Covid-19 lockdown results in inevitable crossing of real and online world, food being no exception. Food and its adjunct industries are undergoing great disruption – triggered by the Covid-19 – making the future prospects unclear. As we stay inside with a single aim to stay healthy, we tend to cook more than usual, this is reflected in increased traffic on sites with food-related topics e.g. giallozafferano.it - top Italian recipe site has seen increase in traffic by 65% since social distancing measures have taken place. Online content and services related to food are heavily dispersed, what provide an unique opportunity for integration in a form of unique platform. Our value preposition outlines a way to interactive and integrated platform dedicated to food and cooking.
Recepticon – an amazing, revolutionary and content cooking app which is easy to use and provides an aggregated platform to all food related services. It will be one cool online place where people can learn how to cook or improve their cooking skills, order food ingredients from best supplies on the market and even expand personal knowledge about other cultures and histories through food. The platform will create a positive social impact for those hit the most by the crisis in the respective industry; bakers, chefs and other culinary workers as well as small suppliers of local food and ingredients.
As Hippocrates put it “We are what we eat” and further supported with psychology research cooking is in the center of staying fit and healthy, reflecting in much needed stress reduction and healthy eating habits.
The impact to the crisis
The impact of Recepticon is two-fold, serving as an entertainment media and supporting the food industry. For people staying inside it provides countless learning opportunities, funny reads and recipes to try out – making the quarantine less plain, dull and boring. However, by far grater impact will be of economical nature, giving people in the industry an easy way to regain some income.
What we have done during the weekend
During the hackathon, we outlined a comprehensive business idea. Focusing on key points - partners, competitions, distributional channels and payment channels. For each of them we made thorough analysis of the impact and common goal, among which count close relationship with local communities, foster use of online banking and detailed customer segmentation. The motive behind is monetization of Recepticion. We have identified two main revenue streams: advertising and cooking as primary and secondary (delivery services). We have also outlined the financing structures, where equity would be provided by a venture capital accompanied with debt financing through one of the development bank (EIB, EBRD, EDIF) and/or regional funds.
We also developed a video and pitch about our idea, and had a lot of fun!
The value of our solution after the crisis
As our solution is automatically tackling two main issues: entertainment and food delivery the value of the idea will remain prevalent and essential after the economic shock as a result of COVID-19 pandemic. For many entities it can still maintain an important way to reach end customers. Also it will remain a great source of cooking entertainment with no language barrier, as the recipes will be animated, proving additional income for designers and artists as well.
Reaching the investors (focusing on institutional and governmental VC funds as we focus on the common good) Develop a minimum loveable product (MLP) in 3 months (recipes in all European languages, establish socialization features and infrastructure). Estimated daily active users at the end of the period- 1000. Estimated funding requirement 100 000 EUR Market readiness 4 months from MLP. Launch 2 new modules (life streaming and interactive, language-independent tutorials). Gather core user base of 100 000 daily active at the end of the perios. Estimated additional funding 300 000 EUR.