Although there are many such applications, they have very limited functionality, such as emergency buttons, voice activation, calling security services, etc., which seems insufficient in emergency situations. Moreover, the reviews are mostly unsatisfactory.
Therefore, we intend to create an improved version that includes all the functions provided by all available solutions and endowed with artificial intelligence capabilities, which will provide an immediate and accurate response to any such case without any action from the user.
The project is just at the stage of an idea. We are looking for investments for establishing an initial stage, namely renting an office, developers' salaries along with marketing expenditures.
Our product is intended to be distributed worldwide.
It is supposed to be aimed at any person with a mobile device. It suggests a total number of about 2.7 billion mobile phone users which constitutes a total accessible market. Out of which 1.1 billion possess devices of advanced characteristics that will help us provide them premium services. According to statistics of the existing applications (which differ in quality and functionality but uniformly fall short of either comprehensive approach or users' satisfaction), we might expect a couple of million customers, say, up to 5 million.
Problem or Opportunity
As far as there is a great abundance of crimes in streets worldwide such as robbery, rape, aggravated assault, etc. (developed countries are not an exception, as can be seen from statistics), the problem is widely recognized and does need any further explanation. People, who have ever encountered danger themselves or are aware of all the prospects are, definitely, interested in feeling confident at any time and place. Therefore, they will appreciate an application that directly deals with their safety and that of their loved ones. We have a conception of developing a mobile application tackling the safety issue on the highest level utilizing Artificial Intelligence which is supposed to prove better than all the competitors.
Solution (product or service)
Our solution is supposed to be tracking ambient sounds and personal measurements to determine whether or not there is a threat to the user's health or life. It is intended to be powered by a Machine Learning model that will provide a fast and accurate response to any occurring situation that falls out of an acceptable range of risk. In the case of danger user's friends and relatives or even police (depending on the risk level) will be notified immediately.
Having carried out a scrupulous analysis of the existing products of such category we have encountered many different applications that fall in this class. Most of them have more than 100 000 customers. Out of them, we would like to point out the most popular and comprehensive one called bSafe, which can be found on both platforms. Even though we do not have the exact number of their customers, according to the Play Market data they have at least half a million customers. Among the parental control applications, we can highlight Find My Kids, which has over 10 million users.
Advantages or differentiators
As for the advantages, judging by the description of the considered solutions, no one has an automatic danger detection function. This is indicative of their incompetence, not to mention customer satisfaction. Thus, our idea of using artificial intelligence in an application seems to have no predecessors, and we firmly believe that it will work the most. Moreover, our experience in this area and the great progress in these technologies create very favourable conditions.
Our solution will be distributed by means of both Play Market for Android devices and AppStore for Apple ones. The application will be free with a couple of levels of in-app purchases for advanced and premium services. We intend to introduce different subscription plans for individual users, couples, and family plans. The trial period will be preceding charging in order to attract more customers.
We plan to propose to our customers two levels of subscriptions (besides basic functionality, which will be free), namely advanced and premium, which will incorporate all the AI tools and other features.
Our business plan is briefly sketched in the presentations attached to this form, which includes a table of all the subscription types and levels with their approximate prices (which are subject to reconsidering in the course of releasing the application) with an average of $7.5 per month.
Taking into consideration approximate market size along with the average price we calculate expected revenue for the first three years.
Money will be spent on
First of all, we need the funds mainly for development purposes. We plan to hire 2-3 ML engineers, 2 frontend mobile developers for each Android and IOS, and 2 backend developers which are supposed to be at least middle or preferably senior developers, according to the complexity of the tasks conceived. Along with them, a few junior developers will be required for collecting and filtering data for model training.
Secondly, we will need a whole list of hardware for the same purposes as above. This includes MacBooks for each of the senior developers and two founders, at least two powerful PCs for training the model, a couple of Apple and Android mobile devices for testing our applications, and other minor ones. Software cost for the devices will be at least no lesser than the cost of hardware.
Thirdly, we expect a substantial part of our expenses to be spent on promotion and advertisement, though we can estimate it just roughly since the project is at a very early stage.
Finally, other things such as design, premises, etc.
Offer for investor
Actually, we are not quite sure about the share we will propose to the investor. However, we are open to offers, regarding this clause, and consider it negotiable during the meeting.
The very same thing which distinguishes us from our competitors constitutes itself the greatest risk of the startup. Since there are no known researches in the field or large datasets for training the model, we will take up a difficult task. However, we have a good perspective on tackling this issue and we genuinely believe that our knowledge will help us overcome it.
Such ideas as training the model on opposite data and improving its performance on the user data after the launch will definitely be the key to success.
Incubation/Acceleration programs accomplishment
Unfortunately, we haven't participated in any Incubation/Acceleration programs yet. Hopefully, having set the process of development up we will be able to take part in such a program to improve the implementation of our idea.
Won the competition and other awards
As in the previous question, we haven't taken part in any of such events.