Food Compass Slideshow [Final Project / OEP Overview]

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The Food Compass app lets users easily share their food preferences (profile), including food allergies and dietetic requirements, with meal planners and reservation makers such as: friends and …

The Food Compass app lets users easily share their food preferences (profile), including food allergies and dietetic requirements, with meal planners and reservation makers such as: friends and family, party planners, hotel concierges, travel agents, office assistants and fitness trainers.
 
Currently, those meal planners and/or reservation makers have little, if any, knowledge of their intended diners’ personal food preferences, making food or meal selection difficult.  

The Food Compass helps those audiences better serve their clientele.

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  • 1. Instantly Share Your Food Preferenceswith Meal Planners and Reservation Makers
  • 2. The Food Compass app lets users easily share their food preferences(profile), including food allergies and dietetic requirements, with mealplanners and reservation makers such as: friends and family, partyplanners, hotel concierges, travel agents, office assistants and fitnesstrainers.Currently, those meal planners and/or reservation makershave little, if any, knowledge of their intended diners’ personal foodpreferences, making food or meal selection difficult.The Food Compass helps those audiences better serve their clientele. View Prototype / Website View OEP Final Report / Written Analysis Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 3. Although the Food Compass app is free to download, the companywill generate income from other revenue streams. They are: •Premium Features / In-App Purchases •$4.99 monthly subscription for total premium membership, or •$1.99 monthly fee, per premium feature •Advertising Sales •Sponsorships •Deals / Coupons •White Label / Licensing Fees More Details on Revenue Model Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 4. In order to generate product awareness, the following marketingelements represent priorities in our go-to-market strategy:•Social Media•Remnant (discount) Advertising•Email / Content Marketing•Publicity•Trade Shows More Details on Marketing Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 5. Out biggest concern centers upon the market risks involved with reachingcritical mass quickly.It is imperative that we launch strong with a solid sales, marketing andpublicity strategy to garner huge buy-in from the meal planners andreservation makers. This target audience is critical for driving “sharerequests” to the general public, helping to build brand awareness.Ease of use when it comes to user interface is another toppriority, ensuring that profile creation is quick and easy for the generalpublic. Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 6. In order to acquire exclusive rights as the official profile sharing networkwith established industry leaders, we will explore options such asrevenue sharing as well as licensing/leasing fees based on our partnersoutreach to prospective clients.The Food Compass targets high-value partnerships with companies thatprovide meal services to a business-critical market and share the samechannels.Sales Partners: • Event Planners / Party Planners • Dietitians / Nutritionists / Fitness Trainers / Health Clubs • Travel Agencies • Hotels / Concierge Services • Office Assistants • Relocation Services Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 7. (cont’d)Platform Partners:The mobile app component of Food Compass is intended to be deliveredin partnership with the largest mobile content delivery comprised of theApple iTunes App Store (catering to iOS devices) and the Google PlayStore (reachable by mobile devices running the Android OS) to keepdevelopment costs low. Both platforms, combined, offer the widestreachable target audience at the cost of 30% of the sale price (for paidapps), while offering free hosting and content delivery for free apps.The web backend service component of the Food Compass would betargeted for hosting and delivery through the Amazon Web Services(AWS) cloud computing platform. More Details on Partnerships Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 8. We will seek initial outside funding from Venture Capital for 2.5 million. Weanticipate that it would take approximately two years of development anddeployment efforts in specific target markets before the Food Compass is able toacquire an installed base of 10M users. At this point, total annual operatingexpenses would be estimated in the range of $1.02M.We anticipate revenue from premium application users (assuming a conversionrate from free usage of ten percent and a single premium feature offered at $1.99each or $4.99 per month for all features) to be $1.4M minimum. Annual advertisingrevenue from the free application usage (assuming $1 eCPM and 200,000 activeusers each day, from an installed base of 10M total users), is estimated at$72,000.We find that the Food Compass application and profile sharing service iseconomically viable and highly profitable once operations are scaled to multipletarget markets, along with the inclusion of several premium features that cater tospecific niche applications within these markets. More Details on Costs Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 9. We anticipate requiring 5 team members for the Food Compass startup (consistingof two founders and not including mentors).Food Compass combines a mobile application front-end with a web backendservice connecting end-users and their clients. Once Food Compass has acquiredan established user base in a targeted market (estimated one year followinglaunch), mobile application development on two major platforms(iOS and Android) would require two full-time developers (one of which is afounder), with a third full-time resource for the web services platform. FoodCompass would additionally require one full-time resource in charge of sales andmarketing (another founder), and the operations would benefit from a dedicatedresource for administrative support.We estimate wages and benefits to cost, on average, approximately $125,000 perresource per year, for a total annual cost of $625,000 per year. Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 10. Connie Hammond - Profile on Venture LabParticipation: Team Lead, OAP, OEP, Final ProjectSameer Aidoor - Profile on Venture LabParticipation: OAP, OEP, Final ProjectManish Agarwal - Profile on Venture LabParticipation: OAPNoman Muhammad - Profile on Venture LabParticipation: OAPAshwini Kumar - Profile on Venture LabParticipation: OAP Team Profile Page on Venture Lab Instantly Share Your Food Preferences with Meal Planners and Reservation Makers
  • 11. Instantly Share Your Food Preferenceswith Meal Planners and Reservation Makers