Our Problem Statement is that: With the ever-growing number of Covid-19 cases from the past 8 months, and several lockdowns issued by governments internationally, the human race has to define the New Normal in the Post-Covid era and start to re-open offices and schools.
However, the underlying issue is that people don't feel safe yet to let their loved ones out of their homes. And this is completely justified, because of the weakly regulated ‘prevention techniques’, of wearing a mask at all times, and to maintain 6 feet distance from others in public places.
Therefore, we decided to go on a journey to use technology to create the New Normal, in order for schools and offices to re-open as soon as possible. And we are doing this by releasing the concept of the ‘SMART MASK’. We plan to be B2B and B2C providers, but more about that later.
With our product, we are targeting two industries. The primary target industry is the Biotechnology Industry, in the BioPharma Market (with a Compound Annual Growth of 7.2% through 2020 to 2026), and the secondary target industry is Pharmaceutical industry, in the surgical mask market (with a CAGR of 8.38% through 2020 - 2024). We came to this conclusion as we plan to have a brand image of a technology company before having that of just any other mask company in the consumer’s eyes, and this is what makes us different.
The Smart Mask is a mask with IoT breathing sensors, which notifies you or your family if you are not wearing a mask in public areas. With the help of a team of Biotechnologist and IoT specialists, we can design these sensors, to record the location of your mask and your mobile application. Also the IoT sensors will record the breath of the person wearing the mask. So, if no one is breathing into the sensor, even if it is taken along in the public place, the person will be notified to wear it as well.
The mask asks for calendar and location access, and with that the user can be reminded to keep the mask nearby the night before a calendar event outside the house, and notify if the mask is forgotten at home while out of the house.The Smart Mask will come in a range of different designs. We plan to have designs with a variety of colours and also those that are cultural in nature.
In the B2C Model, Users have control over making and joining groups, with their families and loved ones, and can choose to share location and their mask’s location with them. So a parent can know if their child is wearing his/her mask in school or forgot it on the school bus.
In the B2B Model, While the businesses can’t track their employees after job, however they will be notified if two or more users have not worn masks or maintained social distancing for prolonged periods.
With the Smart Masks, reaching the ‘New Normal’ will come to a reality more than ever. This would mean re-opening shopping malls, schools, offices, public parks, if Smart Masks are used extensively.
In order to be aware of our strengths and weaknesses, I would like to share our SWOT Analysis. Our Strengths are that we have a strong vision for our product, we are learning developers, enrolled in the best universities in Australia and India for AI. Also being in the Gen-Z we both know the right ways to market this product to the youth and how to effectively use marketing growth channels to scale.
Also, we have many opportunities that will benefit our business, like having the right timing to launch the Smart Masks (as we are in the midst of a pandemic). We have no direct competition yet, as there are no such products available on the market, but also have a large customer base which is growing in hundreds of thousands on a daily basis (as Covid 19 unfortunately infects communities at a time). To add, we could also add machine learning and artificial intelligence features in the near future. All in all, the growth potential for the industry and scalability of our product both are promising.
However, like every other business, we do have weaknesses, as we have low financial funding, and do not have an experienced team of IoT and BioTech specialists. Further on, our biggest threat is the possibility of large monopoly conglomerates who would also release similar products. But still, the market is big enough for a startup like us to survive the competition until we scale significantly, and being the first comer to the industry will surely reward us with the loyal customers.
We are targeting to first sell the product in Indonesia, due to its rising cases of Covid 19, and so are benchmarking the data with the Smartwatch market in Indonesia. 2.5% of Indonesians have Smartwatches, out of which 23% of them wear it for fitness purposes (which means that 1.495 million people are ready to spend about a $100 on a tech-lifestyle device in Indonesia).
If the Smart Mask manages to attract even a mere 2% of those 1.495 million people to buy our Masks, and 10% of them to have it on a subscription model, then about 180,000 Indonesians would use our product.
To conclude, if our product gets a steady increase in the influx of customers for a year after the first MVP (of a working product), as shown in the table, then we can hit 3.8 million dollars in revenue, with a 2.16 million dollar cost… leaving us with a profit in the first year of 1.71 million dollars. And the only investment we need is the right resources, to gather the right team.