BLOCKS smartwatch: MBA alumnus discusses role in crowdfunding success

A smartwatch called BLOCKS has just raised $1.5m through crowdfunding. Laura Singleton talked to the MBA alumnus who is part of the BLOCKS team.

BLOCKS is a smartwatch consisting of interchangeable sensor pieces allowing users to customise their own device. Co-founded by Imperial College London students Serge Didenko and Alireza Tahmaseb, users can build a smartwatch that suits their lifestyle by combining modules for different purposes, such as GPS or heart rate monitoring. These modules sit around the wrist, instead of a standard watch strap.

The smartwatch is built on an open platform, meaning that any company or individual can develop modules. The team anticipate there will be modules for gaming, sports, healthcare, the workplace, or even experimental ones for academic research – the uses of the watch will increase as time goes on.

The team met their original funding target of $250,000 worth of pre-orders in just 56 minutes. As the crowdfunding campaign closes with a current total of $1.5m, their Kickstarter campaign is already the 16th most highly-funded in Europe of all time.

Watch the video below to see how the BLOCKS smartwatch works.

Phillip Jarman, a recent Full-Time MBA graduate from Imperial College Business School, was the business advisor to the BLOCKS team during their campaign. He talked to Laura Singleton about working on BLOCKS and his experience of studying at Imperial.

How did your involvement with BLOCKS come about?

I met Serge and Alireza, the Co-founders of BLOCKS at the SW7 180, the fortnightly event which brings startups from the South Kensington community together in a rapid-fire, high energy pitching session. I was impressed with the BLOCKS presentation, as I could immediately see the business potential for this kind of product. Unlike other smartwatches, the BLOCKS watch stands out for its customisable features, aimed at a very tech savvy wearer, which gives it a clear niche in the market that hasn’t already been filled with other similar devices from big brands such as Apple.

I was also impressed by the team’s marketing and branding strategy. They had already produced a high quality video that they were using to attract potential investors as well as generating media coverage. BLOCKS contacted me and asked for business advice for the product and the relationship started from there with me acting as an MBA consultant.

What was your specific role on the project?

Drawing on my background in banking, I helped the BLOCKS team secure more investors by introducing them to some of my contacts in the financial sector, mainly from banks and hedgefunds. I also introduced them to other investors who I believed would be interested in wearable technology, including the Cambridge Network business hub, the Head of Accessories at Next for the fashion appeal and high endurance / elite sport through the Managing Director of One Step Beyond, a U.K. based triathlon company. 

Using the skills I learned on my MBA, I advised the team on how to develop the business plan for the product, which included marketing and strategy. I also advised on a launch strategy for BLOCKS, so we would time the product launch at the right moment and avoid being upstaged by similar launches from companies such as Apple, but still close enough to stay on the wave of new wearables.

How did your experience of studying at the Business School help you get involved with this project?

Imperial provides fantastic opportunities for learning about business, meeting entrepreneurs and getting involved in real enterprises developing within the College community. My collaboration with BLOCKS would never have happened if I hadn’t come to Imperial to study my MBA. The Business School provides you with the knowledge and practical skills needed to succeed in business and, as someone with a finance background, the experience really opened my eyes to career opportunities I had never considered before. Wearable technology is a rapidly growing part of the technology industry, so this is an exciting time to get involved in this area.

What advice would you give to other students looking to get involved in similar projects?

Students should seize every opportunity to expand their network by taking part in competitions such as the I&E START! Challenge and 360 Challenge for MBA students and attending pitching events such as SW7 180. I would also encourage Business School students to reach out to students within the wider College and get involved in the many startup hubs on campus such as Imperial Innovations and Create Lab, which may hold a wealth of untapped business opportunities.

What’s your current project?

I’m working on a training application for emerging markets using blockchain technology. The business will help businesses including farmers achieve a fairer price for their products at wholesale. I’m working on this project with two of my fellow MBA cohorts, Adil Dirie and Viv Diwakar, together with Priyav Shah, an MSc Computer Science alumnus.