Trust Performance: A Startup Case Study – Shifting the Paradigm of Mountain Bike Suspension

Trust Performance

Trust Performance was a pioneering mountain bike suspension startup founded in 2015 by industry veterans Dave Weagle, Jason Schiers, and Hap Seliga. The company aimed to revolutionize front suspension with its innovative linkage fork designs.

Despite achieving significant milestones, including the release of the Message and Shout forks, Trust Performance ceased operations in April 2020 due to financial challenges exacerbated by the COVID-19 pandemic.

• Founding Year: 2015
• Headquarters: Salt Lake City, Utah, USA
• Industry: Manufacturing: Machinery, Electronics, and Vehicles
• Current Status: Closed (April 2020)

Business Model

B2C, One-sided, Product

• Clients: Enthusiasts and professional mountain bikers who prioritize high performance and are willing to invest in advanced technology.

It’s Like: Tesla for Mountain Bike Suspension

Trust Performance’s approach to suspension design was akin to Tesla’s disruption of the automotive industry:

• Innovative Design: Introduced linkage-based suspension forks, departing from traditional telescopic designs.
• Performance Focus: Aimed to enhance ride quality, control, and confidence on diverse terrains.
• Premium Market Positioning: Targeted high-end consumers willing to invest in cutting-edge technology.

Key Pain Points Addressed

• Traditional Suspension Limitations: Conventional telescopic forks often compromise between stiffness, weight, and performance.
• Ride Quality: Desire for improved traction, control, and responsiveness on varying trail conditions.
• Innovation Stagnation: Need for groundbreaking designs to advance mountain biking technology.

Solutions

• Linkage Fork Technology: Developed the Message and Shout forks featuring a trailing multi-link design to optimize axle path and improve ride dynamics.
• Carbon Fiber Construction: Utilized high-quality materials to achieve a balance between strength and weight.
• Enhanced Performance: Aimed to provide better small-bump compliance, cornering stability, and braking performance.

Founding Story

• When and How: Trust Performance was founded in 2015 to revolutionize mountain bike suspension.
• Founders and Experience: The company was founded by three industry veterans:
  • Dave Weagle, a renowned suspension designer known for his patented suspension systems.
  • Jason Schiers, the founder of ENVE Composites, an expert in carbon fiber manufacturing.
  • Hap Seliga, co-founder of Competitive Cyclist, with a strong background in retail and customer experience.
• Problem: The founders saw an opportunity to improve the performance and riding experience of mountain bikes by reimagining suspension technology.
• Solution: They developed a unique linkage fork design that differed significantly from traditional telescopic forks. This design, implemented in their Message and Shout forks, aimed to provide better traction, control, and speed.
• First Results: Trust Performance gained traction with enthusiast riders and achieved a breakthrough in 2019, selling over 1,000 units and experiencing significant sales growth.
• Challenges: They faced competition from established brands like Fox Factory and SRAM, and the unique feel of their linkage forks may not have appealed to all riders.
• Innovation and Growth: Trust Performance’s success stemmed from its innovative linkage suspension system, the founders’ expertise, and its direct-to-consumer and dealer-based sales model. They secured venture capital funding, indicating investor confidence in their technology and vision.

Key Growth Milestones

• 2015: Trust Performance is founded
• October 2018: Launch of the Message fork. Introduced the Message, a 130mm travel linkage fork featuring a trailing multi-link design, offering improved traction and stability over traditional telescopic forks.
• May 2019: Price reduction of the Message fork – Reduced the retail price of the Message fork from $2,700 to $1,975, offering early adopters a $1,000 credit toward future purchases.
• September 16, 2019: Introduction of the Shout fork – Released the Shout, a 178mm travel linkage fork designed for aggressive trail and enduro riding, expanding the product line to cater to a broader range of mountain biking disciplines.
• Late 2019: Significant sales growth – Achieved a breakthrough year with over 1,000 units sold, experiencing steep growth in dealer and distributor sales, and recording four of the best-ever sales months at the end of the year.
• April 2, 2020: Suspension of operations

Market & Competition

Target Market and Potential

Trust Performance focused on a niche market within the cycling industry, specifically targeting enthusiasts and professional mountain bikers who prioritize high performance and are willing to invest in advanced technology.

• Enthusiast and Professional Mountain Bikers: This segment is characterized by their deep passion for the sport, their pursuit of cutting-edge technology, and their willingness to spend premium prices on components that offer performance advantages.
• Early Adopters: Given the innovative nature of their linkage fork design, Trust Performance appealed to early adopters within the mountain biking community — riders who are eager to try new technologies and are often influential opinion leaders among their peers.
• Global Mountain Bike Suspension Market: The global mountain bike suspension market is projected to grow from US$2.373 billion in 2025 to US$3.807 billion by 2031, reflecting a compound annual growth rate (CAGR) of 8.2% during this period. Within this market, front suspension systems constitute the largest segment, accounting for over 65% of the total market share.
• This growth is driven by increasing consumer interest in outdoor recreational activities, advancements in suspension technology, and the rising popularity of mountain biking as a sport and leisure activity. Key players in the market include Fox Factory, SRAM, SR Suntour, RST (DaKen Industry), and Yodogawa, among others.
• Potential New Markets: Trust Performance’s founders expressed a vision to expand beyond mountain bike suspension and explore applications of their technology in other industries.

