SoleSafe is one of 10 startups from across North America — one of two from the Twin Cities — chosen for a joint 13-week accelerator program sponsored by the Minnesota Twins and Techstars.
While scrounging through a house he and his wife had purchased, St. Paul native Phil Terrill found about 10 pairs of Michael Jordan signature basketball shoes that were left behind.
The shoes were valuable and rare, Terrill said, but the previous owner had no way of recouping the investment made into those high-priced shoes.
A sneaker enthusiast himself with a collection of more than 200 shoes, Terrill looked into obtaining an insurance policy on his treasure chest of sneakers, which he valued north of $40,000.
“I went through the process of talking to multiple carriers and it was like I was speaking a different language,” he said.
The experience sparked an idea for Terrill: an insurance company specializing in sneakers.
Last year, Terrill started developing SoleSafe, a mobile app that offers insurance coverage for high-end sneakers using a valuation and appraisal model.
Read the full article at StarTribune.com.