Last year in the UK, one motorcycle was stolen for every new one sold. This and the growth in higher value E-bikes are factors driving a premium bike and lock market that is growing at about 30% per annum. LITELOK aim to reduce these thefts, with innovative lightweight products and a range of antitheft solutions. They have 16 patent applications, four of which are granted already. Their innovative products have won Red Dot Design, London Cycling, and iF Design awards and are shortlisted for two prizes in the 2023 Made in Wales awards.
Professor Neil Barron is the Founder, CEO, and Head of Engineering at LITELOK. His role covers technical and commercial leadership, as well as hands on ‘invention’, research and development, and new product introductions. He also describes himself as “the guardian of the brand and culture of the business”, noting that this is “quite a lot of hats!”
Neil recognises that his role is very diverse and reflects that “I’m interested in working on prioritisation of activities but also strategic vision. We are at a really exciting stage wherein our IP is being granted and we are looking to license our technologies to other larger organisations to layer our revenue but also to elicit an exit or partial exit in the coming years.”
Negotiating significant international licensing agreements is a new challenge for Neil and he hopes that the Shott Scale Up Accelerator can provide mentorship and networking in that area. He also notes that another challenge for LITELOK is manufacturing in the UK while scaling profitably.
They are currently engaged in several automation projects to address this. Neil hopes to learn from others through the Shott Scale Up Accelerator’s networking opportunities to see how they have met similar challenges.
LITELOK aim to at least double their revenue in the coming year and grow export markets which already represent 60% of that revenue. They plan to do this through scaling their LITELOK X range of products and to make the first steps in licensing their BOAFLEXICORE (flexible) and BARRONIUM (angle-grinder resistant) technologies.
