this story. When Apple started, back in the day, they did $774,000 in revenue in their first 12 months. Now, we did a slightly smaller number than that in pre-orders, 623,000, but it was in our first 12 hours. For real.
Now it's not an apples to apples comparison, of course. That was in a different era. There's been a little bit of inflation since then. And Apple was starting a huge industry from scratch. So it's not a completely fair comparison, but it gives you some idea, perhaps even a feeling of excitement, about what might be possible for MAGFAST if only the SEC would change their rules.
Seymour: Well, they have. The new provision is called something crazy like Special Exemption 2043719 of the Securities Act on title three section 21… I don't know. Regulation crowdfunding is the formal title for it. Most people will call it a reg CF, but you can think of it as a mini IPO. A mini initial public offering. In other words, a way that startups and small companies, private companies, can make a small offering of their shares to the general public in a way that hasn't been possible since the 1930s.
How did this all happen? You might remember hearing about the JOBS act that was passed a few years ago, the Jumpstart Our Business Startups Act, which empowered the SEC, the Securities and Exchange Commission, who are the feds, who are in charge of all of this, to create a new way for regular folks to invest early in a startup you love.
And so today I am just delighted to announce that yes, as requested over and over and over again, ever since we gave the first sneak peek at MAGFAST, yes, starting next Thursday, Thanksgiving Day at 4:00 PM Eastern, 1:00 PM Pacific, you may invest in MAGFAST.
Now, we think that this is the most important power move that we can make for our customers, for our team and for everyone in the MAGFAST extended family. If you feel you want to, starting one week from today, you can participate as a charter investor and become one of the very first co-owners of MAGFAST.
Now, I want to be really clear. I am not suggesting for a moment that we're the next Google or Facebook or IBM or Instagram or Apple, but it is clear that sometimes getting in at the first round of an ambitious startup, a technology company, can sometimes pay off handsomely.
And we're really excited about what's possible for MAGFAST, And we think that if we do become highly successful, it's only fair that you should be at the front of the line for this.
Now, next Thursday… I think it's the 26th of November… Is of course Thanksgiving Day here in the US, so it's easy to remember. It's going to be 4:00 PM Eastern on Thanksgiving Day. And if you choose to be a part of this, the whole investment process will literally take a few minutes. We're doing it over Thanksgiving so it's easy for everybody to be able to do it, make themselves available to it, but actually won't take very much time at all. A little bit of setup to do an advance, which I'll tell you about shortly.
So it's going to be extremely easy for you, if you make the decision that it's right for you. By contrast for us, it's taken months and months, because the SEC has this whole series of rules and regulations and so on, and basically protections to make sure… They want to do their best to look after investors.
So it's been a long and complicated process. They want to protect you. As I said, and weed out companies that don't choose to be a 100& committed to this. So we've been working for months and months with lawyers and accountants to make sure that we meet all of the SEC's rules and to make sure that all of our books and our paperwork or all in order.
So you need to consider very carefully whether or not this is right for you. It's absolutely not right for everyone. In fact, there won't be room for everyone right now, because one of the rules that the SEC places on it right now is that under reg CF, we're only allowed to raise just over a million dollars, which for your household and my household is a huge amount of money. For a project like this, it's a modest starting round of investment. Hopefully we can do some more later, but right now this is the amount that they will allow us to raise.
Now, as you know, I'm not an investment advisor of any kind. I'm just a crazy and enthusiastic founder and entrepreneur. And while I always try to tell you the truth, you absolutely shouldn't take my advice about investing in us, or anything else for that matter. For real, you need to make your own decision.
And so what we've decided to do is to wait a week before opening up the doors. We wanted to make this announcement and then have a calm week, during which you can absorb all of the information and decide whether or not jumping in with us is right for you.
If you choose to make an investment, it will be through a special SEC registered funding portal. All the information will be laid out there, again, according to their strict regulations. The SEC requires us to go through the portal. They check everything and make sure that we're meeting all of the requirements for you.
Another thing I want to just say about this is, as you know, our customer service team is unbelievable, but they are not allowed to talk to you about investment products. One of the reasons is because the SEC requires that no individual investor or potential investor gets special treatment. All the same information must be available to everyone, which is entirely fair. I would think you agree.
So you can send questions in, but there will not be custom answers back from customer service, if that makes sense. So send your questions in and we will publish the answers in a couple of different ways. We're going to do a Q&A during the week between now and Thanksgiving day. We're going to stream a Q&A for you, and we will also publish answers on the website. And you'll see all of that.
So questions not to customer service, please, please, please. If you've got questions about products as normal, send them into customer service, but anything to do with this, investors@MAGFAST.com. Investors@MAGFAST.com. And as I say, we'll publish all of the answers to everybody afterwards.
So how much should you invest? I can't say. I mustn't say. It's entirely up to you, but please, I will say this thing. I will say this and, it is incredibly important to me that you hear this. Please do not invest a single penny that you can not afford to lose. I'm serious. Not a penny. I don't want anybody reaching into any kind of retirement fund or college fund. Nothing like this. This is would have to be some spare money. Think of it as your Vegas money.
If you already have an investment strategy and an advisor, you can go to them and say, "Hey, I've been watching these guys for a little while. It seems like kind of fun." You can maybe choose to make an allocation if you already have a strategy that involves placing a little bit of money into a higher risk.
But I want to just repeat… I want you to look me in the eye. If you've wandered away from your computer, this is the moment I want you to come back and look me in the eye now. Not a penny that you can't afford to lose. I'm going to break my back. The team's got to do everything we can to make this thing fly. I've invested my entire life in this for years, but there's risk attached to young companies. And I want you to have fun on the journey with us and sleep really, really well as we do this.
