Photo - Automatic time-tracking app
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Automatic time-tracking app

Ukraine, Kyiv city
Market: Medicine, Services, Another
Stage of the project: Prototype or product is ready

Date of last change: 07.06.2017
Min investment
$  25.000
0
Total required
$ 250.000
Rating
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Idea

Using location services and smartphone sensors app automatically tracks how the users are spending their time 24/7 and with the help of machine learning algorithms motivates them to improve their time spending habits towards a more productive and happier life.

We plan to reach $10 mln in revenue by 2021.

Current Status

Currently, we have soft-launched app for technology testing purposes on 22 December 2016 only in the CIS countries. However, we have seen some very promising results above the industry average ones. Currently, we have more than 4000 users in total with an average week-over-week growth at 4% for 12 weeks since our soft-launch. Our average 1-day retention rate is 57,8%, 7-day is 31,4%, and 30-day is 21,1% comparing to the industry average figures of 40%, 20% and 10% respectively. All numbers are organic, no paid marketing channels were used.

Market

App is located at the intersection of mobile health market that is poised to reach $59.15 bn by 2020 (Markets and markets report) and mobile context and location services market that is expected to reach $43.3 bn by 2019 (Juniper report). The mobile fitness and health apps market was worth $4 billion in 2014 and could increase to $26 billion by 2017 (Google report). App will specifically target those who are: - Quantified self enthusiasts - 23+ years old - Working in office - “Fitness as a hobby” types - Middle, Upper Middle and Upper class - Single and Full Nest (Married couple with one or more children) - Have positive attitude toward change - Live in developed countries (the US as a primary marketing destination) - Live in big cities - Experience high tempo of life Corporate: App provides a new, advanced technology for the corporate wellness market, that accounted $7,8 bn in revenue in 2016 and prognosed to grow 7,8% annually until 2021 in the US only. Currently, the market is in the growth stage where many companies started looking for the innovative technologies to keep down the health care costs, absenteeism and increase the work-life balance.

Problem or Opportunity

Up to 90% of working people around the world report difficulties in balancing their time between work and life. We want to improve people's lifestyle by making them more aware of their time spendings to help them find additional hour throughout a day to spend on something or with someone special to them.

Solution (product or service)

For the consumer market, we have developed app - an automatic time-tracking app. Using user’s location and smartphone sensors app automatically tracks how the users are spending their time 24/7 and motivates them to improve time spending habits in order to live a more balanced life. The app is free but for a cost of a cup of coffee you will get automatic habit tracking, advanced reporting and machine learning based recommendations to help you fight your imbalanced time spending. For the corporate market, we offer Soul Corporate Wellness - a platform that helps employers improve employees’ work-life balance. Each employee gets extra “company habits” and receives points for the successful achievement of habit results. Points can be exchanged for rewards pre-selected by the employer. Moreover, HR department will get access to a dashboard where all the needed data will be stored to analyze company-wide progress from a work-life balance perspective.

Competitors

Our competitors are Life Cycle, Instant Quantified Self, Gyroscope, Sony Lifelog. Fitbit, Fossil and other companies developing wearables may become our competitors.

Advantages or differentiators

Currently, big companies are investing in digital health, completely ignoring the time question what creates a perfect market entrance opportunity. Moreover, each of our competitors lacks the habit forming, recommendations and motivational functionality that app has in order to help users change their behavior.

Finance

After the necessary funds are raised we expect to breakeven. We have not raised any VC fund up to date and invested around $100,000 of own funds from the company founded previously.

Business model

In the consumer market, we will rely on Freemium model with a $5/month subscription fee. Corporate clients will be charged with $10/month subscription per employee. The bigger the company - the lower the price per user will be, e.g. 10 people = $100 per month subscription; 100 people = $900 per month subscription.

Money will be spent on

40% - R&D 50% - Marketing 10% - Admin

Offer for investor

$250,000 for 15% equity

Risks

Fitbit, Fossil and other companies developing wearables may become our competitors and such giants as Apple and Google may start developing similar technology to incorporate it with its Health Kits.

Incubation/Acceleration programs accomplishment

None

Won the competition and other awards

Startup Competition for TechCrunch Disrupt Participation 2016 - Kyiv, Ukraine TechCrunch Disrupt Participation 2016 - San Francisco, USA
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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
Product Video