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1. Benjamin Kinnard
@captainkinnard benjamin.kinnard1@gmail.com
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2. The Idea
 Security deposit boxes on demand:
 People want to securely store their valuables (passports, legal documents,
jewellery etc.) outside of their home in case of fire of burglary
 Safety deposit boxes in banks are rare and inconvenient
 Other private alternatives are expensive and lacking in customer service
@captainkinnard benjamin.kinnard1@gmail.com
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3. The Idea (Continued)
 Have a secure location out of town where safety deposit boxes are stored,
and then bring the individual box to the customer, instead of the customer
visiting the entire collection of boxes
 Offer 24/7 service for an on-demand visit to the customers current location
 Double locking system between driver and customer (two keys need to be
turned simultaneously) ensures security
 Customers access the box privately and in the comfort of their own home
@captainkinnard benjamin.kinnard1@gmail.com
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4. The Demand
 Safety deposit boxes are increasingly hard to get in Dubai – some branches
have a five year waiting list, some are raising minimum AUM with the bank
to AED 1,000,000
 Huge concentration of wealth in Dubai – and lots of expats lack home
stability to comfortably secure sensitive/valuable items
 Other private safety deposit box companies exist (not on-demand) –
validation of the concept
 Storage on demand (for lower value items) is increasingly popular around
the world, e.g. Makespace (US), Vault Dragon (Asia) – consumers value
convenience
http://gulfnews.com/your-say/complaints/safe-deposit-lockers-rare-and-expensive-in-uae-residents-say-1.1394829
http://www.emirates247.com/news/emirates/shortage-of-bank-lockers-in-dubai-2012-05-17-1.459140
@captainkinnard benjamin.kinnard1@gmail.com
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5. The Target Customers
 The wealthy – Dubai is the perfect place to start due to the high
concentration of wealth in the city
 Expats – many don’t have a true home so want somewhere to securely
store critical items
 Those in transit – travellers and businesspeople can leave valuable items in
Dubai to pick up next time, DXB a major international hub
 Technology can make what was niche mass; before Uber, only the wealthy
could afford a private driver. Today, only the wealthy have access to safety
deposit boxes at their banks – there is much untapped potential lower
down the wealth spectrum
@captainkinnard benjamin.kinnard1@gmail.com
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6. The Competition
 Banks
 Inconvenient - limited opening hours and have to visit the location
 Limited availability of boxes (up to five year waiting list at some branches)
 Inflexible - must be a client with the particular bank to get a safety deposit box
 AUM requirements rising to AED 1,000,000
 JFT
 Opaque pricing and poor customer service
 Inconvenient – have to visit the location
 Personal Safe
 Risk of losing critical items to fire and/or burglary
@captainkinnard benjamin.kinnard1@gmail.com
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7. The Business Model
 SaaS – charge a monthly fee (approx. AED100 a month) to retain box
securely and safety each month
 Charge a delivery fee when customers request a box (approx. AED50)
each time
 Transparency – free to sign up, no minimum length of contract, the app
shows costs for each month etc.
 Lower fixed costs as vault facility outside of central area
@captainkinnard benjamin.kinnard1@gmail.com
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8. The Risks (Addressed)
 AML/Regulation
 JFT operating in Dubai without any regulatory problems
 Safety of boxes during transit
 Double locking makes the box worthless if it was stolen in transit
 Discrete service so people not even aware of what is being transported
 Strong box that is highly resistant to damage etc.
 Safety of boxes at remote location
 Ensure facility is secure with 24/7 guards and cameras etc.
@captainkinnard benjamin.kinnard1@gmail.com
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9. The Future
 Offer different size boxes
 Greater flexibility for clients
 Lower costs through economies of scale
 Expand the potential market size by lowering costs
 Expand one city at a time
 Focus on centres of wealth in emerging markets
 Develop a playbook to speed up expansion
@captainkinnard benjamin.kinnard1@gmail.com
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10. How is SafelyHome better?
 Convenient – SafelyHome is available 24/7 at your location
 Peace of mind – boxes are secured safely in a remote location
 Customer Service – SafelyHome has clear pricing plan
 Accessible – no minimum wealth requirements, not tied to any one bank –
SafelyHome is available to anyone
@captainkinnard benjamin.kinnard1@gmail.com
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11. Me
 Ben Kinnard
 Founder of SafelyHome – passionate about all things tech, startups and VC
 Consultant at Wealth-X, a successful startup focused on wealthy individuals
 British national, lived in Netherlands and Singapore previously
 MSc in Finance & Investment, 1st Class Honours at Bristol University
 https://twitter.com/captainkinnard
 http://captainkinnard.com/
@captainkinnard benjamin.kinnard1@gmail.com
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