Okay, so the challenge we've got is, as I said, the SEC's rules mean, essentially, that there's no way that right there's room for everyone attending to invest as much as you want. Hopefully later, there'll be other chances, but right now we're going to do a couple of things to help as many people as possible participate, if you feel you want to.
So the first thing we've done is that we've set the minimum investment at just 100 bucks. We don't want anybody having to… We feel like 100…. How can I explain this without going into too much detail? Basically, a number smaller than that, the amount of fussing behind the scenes in terms of setting up the investment vehicle and this, that, and the other… It just doesn't really work out for anybody. So we wanted to do less than $100. We were advised that we should set the minimum at 100 bucks. So we hope that that's a small enough number that anybody who wants to come in for fun can afford to do that.
But the second thing that we're doing, which is… Again, we think about things differently around here, so this is a little unusual… Is that we're asking you please, to invest at this time, a maximum of $5,000 per household.
This is to just try and get as many people as possible in. I know some people are like, "Oh my God, I want to go in for much…" But we're asking now, just on the honor system, please at this time, a maximum of $5,000, because we want to try… Even at $5,000, we've only got room for a little over 200 investors on Thanksgiving day. There are thousands of people watching this here now. Even more watching the replay in the days ahead.
We've got over 20,000 Pro Kit customers who already… Hello, our Pro Kit customers. Bless you… Who are already more deeply emotionally invested with us as a company, and they're likely to want to get in as well. But we wanted to try and find a way of getting as many folks in as possible.
So that's what we're saying. It's a minimum of $100, and we're asking you please, on the honor system, to maximize at $5,000. As I say, in the future, we'll see if we can open up some more.
What else? If you have the feeling that just maybe this is right for you, let me summarize what you should do. First of all, continue to pay close attention in the coming minutes. You'll get a really good feeling for whether or not investing in MAGFAST is right for you.
Second, Kate will be here a little later on to show you how. You're going to set up a username, password and all of that, for the secure SEC registered investment portal. Do that today. Why is this important? This does not in any way commit you to making an investment. In any way at all. It's free.
But it's great to have the account. You'll get to see other small companies, early companies that you might want to invest in. Zero obligation. I'll show you how in a minute, but here's the reason why you want to do that today. When we open the doors at 4:00 PM Eastern on Thanksgiving day, the email's going to go out to over 100,000 people. So if you want to be in, you want to have your account set up, figure out how much money you want to put in, if you want to put it in at all, if this is right for you. As I say, not a penny, you can't afford to lose.
But you want to be ready to, boom, go like that the minute we open the door, rather than wasting precious minutes, fussing around, trying to… "Ooh, what username shall I have?" And "It didn't take my password." You don't want to be doing all of that, because if you want in, you want to be set up and ready to go. I hope that makes sense.
And then the third thing is, digest all of the materials in the coming days. If you want to do this, I want you to consider really carefully, truly, is it right for you? I always say this. Early stage startups like MAGFAST are always risky, and not always rewardy. There are amazing possibilities here, but there are zero, zero guarantees.
All right. So let's answer some of the big questions now. I'm going to take you through why we're doing this, then we'll take a look together at how we're doing this, and then I'll take you through a bit more about the company and the market we're in, and why there's this opportunity to which we're so dedicated.
So let's start with the why. I like to think about it like this. Companies generally need two kinds of money. There's the ongoing sales to run the business, and there's investment to get started and to grow. Think about it like this. You decide you want to set up a coffee shop in your local town. Well, before you open the doors, you're probably going to have to get a little bit of investment money. You're going to have to put down some rent. You have to furnish the place, get in some supplies. And so there's some investment money needed to get… Most kinds of businesses need some investment to get started.
And then when you're up and running, hopefully you're selling some coffees and you're selling enough coffee and enough pastries and so on for the ongoing costs of running the business. And over time, if you've got the investment money from a loan, you can repay the loan, or if you've got investors, eventually investors can be paid back.
And if you decide to make a high growth company, that then becomes two coffee shops and four and eight and 16 and so on, you're going to need more money at that time to grow.
Now, we've already proven that we can generate the sales. We can sell the coffees every day. We've proven it to the tune of millions of dollars in pre-orders just this year alone. And that's the kind of scale that this business needs to be, to make sense.
So basically what we're doing on Thanksgiving, 4:00 PM Eastern on Thanksgiving, is that we're opening up for the investment capital that we never took when we first started. We never took investment capital from investors. We kind of reversed the order round. It's an amazing thing that crowdfunding makes possible.
The main use of funds from this first investment round will be for inventory, building up the stocks of products as a company, because as we move into shipping now, we've got to move out of this crowdfunding mode and get to the stage where people can place an order from MAGFAST product today and have it on their doorstep tomorrow. They're going to pay more than you did because the whole point is that you've got a deal for coming in early. But to achieve that, we need to fulfill all of your pre-orders first and then build thousands and thousands of units, ready for immediate shipping. This takes serious amounts of capital.
I'm sure many folks watching this will have seen shark tank, and they go, "What's the investment money for?" Well, we need to build inventory. So to achieve that, we need to fulfill all of your pre-orders and then build thousands and thousands of units that are ready for shipping.
It's funny. For all of our success in generating pre-orders, right now, we can't actually address the main market for chargers, which is people who need a charger right now. The only part of the market we can address… And God bless you. This is you. That's why you're here today… Is the small fraction of people who are prepared to believe in something and fall in love and pre-order, to make the whole thing possible. So there's this huge possibility that opens up as soon as we have inventory on hand and we're able to ship.
