- Venture Name
- Stockr (play on words based on stalker!)
- Describe your idea in 200 characters or less. Remember a character is not a word! (slightly longer than a tweet)
- Wireless inventory management for home and commercial tool
- Who is your market? (specify location, gender, age group)
- Home owners, rents, business owners that need to manage inventories and supplies.
- What are some current solutions available? Who are your competitors?
- E-turns has created inventory management for part industries. Neo-Jar – the jar is the sensor itself.
- Why are you different or how will you be different?
- This product will allow the user to restock products automatically and reduce physical counting activities.
- What will you accomplish by the end of the semester?
- Creation of a website (landing page) with images, video, testimonials. creation of a product image, product branding, slogan, team to bounce ideas with.
- What additional resources do you need to make this concept successful?
- Need flexible sensors that can be used inside cabinets. Computer and software engineers. ~$2000 in capital for prototyping.
- What do you think will be your biggest challenge?
- Engineering of the hardware. Keeping the thin sensor design, water proofing, temperature resistance, destructive resistance, and life span.
- Why do you think this concept will be successful? Give me exact fact not “I feel it will be a big hit”
- The market availability for this new concept is open. This is the future of what makes life easier for handling product and supplies. This is one product that adds to the smart home/business.
Market research into the Stockr project
- What problem/issue are you trying to solve?
- The lack of a smart features that automatically monitor kitchen stock.
- What is your proposed solution?
- Create a sensor pad that allows software to determine if items were removed and notify the user of the current stock amount when requested. This system will automatically update inventory based on orders it sends or based on shopping performed by the individual based on usage of club/membership cards. Survey Form 1. Include a link to the survey you used (make sure the link is public and live)
- Stockr System Survey 2. How many people completed your survey research? Submit a link showing the results.
- 90 Individuals have taken the survey.
- What are the top three things you learned from your survey?
- More than 80% of those surveyed have trouble organizing what they have at home and do it by memory alone. So more than likely they are not tracking expiration dates and when it is best to use an items.
- The vast majority of them do their shopping in person so they do not have the chance to check what they have on hand. This also means they may be limited to buying for no more than one or two days in advance meaning multiple trips to the store.
- 78% of them do not remember half or more of what they have when they are out shopping so they will have a tendency to buy what they don’t need.
- The larges indicator we have found is that 15% of those surveyed lose more than 10% of what they buy. This is a huge lose for any family of business to shoulder and is not a sustainable model for anyone.
- What other research methods did you use? Name the 2 methods.
- Conducted secondary research into the current business market environment using government and economic indicators (http://www.bea.gov/index.htm).
- Conducted secondary research using into the consumers’ behaviors by reviewing their key concerns in today’s environment using privet and social media sources (http://www.theconsumergoodsforum.com/economic-concerns-and-consumer-demandremain-top-priorities-for-consumer-goods-industry). 5. What results did you get from each of the other methods?
- According to the US Bureau of Economic Analysis (BEA) liquidity across markets seems abundant by most of their metrics. Bid-offers are tight, if not always back to pre-crisis levels. Despite this both companies and consumers remain worried about liquidity, fearing what is here today will be gone tomorrow. The easy of e-trading is the main contributor in volume, but this a two dimensional and false indicator. Leading to the growing frequency of flash crashes often without obvious cause. For small business owners they need to keep as much cash on hand and avoid becoming over leveraged. Using a Just-In-Time (JIT) inventory method can reduces the space needed for stores and keep cash in the bank helping small business owners, but has a high risk. If they do not maintain the proper inventory they can lose business or waste cost on unnecessary supplies of loss through expired goods. So this type of system may be necessary but comes at a high risk without a reliable inventory system. This is where Stockr can come in as a key tool for their business. Individual consumers as well having concern has led to pinching pennies, keeping their money in savings and spending less. This news opens a market for our proposed product that will aid the individual consumer in preventing loss through waist. By using Stockr to helping them to plan ahead for their household.
- Research into Social media and new indicates there are two main topics that concern consumers today the Economy and the Environment (in that order). Both small business owners and individual consumers are concerned about the environment but comes only after the economic concerns. This shows, that if advertised properly, we can address both the economic and environmental concerns of both small business owners and individual consumers by preventing loss through waist. Additionally, using such a product will help the small business owner with their efforts to be listed as a B-corps adding them in their social responsibilities. Market Results 1. Who is your primary customer?
- Beneficiaries would include individual purchasers of the system such as restaurants, coffee shops, and households that elect to use this product. 2. How many people have this problem?
- Every household, restaurant, or coffee house has issues with miss managing their dry goods. For households it’s as simple as not realizing the sugar has run out or that there are no more dry-noodles. For restaurants and coffee houses every business has to allocate manpower to perform physical counts to assess how much of a certain good is left. 125 million households do not have a system like Stockrs’. In addition, approx 55,000 coffee shops, and 616,000 in the US are also included. This is according to 2015 US census report, reported by Statista.
- Who else is solving this basic problem?
- E-turns – Remote Inventory Solutions. They have created a system that monitors the inventory of distributors, manufactures, contractors and healthcare industries. With their system they monitor the weight of the parts in each bin and can send reorder requests back to the supplier. 4. Who else could solve this problem?
- Ske-Labs has a product called Smart Jar. This jar allows you to place inside it dry goods and it will monitor the amount left, some basic nutrition facts and will help you create food dishes based on what you currently have.
- How will you beat your competitors? What makes your company and solution better than your current or future competitors?
- By providing a more functional and practical solution. The competitors offer bin storage in order to solve this issue, however our solution offers no bins or compartments, just simply place on the shelf. The sensor pads will be updated with all the information obtained from the recent automatic order or grocery trip. The system is updated with the weight, of each item and the system will recognize when that particular item is placed on the shelf.
Stockr System E-turns Neo-Jar
Integrates with current smart home devices like Alexa by Echo Yes No No
Senses weight of products Yes Yes Yes
Auto reorder features Yes Yes Yes
Battery dependent No Yes Yes
- How will you let your target market (potential customers) know about your innovative product or service?
- Currently there is a landing page being developed to showcase this concept being explored and developed. The landing page will contain conceptual designs, company logo and explanations of how the product functions.
- How will your customers buy your product or service and how will you deliver what they buy?
- Customers will be able to purchase this product from the website and distributors.
- Who are your key partners and/or key suppliers? What will you acquire from them? What types of key activities will they perform?
- Local sensor manufacture than can customize size and style of weighing sensor.
- Unknown software developers, still being researched.
- Currently Stockr has only one original founder left.
Conclusion: Based on the research performed answer the following questions:
- Fill in the Business Concept pitch (as explained in the lecture)
- For households and restaurateurs Stockrs system is a food inventory management system which provides effortless cabinet and pantry management, unlike Neo-jar which provides only inventory management of dry goods in single jars.
- What recommendations do you have to the startup team?
- Further research on product design and making it smarter
- Further research on cost of products software design.
- How would you improve the product-market fit?
- Expanding this concept to new home construction companies. In an effort to embed this product into smart home or the smart home eco-system