Our product SmartSurface is an innovation in the commercial ads industry. It uses short throw projection technology which is patent pending. It is low in cost compared to LCD screens and can be used in regular lighting areas. It also has a longer life and needs lesser power, thus eliminating the limitations of LCDs.
We have a working prototype of the product ready and have received commitments for selling the product.
According to our research, there are around 3000 mid to high scale restaurants, 10 major malls and around 300 commercial complexes(Source:ixigo.com) in Hyderabad, Telangana, India. These figures also grow by about 10% annually. Only about 5-10% of these locations are currently using LCD screens, and that too only a limited number of screens in each location.
We envision multiple products to be used in each location, for example, a restaurant can use one unit to display videos as advertisement outside the restaurant, and more units to display menu and the like inside the restaurant.
The digital signage market is expected to grow from USD 19.61 Billion in 2016 to USD 32.84 Billion by 2023, at a CAGR of 7.4% between 2017 and 2023. This is our global market size.
Problem or Opportunity
The advent of permanently fixed LCD screens in malls and other public places for advertising has resulted in an expansion in the number of ways in which information can be propagated among the general populace. Yet, these LCD screens come with their own host of problems. Exponential amounts of money are needed to obtain high definition LCD screens which can fulfill the need of showing ads. There are also the problems of breakdowns, the need of specialized softwares and the difficulty in setting them up.
The age old method of using posters also comes with its own slew of problems. Besides the major recurring costs, posters are also a hazard to the environment when thrown away after use. They can only be used once, and need extensive labor and time to be replaced each and every time.
Solution (product or service)
A revolutionary way to display ads-Smart Surface. Smart Surface is a short throw projector which can display content in regular lighting areas-i.e in any location where LCD screens can be used. We aim to target upscale business locations. In locations like malls, multiplexes and restaurants, conventional LCD screens are used either for ads or displaying the menu. Smartsurface can replace these means of displaying content. As it is a short throw projector, it causes no obstruction to anyone passing by. It can be easily setup in any location, also being cheaper than these LCD screens. We aim to multiply the ways in which companies display information about themselves and their products to people exponentially and also in an affordable way. Smartsurface is also envisioned to be used outdoors at fixed times. The effects of being able to display the menu and images of dishes to customers who are passing by the restaurants can be a game changer.
LCD screen makers are the main competition. Our product is very attractive because of both its (comparatively) lower price point and higher ease in setup and maintenance. Cheap LCD makers can thus be competition, but larger screen sizes in SmartSurface cost much less and offer better performance than their contemporaries in LCD screens.
Advantages or differentiators
• Smartsurface is low in cost compared to LCD screens
• It also has a longer life and needs lesser power, thus eliminating the limitations of LCDs.
• It is capable of displaying multiple ads on the same surface in both picture and video format,thus offering more revenue than posters.
• As a unique product, Smartsurface is poised to dominate the market of hardware for advertising industry.
The expected price of the final product is $300. Targeting 20% of the local market in the first year of business, we project direct sales revenue of $435000. In 5 years, with steady growth, our revenue in our 5th year of business is expected to be $2.3M.
Our plan is to first have SmartSurface be given as a demo to establishments like malls and restaurants. In this way, we aim to get traction and thus get to the phase of acquiring customers leveraging the feedback received from the demo.
A detailed plan will be produced with all the strategies for promoting and advertising our product prior to the launch to significantly improve the business.
Print media advertising and online advertising will be used substantially to get the word out about the product.
Initially, 20 products will be used as demos in various locations. After receiving feedback and finalizing the product, the product will be launched. Through advertising and contacts built, steady growth will be made in the number of products sold each month.
Hyderabad(India) will be the main focus in the first year. Expansion into other market locations will only be considered after exhausting all opportunities present in Hyderabad(India) and obtaining a firm grip over the market.
Money will be spent on
The amount obtained will be used to finalize the market ready product and to obtain parts for manufacturing. Our expenditure is mainly in experimenting with different parts to finalize the MVP.
Offer for investor
We are offering a stake of 14% in the company for investment.
As it is first of its kind product, early adoption could be slow. This is planned to be overcome by giving numerous demos of the product thus highlighting its strong points.
Cheap LCD makers and projection companies which can make competitive products given enough time are our main threats. This threat is mitigated by the full patent which will be obtained and rapid expansion of the business
Incubation/Acceleration programs accomplishment
We are currently incubated by the Launchpad Program at CIE, IIIT-Hyderabad, Hyderabad, Telangana, India. The program mentors and offers services to promising startups.
Won the competition and other awards
We are a Startup India recognized company.(recognized by the Ministry of Commerce and Industry)
The product is patent pending. Reference Number: 201741021471.