Competitive Landscape

Trust Performance operated in a highly competitive market dominated by established brands with significant market share and global reach. These companies have long-standing reputations for quality, performance, and a wide range of products.

Here are some of Trust Performance’s main rivals:

• Fox Factory: A leading manufacturer of high-performance suspension products for bicycles, motorcycles, and other vehicles.
• SRAM (RockShox): SRAM is a major player in the cycling component industry, and its RockShox brand is renowned for its suspension forks and rear shocks.
• SR Suntour: A Taiwanese manufacturer of bicycle components, including a wide range of suspension forks for various cycling disciplines.
• RST (DaKen Industry): Another Taiwanese company specializing in bicycle suspension forks, known for offering products at competitive price points.
• Yodogawa: A Japanese manufacturer of bicycle components, including suspension forks.

Marketing & Sales

Main Positioning Values: Quality

Website & Socials

The official website was trustperformance.com. Some menus on the website are still accessible, but the site is not being updated.

Media Coverage

• Pinkbike: Provided an in-depth six-month review of the Trust Message fork, highlighting its torsional stiffness and performance advantages over traditional telescopic forks.
• The Loam Wolf: Reviewed the Trust Shout linkage fork, noting its superior traction and stability, especially in rough terrains, while also mentioning the need for precise tuning to maximize its benefits.
• Vital MTB: Shared slow-motion footage of the Trust Message fork in action, showcasing its innovative suspension movement and design.
• Bicycling: Discussed the Trust Message fork’s impact on bike handling, noting improved stability and traction, but also pointing out its stiff damping and the physical toll on riders during extended use.
• The Pro’s Closet: Explored the history and performance of the Trust Message fork, comparing it to traditional suspension systems and highlighting its unique characteristics.
• MBR (Mountain Bike Rider): Provided a first-ride review of the Trust Shout fork, praising its small bump sensitivity and stiffness, while suggesting the need for a broader adjustment range to suit various riders. 
• Spoke Magazine: Reviewed the Trust Shout fork, commending its performance on smooth trails and its robust carbon construction, but also reflecting on the company’s unfortunate closure.
• Worldwide Cyclery: Featured a video review of the Trust Message fork, discussing its mid-stroke support and traction benefits, and considering its value proposition for riders seeking top-tier performance.

Marketing Strategies

• Target Audience: Trust Performance focused on enthusiasts and professional mountain bikers who prioritize high performance and are willing to invest in advanced technology. This is evident from their premium pricing (around $2000 per fork) and the technically advanced nature of their linkage fork design.
• Customer Acquisition: They employed a multi-channel approach, including:
• Direct Sales: Through their website, targeting consumers who prefer direct engagement.
• Dealer and Distributor Network: Partnering with bike shops and retailers to expand their reach.
• Influencer Marketing: Collaborating with cycling influencers like Jeff Kendall-Weed to promote their products to their target audience.
• Content Marketing: Trust Performance relied heavily on earned media, particularly product reviews from reputable cycling publications and online platforms. This strategy leveraged third-party validation to build trust and credibility within the mountain biking community.

Product & Innovation

Linkage-Based Suspension Design

Trust Performance’s forks, such as the Message and Shout, utilized a multi-link suspension system instead of traditional telescopic designs. This approach allowed the front wheel to move both upward and rearward upon impact, enhancing traction and stability by maintaining better contact with the terrain.

Contour Travel Technology

The company’s “contour travel” concept enabled the axle path to follow a rearward trajectory, aligning more closely with the direction of impact forces. This design minimized changes in head angle during compression, preserving the bike’s geometry and improving handling precision.

Advanced Carbon Fiber Construction

Both the Message and Shout forks featured full carbon fiber chassis, contributing to increased stiffness and reduced weight. The carbon construction also allowed for complex shapes necessary for the linkage system, resulting in a distinctive aesthetic and functional design.

Adjustable Damping Systems

Trust Performance incorporated sophisticated damping systems with external adjustments for rebound and compression. The Shout fork, for instance, offered a three-position compression adjustment (Open, Medium, Firm), allowing riders to fine-tune suspension performance based on trail conditions and personal preferences.

Extended Service Intervals

The design of Trust’s forks emphasized durability, with the Message fork boasting a recommended service interval of 250 hours. This extended interval reduced maintenance needs, allowing riders to spend more time on the trail.

Financials & Metrics

Revenue Streams

• Direct Sales: Trust Performance generated revenue through the direct sale of its mountain bike suspension forks, namely the Message and Shout models.
• Dealer and Distributor Network: The company also established a network of dealers and distributors, expanding its reach and generating sales through these partnerships.

