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1. THE BEGINNING
This innovation came to life when…
Token One came to life due to my subject matter expertise in the commercialisation of authentication technology and a patent owned by myself and a colleague that predated smartphones. Now that smartphones are ubiquitous, this has made the theory of the patent commercially practical and valuable. The patent is called “Validation of Transactions” and is granted and sealed in Aus and US (copy available upon request). It has now been assigned to Token One and was the foundation for both our initial seed round raising last November and current MVP development at the Blue Chilli incubator in Sydney.
2. WHAT & HOW
The purpose of this innovation is to…
Address the inconvenience and insecurity of passwords and attempts to merely enhance, rather than replace, them with technologies like RSA ‘tokens’, Google Authenticator and Microsoft Two-Step Verification, which still require users to have many passwords for many services.
It does this by…
Token One replaces passwords completely so that you only need your phone and one PIN not dozens of passwords for many if not all of your online accounts — because you never enter your PIN or reveal it to anyone, not even the service you are accessing.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
For users:
- No need to remember dozens of (usually insecure) passwords — you only need your phone and one PIN for multiple online services.
- Empowered to self-manage their own identity (conveniently and simply) to securely self-create and self-replace their PIN, even if forgotten.
For our clients/organisations: High security, low cost. Password management becomes a thing of the past.
The benefits to the customer/end-user include…
- For users: convenient, secure and empowering
- For our clients/organisations: very low-cost, simple technology so easy to maintain and will scale to ‘N’ (hundreds of millions of Internet users)
- For governments: protects ID of citizens, great PR
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Other approaches:
- Generally if not always require users to have one solution for each service/account they have
- Attempt to enhance passwords rather than replace the need for them
Token One replaces passwords and password management and enables users to have one solution for many if not all of their online services/accounts.
Its predecessors/competitors include…
Large online services like Google, Facebook, Microsoft, Evernote etc. have licensed/replicated One Time Password (OTP) generator solutions from RSA and others but still require users to have one password (and generally one OTP solution) for every online service/account.
5. TARGET MARKET
This innovation is made for…
The global market. In 2013 there are approximately 2.7 billion Internet users. Most if not all of these users have at least 10 accounts protected by passwords or other technologies. Many users have more than 50 such accounts. Token One’s licensing model includes ‘per user account’ charging so the total theoretical global market for us is at least 27 billion user accounts.
6. DISTRIBUTION STRATEGY
It is available for sale through…
We are still in MVP development in partnership with Blue Chilli technology incubator. The MVP is due for completion in June 2013. However sales will be based on the following strategy.
Our marketing strategy is…
Two-phased approach:
- Direct model combining our core authentication technology with third-party technologies for direct sale to know corporate clients in Aus
- Indirect model via known channel partners (e.g. SafeNet) particularly US, to acquire users and corporate clients
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FINE PRINT
This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