The second reason we're looking for investment is to add one or two key team members to start and develop the resources we need, to build dominance in our markets. And I say markets because there's more to come. It won't surprise you that we're planning, carefully and strategically at the moment, to add new marketing resources, because there are just these incredible possibilities. And I'll talk about that more, a little bit later, I think.
And to build our capacity… My God… To develop and ship products much more quickly. We can't do it the way we've been doing it. We know that. What we have done is built a fantastic library of assets, some of them patented or patent pending, that will allow us to move much more quickly in the future.
You may know that I spent a few years, a while back, as a technology entrepreneur in Silicon Valley in California. And when you meet the venture capitalists there, the smart investors, they'll often say, "We're looking for three things. We're looking for team, for technology and for traction."
Is this a team that can get it done? I think we're getting it done. Is this a technology that's any good? Yeah, it's pretty great. That's actually why it's taken quite a long time to do, is because getting this right, packing so much into these small envelopes, has been tough to do. Makes it harder for other people to copy.
And so team, technology and traction. Is there evidence of market traction? In other words, is there evidence that if we invest in this company and they build these things, that anybody will want it? Well, the answer is yes, absolutely. There's a lot of evidence of market traction. Just look at these sales numbers.
And it's great for us, because professional investors, they don't just look for someone who may be interested in buying something. They want, really, a customer acquisition model, to use the fancy terminology for it. But basically what they mean is a way that customers keep coming and coming and coming in a repeatable way and a scalable way, which means that you can scale up, means that you can grow the business.
And I think while we score pretty great on team and technology, it's this repeatable, scalable market traction that is our strongest suit. Not only do we understand quite a bit about the dynamics of modern internet marketing, the team that's running our ads, they really understand how to-
The team that's running our ads, they really understand how to dial in. If you've ever worked on running ads in Facebook and Google, it is hell of a complicated in there. It's like, "Whew, complicated." And the team who do this are amazing, and they run it in real time. They're more like experts in trading stocks than placing an ad in the local newspaper or something. The market conditions there can change by the hour. Actually, there's this thing called CPMs, which is the cost of sharing an ad to 1,000 people, and it can range from, I guess, sort of 10 to $100, and it can move from $30 to $60 just in a few hours. I think stock trading is a really good comparison to that. So they're in there writing the Google algorithm, writing the Facebook algorithm, literally tweaking our campaigns dozens of times a week, sometimes dozens of times a day.
What else might you look for as a professional investor? Well, they will often talk about barriers to entry. What barriers are there that make it hard for competitors who see how well we're doing, to catch up? How hard would it be for someone to develop a similar product or family? And is their intellectual property, or IP they say, "What IP have you got?" There's things like trademarks and patents that help to protect technology from being copied. Again, I think we do quite well here. I've got up on the screen there, some of the stuff that we've got in that area. We can drill into it deeper if you're interested. But there's something else about MAGFAST that I think is going to help us. It's to do with the way we're structured as a business, both emotionally and physically.
Emotionally, I think we've proven that we're pretty resilient. Those of you who've been with us for a while, know that this has been a very long and very tough journey, yet I'm still here. I think, still, with pretty much the same energy as we started. And our team are just amazing. And again, those of you who've been in touch with customer service, you know what an amazing job they're doing. You've met Shawn, and the team is truly incredible. And the team is distributed around the world, which allows us to bring in great people wherever they are on the face of the planet. It also allows us to do customer service pretty much around the clock. It helps us keep our costs down, we're not paying for some big office building. Even the videos that we do are made remotely, even before COVID.
You've seen Kate, she's in a home studio. You've seen Shawn, who's in his home office. I have this little green screen set up here. And we put the whole thing together over thousands of miles from home studios. And all of our meetings, most members of the public only heard of Zoom at the beginning of 2020 when COVID hit, we've been using it for three years before that. So since COVID hit, particularly, this has been a great advantage for us over some others. And while so many businesses have just gone out of business tragically, we've continued to grow. Here's last year's pre-orders without COVID, and here's this year's with.
So I'll take you through more details in a minute. I just want to stress again, this isn't for everyone. You should not put in a penny that you can't afford to lose. This isn't for everyone, and the SCC hasn't given us enough room for everyone. There might be another chance in the future, but we don't know about that yet. And if there is, we will have made progress by then and it'll be more expensive. We will be pricing the investment at a higher level at that point. So if this is for you, I'm so excited, because we really want to share this journey with you and share any success that we might have with you and as many of our supporters, as many of our extended family, as possible.
All right, let's move on to the how. Kate is queued up and ready to come join us a little later on, and she'll take you through the small simple steps that are necessary to set up an account at the investment portal. I mentioned this earlier on. That's your first step, that's the action point for today. Whether or not you choose to invest in MAGFAST, it'll give you a good sense of what's going on. It'll give you access to the world of other startups you can keep an eye on, you might see something else that you love. We've got a couple more things to do, and then Kate will come in and show you how to set up their account. It's pretty simple. Okay, so that's an overview of why we're doing this and the very simple process of how you're going to invest next week.
Now, if I may, I'd like to jump in and spend a few minutes talking about the opportunity that we see for all of us and show you why we feel really excited about this. And you'll know whether or not this is for you. So the first thing is, this charging is a big global market. It's huge. And even taking a small fraction of it would make for a big, big business. So how big is the market? Well, it's really big. Big enough in fact, that the big research firms, they don't all actually agree on its exact size and nor the exact impact of COVID. We know it's taken back a little bit because of COVID, we don't know the exact amount. So just take these numbers as a rough guide.