Metrics

• Annual Revenue: In 2019, Trust Performance experienced significant growth, selling over 1,000 units of its suspension forks. With the Message fork initially priced at $2,700 and later reduced to $1,975, and the Shout fork introduced at a similar price point, the company’s estimated revenue for that year was approximately $2 million.
• Employee Count: At its peak, the company employed 15 individuals, as reported in 2018.

Pricing Model

Trust Performance adopted a premium pricing strategy, reflecting the advanced technology and materials used in its products.

• Message Fork: Initially launched at $2,700, the price was later reduced to $1,975 in May 2019 to make it more accessible to a broader range of riders.
• Shout Fork: Introduced in late 2019, the Shout Fork was priced similarly to the adjusted price of the Message fork, targeting enduro riders seeking longer travel suspension solutions.

Structure & Culture

Trust Performance was co-founded by Dave Weagle, Jason Schiers, and Hap Seliga.

The company operated with a lean team, employing around 15 individuals at its peak. The organizational structure was likely flat, fostering close collaboration among engineering, product development, and marketing teams.

Values

• Innovation in Suspension Technology: Trust Performance aimed to redefine mountain bike suspension by introducing linkage fork designs, moving away from traditional telescopic forks.
• Quality and Performance: The company emphasized high-quality materials and engineering to deliver superior performance to riders.
• Community Engagement: Trust Performance engaged with the mountain biking community, collaborating with influencers and participating in events to showcase their products.

Impact

Customer Feedback

Trust Performance’s products, particularly the Message and Shout forks, garnered mixed reviews from the mountain biking community.

• Message Fork: Praised for its stability and control, especially in fast, twisty singletrack conditions. However, some riders found it less responsive on drops and jumps, describing a lack of “pop” and a tendency to feel harsh over high-frequency bumps. Adjustments to rebound and compression settings improved performance for some users, but others still experienced discomfort on rough terrains.
• Shout Fork: Recognized for its exceptional traction and control, particularly in rough terrains and during high-speed descents. Testers noted that the fork kept the front wheel planted, enhancing confidence in technical sections. However, the fork’s plushness led to a vague feeling in berms and when attempting to preload for jumps, making it less ideal for riders who prefer a more responsive setup.

Pitfall

While Trust Performance’s products were innovative, the company faced challenges in achieving widespread adoption.

The unique design and performance characteristics of their forks attracted a niche segment of riders who appreciated the benefits of linkage suspension.

However, the high price point and unconventional aesthetics limited broader market appeal.

Closure Rationale

Challenges and Risks

Trust Performance faced several significant challenges that ultimately led to its closure:

• Supply Chain Disruptions: The onset of the COVID-19 pandemic in early 2020 severely impacted global supply chains. Trust Performance’s manufacturing operations were disrupted due to shutdowns in key parts of its Asian supply chain following the Chinese New Year.
• Decline in Consumer Demand: As the pandemic progressed, economic uncertainty led to a decrease in consumer spending on high-end, non-essential products. Trust Performance experienced a significant slowdown in demand for its premium suspension forks.
• Capital Constraints: The economic downturn and volatility in investment markets made it challenging for Trust Performance to secure additional funding. The company faced difficulties in accessing the necessary capital to sustain operations during this critical period.

Sunsetting

The company announced the suspension of operations in April 2020 due to a combination of factors, including disruptions in the Asian supply chain following the Chinese New Year, decreased demand amid economic uncertainties, and challenges in securing additional capital during the COVID-19 pandemic.

While the company expressed hope for a potential return if conditions improved, as of now, Trust Performance remains closed.

Key Takeaways for Entrepreneurs

• Innovate with Purpose, but Validate Market Fit: Trust Performance introduced groundbreaking linkage fork technology, aiming to revolutionize mountain bike suspension. While innovation is crucial, it’s essential to ensure that the market is ready and willing to adopt new technologies. Entrepreneurs should balance innovation with thorough market research to validate product-market fit.
• Diversify Supply Chains to Mitigate Risks: The company’s reliance on a specific supply chain became a vulnerability during the COVID-19 pandemic. Supply chain disruptions contributed significantly to operational challenges. Entrepreneurs should consider diversifying suppliers and building resilient supply chains to mitigate unforeseen disruptions.
• Maintain Financial Agility and Preparedness: Despite strong sales growth in 2019, Trust Performance faced capital constraints that hindered its ability to navigate economic downturns. Maintaining financial agility, including access to emergency funding and prudent cash flow management, is vital for startups to withstand economic uncertainties.
• Understand the Importance of Timing in Product Launches: The introduction of innovative products requires careful timing. Launching during periods of economic stability can enhance adoption rates, while external crises can impede market penetration. Entrepreneurs should assess external factors and market conditions when planning product launches.
• Learn from Setbacks to Foster Future Success: The closure of Trust Performance underscores the importance of learning from setbacks. Analyzing the reasons behind business challenges can provide valuable insights for future ventures. Entrepreneurs should embrace a culture of continuous learning and adaptability.