Imagine a disruptive new market player with an asset with four legs and technology that connects it to buyers by dropping the cost of entry to market by a factor of 50.
That’s what technology start-up miRunners has done. Its technology platform makes top pedigree thoroughbred racehorse ownership affordable to anyone from as little as $165 per unit plus a small monthly management fee capped at $15 per month. For the first time, units (ownership shares) can be bought via mobile or desktop in a few simple clicks.
In an industry which has traditionally been the realm of wealthy individuals, this is disruptive in its execution and its thinking.
miRunners has evolved from the miStable communication business, now in its 10th year, which provides real-time electronic communications technology at scale to over 300 professional thoroughbred trainers responsible for 16,000 thoroughbreds across Australia.
“miRunners is a concept that disrupts traditional thoroughbred ownership models, yet grows the market support for the whole industry so that everyone benefits,” says Chris Ryan, executive chairman of miStable. “We aim to widen the audience our trainers have with owners significantly. Today, fewer than 100,000 Australians can afford to own a racehorse, yet millions engage in the sport. There’s now no reason why they can’t enjoy an all-encompassing racehorse ownership experience.”
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The miRunners platform was launched last December and the miRunners team has spent the last six months learning from data and refining how they interact with trainers and owners.
“We already had the communications engine. What we needed to do was connect this engine to an online customer purchasing experience, and get all the regulatory and legal affairs around shared horse ownership in order. These changes were key to this idea of allowing a greater number of owners per racehorse, and making it more affordable for everyone,” says Chris Ryan.
“Early-adopter feedback led us to simplify the online experience and the way the product was marketed. The new version of the platform makes it easy for anyone to buy online. We are already seeing a number of people buy multiple units for themselves, or to share the experience with their friends. This really disrupts the traditional ownership model.
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“And in another sense, we’ve also disrupted ourselves: we had to rebuild what we had with miStable to serve this new community of first-time owners, all online.”
miRunners purchased its first colt for $165,000 in the Gold Coast Magic Millions yearling sales event in January 2017, and created 1,000 ‘ownership units.’ The colt is being trained by leading trainer Kris Lees, one of the most sought-after trainers in Australia. Individuals can purchase a single unit or multiple units in the colt, and every purchase is made through a simple transaction on the miRunners web site.
“That immediacy and automation are essential,” notes Chris Ryan. “For most, ownership will be a new concept. Race fans or those with a love of horses will get the proposition very quickly, but people looking to buy an unusual birthday present for a friend or family member, for example, need to as well. This is an emotional purchase decision, and people will make an emotional commitment to becoming a part-owner of this young horse. It’s similar to becoming a member of your local footy club and then seeing the team play in a grand final.
“We’re transacting with yearlings – young horses at the start their professional racing careers,” explains Chris Ryan, “so our owners can share the development and training experiences of the colt, visit it, be updated by the trainer each week, and celebrate milestones and track successes. And it’s a shared experience across all the horse’s owners, making this a unique and affordable investment.”
There are more than 200 unit holders of the colt, and miRunners is expanding its online marketing efforts. Once the colt starts its racing career, winnings will be divided equally per unit share. Chris Ryan adds, “We’re a big user of digital and social media marketing because it allows us to scale at low cost. We have created a tightly-focused digital program serving relevant content to interested and engaged prospects, carefully-targeted using online and social tools such as Google and Digivizer.”
Find out more about miRunner’s Colt by Real Saga from Cubism trained by Kris Lees or purchase your share.