Today, we believe the market for chargers and power banks, the main market we're in, is over $20 billion. That's billion with a B. It's a big market, but it's the growth in the market that's truly exciting. Why is that? Well, because chargers and power banks, they're no longer really nice to have. We're all pretty much dependent on our mobile devices to stay connected. And right now, we're at a really exciting inflection point in the charger market because of two things. One is that USB-C, which is the great new wired standard, the way superior wire standard that's at the core of all of MAGFAST's products, has taken off and is becoming standard across the industry.
And Qi wireless has finally come of age. At last, everyone's discovered how great it is to charge wirelessly. You just put your phone down and pick it up. And today, the growth in both USB-C and wireless, is driving a lot of demand. So much so, that the market for power banks is expected to grow at about 20% a year for the next few years, and wireless chargers at over 30%. by some estimates, the entire market, maybe as much as 35 or 40 billion within a few years. So how big is 40 billion? Well, it's almost as big as the worldwide box office. I mean, like almost as big as not just Hollywood, but Hollywood, Bollywood, and all of the others put together. So it's a market as big as all the movies in the world. Isn't that insane?
And there's something really interesting about this market. If you pick pretty much any big consumer market in the world, you'll find a handful of recognizable consumer brands. And they're the ones that are making all the money. Here's athletic footwear. See? Brands you know and trust, a very good chance you own one or more of these. And truthfully, these brands, the ones you recognize, they command a higher price and better profits because of that trust. Here's laptops and PCs. Same deal. Here's airlines. You get the point, right? But in this area of chargers, despite the fact that billions of people around the world all have these mobile devices and are charging them multiple times a day, there's really no great trusted charging brand. Is there? I mean, can you think of one?
I've been involved with chargers for the best part of a decade now, and it's astonishing. And I've done this hundreds of times probably, asking people, "Can you name even one charger brand?" And if you can, you're unusual. Try it over the next few days. Ask your friends and family if they can name a charger brand. Hardly anyone can. So you'll discover that this opportunity to create a great brand in charging, one of the first great brands and in charging. The opportunity is truly wide open. And one of the reasons that we've taken time, yeah, too long, but we've taken the time to get these products right, is that one of our key power moves from the start of MAGFAST, has been our strategy to build a premium direct to consumer brand, not just direct to consumer products, but a direct to consumer brand. DTC they call it, where you have a relationship directly with your customers.
We have a relationship directly with you. That's why we're able to make a share offering to our customers, because we know who you are. Most brands out on the shelves in stores, they never know who their customers are. They never know who buys their products. Whereas we know the name, the email, of every single one of our pre-order customers. And this direct to consumer model has kind of taken the world by storm over the last few years. Everything from eyeglasses to suitcases to shaving to mattresses. You name it, there's a DTC, there are a number of DTC brands for it. So building a great premium brand that consumers know and respect and love, means that the foundation has to be rock solid. And that's why as hard as it's been on everyone, including you guys and our team, we're making sure that we get these products spot on when they ship, even if it takes a bit more time.
The next thing to understand, is that we believe we have a completely different product strategy than all of the other guys. Again, it's a power move that we made right from day one. It's called the MAGFAST System Strategy. It's subtle, but it's extremely powerful. Let me show you. Here's a simple map, a kind of Business School 101 map of the market, with cheap low-end stuff down to the left and premium products to the right. And the better names you may have heard of like Anker, RAV, Rav, Mophie. Mophie is one of the few names people sometimes mention when you ask them if they've heard of a charger brand. Then there's people like Aukey and iClever. Duracell, obviously a famous battery brand. They haven't done so well in chargers. They do have some chargers, however. Belkin is the other name, it's kind of the big bear in the middle. That's the other name that people do sometimes mention when you ask them.
Remember just now, I said, "Can you think of a charger brand?" That's the name they sometimes mention, but it's really an accessories brand, isn't it? Not recognized especially for being focused on chargers, and certainly not the brand that you love for chargers. And then down here to the left, you've got the slew of lesser names and countless, countless no names. Just look at them, there's no shortage of cheap junk in this game. And here's the thing. For all of these, and there are hundreds of them, there's very little reason to repurchase from any of these guys. Because as we discussed, the brands simply aren't that compelling. Most people don't even know, even if they've got a charger that they kind of like, they don't even know what the brand is. And so there's no reason why they would go back to the brand, because there's very little awareness of it. And there's no strong, specific reason to go back to the same brand. There's no particular advantage in going back to the same brand. There's no benefit within the brand universe. And that's why we've adopted this powerful system strategy. So what is it?
Well, it's actually a strategy that you have experienced quite a few times before, I think. The most famous example at the moment is Apple. They do it brilliantly and highly profitably. It's insane. When you see the percentage of the profits in the smartphone market that Apple makes compared to all of the others put together, it's crazy. I saw stats a while back, they were making, I think it was over 85% of all of the profits. They don't make 85% of the phones, they're making 85% of the profits in the whole of the smartphone market. And in part, it's because of this system strategy. So all of their stuff just works great together.
Lego. Lego have been doing this for years. It's fantastic for them, it's fantastic for their customers. Each new purchase is great, but it makes the products that you already have even better, even more worthwhile. And a little closer to home, many of the tool companies use a common battery system. It's a great way of making sure that you'll come back to us next time, because they have the same battery. If you have one of their drills, it'll also work in the rotary saw, it'll also work in the screwdriver and so on, which means that you come back over and over again.
And that's the powerful heart of MAGFAST's System Strategy. A family of gorgeous products that all work beautifully together. So well, that it's a no brainer for you to trust us over and over again, and to share with all of your friends. By the way, if you're one of our already over 20,000 Pro Kit pre-order customers, thank you. Then you know the power of the premium strategy. It's already working with you.
