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Prequel Security Bags

Prequel backpack

Ukraine, Kyiv city
Market: Internet and IT, Electronics, Gadgets
Stage of the project: Prototype or product is ready

Date of last change: 04.06.2018
Min investment
$  50.000
0
Total required
$ 400.000
Rating
equalizer 286 из 1000
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Idea

Connected anti-theft bags and tracking solution to protect personal items and company assets against theft.

Current Status

We have already spent 2 months in China working on the sustainable product design. Currently working on improving the mechanical side, developing the tech POC, making more prototypes for tests, forming BOM and setting up for collecting pre-orders later this year.

Market

Edge of 3 markets

Smart bags - $800m CAGR 16%
Location tracking - $2.8 billion
Physical security information management - $800m CARG 18%

Problem or Opportunity

There are still some things that you can not back in the cloud “ and that's physical security.

Low-level crime like your personal items theft is still not addressed efficiently by authorities.

BFor companies, assets theft, like a laptop may result in a data breach and identity theft.

In 2016 loss dur to theft in US was $5.6 billion

Solution (product or service)

Early theft detection solution that could help protect personal tems & company assets.

Introduce you Prequel real smart anti-theft backpack.

Smart means building a network of connected bags which understand the environment, know the owner, can connect to a smart city to inform police of theft.

Competitors

From most to less dangerous:
- Traditional backpack companies for style & craftsmanship (Troubadour,
- Trendy Brands with new DNA (Ex. Kate Spade, Rebecca Minkoff, etc)
- Startups deciding to expand ( Bluesmart, Trunkster)
- Design, marketing, tech companies ( Ex. Fossil);
- Big tech (Samsung)

Advantages or differentiators

Synergy of technology - biometrics, tracking and cloud platform logging.
Embbeding tech into a daily product.

Finance

Bags starting at $299 to $499
Subsctiption for personal security at $4.99/month
Tailor solution for B2B

$1m 1st year with margin at <70% ( no development costs)
2nd. $5m, margin >70%
3rd. $16m, margin > 80%

Business model

1) B2B/B2C: Backpack sales;
2) B2C: 24/7 security in-app subscription ( like dispatching police to the last known location of the victim in case the bag is stolen, SOS button);
3) B2B: open API with monthly payment per employee
4) B2B: a commission from partnerships with insurance companies for on-demand property theft insurance service ( owner turn pay as he/she goes or when travels)

Money will be spent on

Product development and marketing.

Offer for investor

- $150K for 7% equity / $300K for 15%
- Safe
- Convertible note

Risks

- User education
- Bad quality product
- Long cycles and short on cash in the bank

Incubation/Acceleration programs accomplishment

Concepter Product Idea Accelerator

Photos

Photo 1 - Prequel Security Bags

Product Video

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address