So let's come back to our chart. Well, it turns out we don't think it looks like this. We think it looks like this. There's a second dimension, system or standalone. And we don't know of anyone else who's doing a system, a family of products, like us. So that means that up here, we get the first mover advantage. And for a while, we get this space to ourselves. And you may remember me talking about how each of our products is designed to be best in class. The best wall charger, the best car charger, the best watch charger. So each product is designed to compete as best in class, which means we also get to sell individual products down here, even though there's a bit more competition.
What else? Oh, yes. We also have exclusive use of a growing portfolio of IP, intellectual property, I mentioned earlier. It includes patents and trademarks, both issued and pending, from the U.S. Patent and Trademark Office. Some overseas stuff as well. We just got the trademark, the MAGFAST trademark in Europe, for instance. All of which strengthens us against the inevitable competition. And here's something that we're particularly proud of. Companies monitor, should monitor, their AOV, average order value. It's one of a number of key metrics, a very important metric for any business. If you're, for instance, a coffee shop owner, then you like to offer premium products like lattes, larger sizes, things like cookies and cakes and other goodies to get your average order value up from just, what would it be, a couple of bucks for a simple cup of Joe, right? To more like seven or eight or $9 as an average order value from each customer. So it makes every visit far more valuable.
Now in our industry, most transactions, when people buy chargers, most transactions of just a single non-premium charger, at most 20 or $30 average order value. But at MAGFAST, most of our customers are pre-order customers. Today, they go for a minimum of a Pro Kit. That's six premium chargers plus tips and cables. Our average order value is well over 10 times the industry average. We don't know of anyone who's putting up numbers like this. And it isn't just some fantasy, some piece of luck, a flash in the pan. We've been doing this month after month after month for over, over two, almost three years now, ever since we first previewed MAGFAST. So we've got pre-orders proving this model.
Now, we've paid a lot of attention to building the foundation that is going to allow us to scale once we're shipping. Not scale at some breakneck speed. As you know, I have some real hard knock experience of that. But solidly and strategically. This means a bunch of things. Let me highlight a few of the most important. When we started building our system architecture, that means the hardware and the software, these days not so much hardware, because most of that is out on the cloud, but the software choices that we made to run the business and the website, and we chose each element to handle high volumes of traffic reliably and fast. Occasionally we've had a switch in the wrong direction. Some with us today have had the experience of coming to our site when it has been down because of heavy traffic. Usually that's because of not throwing one of the switches that says high volume could be coming.
All of the pages of the website are held on Google's Cloud Platform, which is able to serve millions. It basically uses Google's infrastructure so we can serve millions of users simultaneously if necessary. And our special checkout process, which I hope if you're one of our pre-order customers, you know how easily and beautifully that flows, was designed that all of the computing load that's needed doesn't actually happen on our servers, it's carefully distributed right out over the internet. Including some of the work being done in your browser at the time of checkout, so that it makes it possible for hundreds, or theoretically, even thousands of people to check out at the same time. And our servers should be able to handle the load. Remember way back when we launched, that initial launch, which was an event like this, to which a lot of folks were invited, we did that quarter of a million in the first 10 or 15 minutes right on our very first day, and everything went smooth as butter.
Marketing to scale. We're already doing millions of dollars a year, all driven by focusing on Facebook and Google, YouTube advertising for now, and perfecting and refining it. I'll talk in a second about how we'll be able to scale that still further. Manufacturing. Unlike many startups that hope customers will buy a product that they can make, MAGFAST has proven both the market and the manufacturer ability. Millions of people have pre-ordered, and our manufacturing partner, P3 International, they've been in the business of designing and manufacturing consumer electronics products for 30 years with distribution in all the major retailers. You might even know of their kilowatt power monitor. P3 and our partners overseas, they're tooling up as we speak, deeply focused on quality. And the key to this quality and scaling the quality, is threefold.
First of all, meticulous design for manufacturing. Design for manufacturing, if you rush this, if you get it wrong, you'll ship some substandard product forever. Particularly if you mess up the molds, the tooling. The truth is, we could probably have shipped product quite a while ago if we weren't obsessed with building a business with a really, really solid foundation. And we're pushing as hard as humanly possible to ship product, but it has to be right. And when you commit to tooling, you may have heard me talk about them before, these enormous, the size of your dishwasher, of a washing machine, these huge hardened steel molds, weigh half as much as your car, and there's no way back if you make a mistake with these things.
Yeah, they're this big to make a product this big. Extreme precision, tens of thousands of dollars to make them, three months to make them, and we're making tools with a life expectancy of over a million charges. So each one of these tools is going to have a productivity of potentially over a $100 million in retail sales. It's the kind of thing it's worth getting right. And then quality control in the factories. Many of the products that you buy, the way it works is, they come off the line and the workers check maybe one in 10, one in 100 of the units that come off of the line. The factories we're working with are going to test every single unit. They call it the burn in, which has a funny name for it.
But you may have seen a while back, I did a factory visit. The room where the burn in happens are just rows and rows and rows, tens of thousands of units, all being tested simultaneously. What does this mean for you as an investor? It means hopefully we have happier customers. We will have happier customers, and minimize the number of returns and refunds because of that. Next, customer service. My last company, for the first charger company, we made the fatal mistake of growing too quickly without sufficient investment in customer service. I'm not proud of how long it's taken us to get to shipping, but I'm very, very proud of our customer service team. I mean, you already know Kate. She's amazing. She works with Marla and Brittany and Starzie, and my beloved wife Amy. Thank you, darling. And we recently welcomed a couple of other recruits, Joelle and Jack, into training. And they're all under Sanja's amazing leadership.
I'll always remember the first day I met Sanja. We'd been chatting for a while, and I said, "You know Sanja, what do you think is the most important thing about customer service?" And she paused for a moment, and she said, "Serotonin." She said, "Serotonin. Making our customers feel good right now is what the job is all about." And I think she's right. She certainly does a great job with that philosophy. I think you know, we have response times that are generally, I think I mentioned earlier, generally twice the industry average. It'll be a little slower after a big event like this. But coming back to serotonin, because we can't actually measure serotonin, but here's a couple of pretty awesome customer service statistics. I mentioned one just now, right? Which is response times. I certainly hope we're better than Zoom, the video conferencing people.
I sent a ticket for them in, I think it was March, and didn't hear back from them until July. So they said, "Sir, we're sorry it's taken a little while to get back to you with our ticket." That's what happens when you grow really quickly. But as I say, our team responds about twice as fast as the average help desk, and you get a real normal, sweet, kind human who loves MAGFAST, just like you. And they go to the end of the earth to make sure that you feel happy. The other thing that I'm really proud of, is that through this long journey, which has taken way longer than you thought, that I thought, that the experts who have been doing this for years thought, the overwhelming majority of our pre-order customers have chosen to stick with us. Over nine out of 10, have chosen to do that. Many of the best retailers get refund rates higher than that. So we're really, really pleased with that. We're incredibly grateful to you for sticking with us and sticking with us on this journey.
Now, Sonja would be the first admit that there's always more we can do in customer service, but I hope you notice your own sort of serotonin levels are rising or stabilizing or perfecting when you hear about all of this. All of which leads us to this investment offering. As I've just shown you, there's a multi billion dollar market out there, tens of billions of dollars, full of opportunity for all of us. We feel really proud of the work we've done already towards building a great company. Systems, marketing, manufacturing, customer service. The truth is, if I'm honest, we've actually been held back by not taking investment capital sooner, significant investment capital sooner. We would have had better negotiating position, we'd have been able to move more quickly. Kind of…
And we'd have been able to move more quickly across the board. I wish we'd done it sooner, but we're doing it now to make ourselves stronger for this incredible opportunity. The upside is that we have answered these two critical investment questions. Can it be done? Can these things be made? Often, when investors go in right at the beginning, they have no idea about this. Well, yes, it can. You've seen the demos. You've seen the sample models. So we know that the products can be made and can be made beautifully to the standard that we want. And we've also answered the question. Can it be sold? Will anybody want this stuff? So we've got a resounding answer to both of those questions. Yes, it can be done and it can be done great. And yes, people really, really want what we're doing. It's taken awhile. But if you've been following us closely, you know that today the products and the entire business vision is way ahead of where it was when we started. So we're raising money now, principally, for inventory and working capital and to expand the team a little bit.
I think it's worth pausing just for a minute to talk about what we haven't done so far. The truth is that, although, as you've seen, we've pre-sold millions of millions of dollars, of product. We've done it using very few of the tools that are going to be available to us once we're shipping. And once we have a better capital, a capital base. We have a host of power moves. Why we call today's event, Power Moves, a host of power moves planned for 2021 and beyond. We decided, right at the beginning, to make a strategic decision, to stick with a formula that we understand deeply and that we can refine.
To date, we have only offered mag fast in one place, one place only, MAGFAST.com. And we've only offered it to people prepared to watch our long presentation. Because to date, it's been so important to have smart, informed customers like you, who really understand why we're different and what we're doing and why it's so important to take the time to get this right. We've also only offered six products, just six. So we're planning a series of power moves in the months and years ahead, to expand on this limited number of things we've done. We figure if we've only done a handful of things and we've done millions of dollars, what are we going to be able to do when we take the brakes off? We think there's a lot of possibility, provided that we have the right capital base to fund that expansion.
So Power Move #1, International. So far, we've only invited pre-orders in North America, only North America. And if you look at it, just one of our existing six products needs to change for other markets, MAGFAST Wall, which plugs into the wall. It looks like this for North America. And it looks like this for other markets. The other markets have a common design. So we have to modify slightly for other markets, but we then have a single design, that just by making some very small changes, allows us to cover pretty much the rest of the world, like this. Now this is Type G, for dozens of countries around the world, including the UK and Hong Kong, amongst them. And then with some very slight changes, internally, most of the electronics are exactly the same. You get this, Type F, this covers much of Europe, including Germany. Here's Type E, very similar, slightly different, but very similar. Type E for France and a bunch more European and other countries. And here is Type I, which gives you Australia and New Zealand and China and a whole bunch more.
And just by developing this one platform for Wall, is going to open up over 180 countries to us all around the world. Because it's only Wall that needs to be developed differently, for different countries. All of our other products, Life and Air and Road and Extreme and Time, they all work beautifully, wherever you are in the world. And they all pair up, of course, with the localized version of Wall.
Power Move #2 is New Marketing Channels. So far, as I mentioned, we've focused entirely on Facebook and YouTube. For good strategic reasons, but as important as they are, they're not the only game in town. Here's just a few of the other places that we plan to be in the future. Power Move #3, by building up inventory, we're going to be able to do immediate shipping. I mentioned this earlier on, but right now, the only people that were able to address, the only market we're able to address, is the market of gracious people like you, who are prepared to back a project now, and then wait patiently. And we can't address at all, the people who insist on getting a package the next day, if someone needs a charger, we can't fulfill that in them. We can only fill the market for people who believe in a dream. But most chargers, of course, are sold to people who need one right away. And we're going to be able to address that market, as soon as we build up inventory, have it in stock and are able to ship immediately.
We plan of course, to be selling it, a significant premium to where we have been for that. Because most folks, you're one of our Pro Kit customers, you got a really great deal. You only have to go to our website and look at the retail prices, at which some people are buying by the way, to see what a great deal you got.
Power Move #4 is New Products. I've hinted at this for a while now. We've got some really exciting new products in the pipeline. Products that build on the MAGFAST Snap To Charge platform in new ways that we don't believe anyone else is thinking about. We'll reveal more in the coming months. But if you've been following us closely, I think you already know, we love entertainment and we have some unique ideas of ways that we can serve there. And if you're like me, you can't wait to travel again. And we have something very exciting for travel. So exciting, it's all I can do to zip my mouth and restrain myself from telling you about it right now. Because this thing is wild and completely unlike anything you've ever seen before. And the small number of people who've seen it so far, it's been a thump to the forehead, jaw-dropping moment.
Power Move #5, further down the road in good time, Retail. We're starting out with this direct to consumer model, direct to you model, it's the cornerstone of our launch strategy and will always be our foundation and our core. But online is still, even today, even with the recent surge through COVID, because obviously online sales grew a lot through COVID. Even today, online is still less than 20% of U.S. retail sales. So there are huge opportunities out there in retail, when the time is right. Our manufacturing partners, P3 International, I've told you about many times before. They have partnerships with pretty much all of the major retailers, Best Buy and Bed, Bath, and Beyond, and Costco. You name them, QVC. They've been on all of them. Retail, we don't want to rush into. The retail sector can be brutal. But we have one or two ideas, where we think we can pick some niches and do very well in there as well.
So that's just five of the Power Moves we have in mind. There's obviously a bunch more ideas as well, but we think it's important to go one at a time and just approve or disprove each and achieve sort of excellence in each, rather than trying to do too many things at once. We did an update once, where I was saying, the most important thing we can do is to say no.
So let me say it again, please. We only want you to join us as co-owners in MAGFAST, if all of this feels just right to you. If you're one of our pre-order customers, and for any reason you don't like what you've seen here, I invite you, please, get in touch with Sonya and Kate and the team at customer service, put them to the test on serotonin. And if for any reason you're not feeling great about what we're doing, as we round this final corner into production and beyond. Let's part as friends, I truly mean it. It's amazing that anybody backs us in the first place, we're incredibly grateful. And if you can't make it with us all the way there, we get it, we understand. We're just really grateful that you've been part the journey with us.
But if, over the coming days to Thanksgiving, you decide that it feels right to you to join us as an investor, please do so carefully and mindfully and not a penny more than you can afford to lose. For all this excitement, we're still an early stage company. And I can assure you, there is no certainty in the world except this, there are many more bumps along the road. As exciting as it is, there are going to be many more challenges along the way. But if you do choose to jump in and invest in this first round, I couldn't be more honored and excited to have you as a co-owner. And I know the rest of the team feels the same way.
Now, by definition, this is the only time that you can join us as a first round investor. If there even is a future opportunity to invest, it won't be at the same pricing and terms that we have today. So if you want to be in at the beginning, or if you even think you may want to jump in, again, this Thanksgiving day, 26th of November at 4:00 PM, Eastern, 1:00 PM Pacific. If you even think that you want to join us, then please let's get Katie in right now. And let's get you set up, so that on the day you don't miss out, fussing around trying to set up your account, while others jump in. You there, Katie?
Kate: Hi, yes, I'm here.
Seymour: Hey, Kate, how are you doing?
Kate: I'm wonderful. I'm still very giddy from hearing you and Sean talk about tooling.
Seymour: I know, and I'm going to get again, literally getting goosebumps from it. It's so, so exciting. I mean, you've been with us for two years.
Kate: Mm-hmm (affirmative). Yep.
Seymour: And it's a really, really important moment. We've authorized the tooling. If anyone stepped out of the room earlier on, we've authorized the tooling for the first product, MAGFAST Life, and the others will start. It's going to fall like dominoes after that, it really is a moment. All right, so I've been promising, you're here to help us show folks how to set up the account. It's with an amazing company called Netcapital. This SEC authorized platform, that allows companies like us to offer shares to our customers. And you want to take us through it now, Kate?
Kate: Of course, let's jump right in. Okay, so here's what you'll see when you click on the button, in just a moment. It's super simple. I'm just going to walk you through it easily, so you'll focus on the parts that matter to you right now. To be clear, you'll be setting up on the SEC approved, secure investment site. So none of your information is passed to us. They just give us the list of investors, once everything is complete. It's all super private and secure. So you'll just set this up right now. Super easy. Just enter your first name and your last name. And then your email address. And then your phone number. And if you're not a robot, just click, I'm not a robot. And then do the simple security challenge. There you go. And then click, sign up. So you're going to go over and you're going to check your email and click on set your password. And once you do, it'll bring you to the welcome back page. And just choose a nice long password, that no one else can guess. And then confirm your password.
And then click off the terms and conditions box. And click sign up. And once you click sign up, it'll take you to your dashboard. Now, investment regulations require that these approved portals check a few things, for your protection, before you may invest in us. The questions are super simple and you can answer them as you invest, when we open up on Thanksgiving. However, the interface can be a little fussy. And you want to make sure you get in. So my recommendation is to set this up now. So just click on your name, in the top right corner. And you'll go down and click on settings, not to get started. Because get started will take you back to your dashboard. So click on settings. And here's where you can easily fill out information today, that will save you time on Thanksgiving day, if you want to get in quickly, and you do. So you'll see address and you'll also give your… Let me do this real quick. New York.
Okay. And then you're going to do your date of birth. No one look at this. And then you'll do your income and your net worth. Just going to pick some random numbers. Okay. And then you confirm your citizenship. And then you will put in your social. But just to be clear, we never see this information. But the SEC requires them to check this with you. It's just a normal secure part of the process. It'll feel very familiar to everyone who's done this before. And once you put in your social, you'll be able to click save. But down there, you'll see supporting documents. You don't to focus on those right now.
Okay. And then let's scroll back up. So there's two main ways you may fund your investment in MAGFAST. You can use a credit or debit card on the day. They'll just charge about 3% for processing, to make sure that you'll your full, desired amount is invested. Or you can easily connect your bank account right now and just zap the funds quickly when the time comes. So you'll just go to your payment methods. And then to connect your bank account, I'm not going to do the whole thing right now, but I'll show you. So you just click add account and then you'll click continue. And then you just select your bank from this list. And then it'll ask you to sign into your bank. And so you'll sign in and it'll send you a code, to make sure it's you. And then that's it. And then you'll be all signed into your bank account.
It's super easy. I did it the other day, I did it on my real account. So you should see the orange button appearing below this video, now. If for any reason you don't see it, maybe you're watching this as a replay on YouTube or something, then just go to MAGFAST.com/setup. That's MAGFAST.com/S-E-T-U-P, setup. MAGFAST.com/setup. And that will take you right to the sign-up page at Netcapital.
Seymour: Yeah, I love the Netcapital guys. Thank you so much to Rob and to Lily and to Vlad over there, you've made this process, this long and complicated process, defined by the SEC. You've made it as easy as it possibly can be. And just a joy to work with. So thank you to them. You're going to be in safe hands. Kate, we'll post a copy of the recording of what you just did. We're going to make a whole page, right? I can't remember, we're going to email you in the next day or so. We'll send you a recording of the whole of this presentation. We'll clip out Kate's bit, showing you how to set up the account. It's pretty simple. I don't think you're going to need to review it. Right, Kate? I mean, you did it a couple of times so that we could make that recording, but it was pretty simple the first time, right?
Kate: Yes, yes, it was. It's easy.
Seymour: Yeah. So click on, there should be a button underneath me right now. It'll take you straight over to Netcapital, to do the setup that Kate just showed you. If not, we've got a URL on the screen, if anybody's watching this, out on YouTube or Facebook or something, without a button underneath, just follow the URL on the screen here. That will also take you across to Netcapital, for your setup. All right. I think that just about wraps it all up, doesn't it, Kate?
Kate: Wait, wait. Prizes, we have to do prizes.
Seymour: We have to do the prizes. All right. This was our blatant bribe to get you here. So thank you so much for being here. We have three prizes. So third prize, $500 of MAGFAST goodies. When we ship the $500 of cash, which we'll send right away. And the winner is
Kate: Mamie Jones.
Seymour: Mamie, did you say Mamie?
Kate: Mamie, M-A-M-I-E.
Seymour: Mamie, hi, Mamie. Thank you so much for being part of MAGFAST. 500 plus 500, on it's way. Fantastic. Second prize.
Kate: Second prize is Lynn Jeffrey.
Seymour: Lynn, Lynn Jeffrey. Hello, Lynn. We will be in touch with all of you, all of you guys. Customer service said, don't tell people to email in if they're a winner. Because we get all these emails from crazy people, thinking that we won't notice, and that we'll send them the prize, even though they're not the winner. So, so second prize winner, again, is Lynn.
Kate: Lynn Jeffrey.
Seymour: Well done Lynn, congratulations. You're getting $1,000 of MAGFAST goodies and $1,000 in cash. And the first prize is.
Kate: Patty Evatt
Seymour: Patty, Patty Evatt. All right, looks like the ladies rule today, three prize winners. Congratulations to all of you. Kate will work with you. And we'll get a check to you for the cash part. And we'll get you set up with credits and so on, with MAGFAST. And we couldn't be more thrilled to have you as part of the family. And we couldn't be more thrilled to have you as part of the family as well right, Kate? Kate, as you know, works in customer service. You speak to dozens of people every week.
Kate: Way more than that.
Seymour: Yeah. We're fortunate to have got the best, best people, on the team and you out there supporting us. So let's wrap this thing up now. Kate, okay, so what does everyone got to do? First of all, please only do this if it's right for you. This isn't right for everyone. And as we said earlier on because of the SEC rules, there isn't room for everyone. But if this feels right to you, we would love to have you along for the journey. But not a penny you can't afford to lose, right, not one penny. Please, please look me in the eye, I couldn't bear it. So study all of the materials. We'll follow up by email over the next few days. Get your account set up. All right, Kate, showed you how, just now. What else do folks need to do?
And just make sure you look through everything, let this be a considered decision. And then on Thanksgiving day, which day of the month is it? It's the 26th, right? It's Thursday, thank you. Thursday, the 26th at 4:00 PM Eastern, 1:00 PM Pacific. We'll send out an email with the times in other times zones. And again, if this is right for you, we'd love to have you with us. All right, does that wrap it up, Kate?
Kate: Yes, I believe so.
Seymour: Super. Oh, the other thing I just want to mention, is that we're going to do a Q&A, you and I together, which day is it next week? Tuesday, right?
Seymour: Tuesday, same time, 4:00 PM Eastern. If you have questions that you would like us to answer, please email them to investors@MAGFAST.com. You'll not get a personalized reply. Because, again, SEC rules, we're not allowed to give personalized replies to individuals. But we do gather all the questions and then we we'll do the Q&A for you next Tuesday. We'll post that up on this concierge page we're going to put up for you. And that says that all of the answers are available to everybody. So that's investors@MAGFAST.com. I think that's it. Anything else, Kate?
Kate:Nope. That's everything. Thank you, everyone.
Seymour: Thank you so much. We out. Thank you, MAGFAST.