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CONNECTEAT
- 1. cost healthy aspect quality visibility social contact/building community who do they target use of app technology rating system quantity of choices level of professionalism app Features CONNECTEAT low/average ++ ++ ++ +++ Time-poor workers/students/busy parents-student cooks/hobby cooks Yes Yes +++ +++ +++ Thuisafgehaald low/average ++ ++ + +++ People who like to cook and have left overs - people who don’t have time to cook or cant cook and looking for cheap alternatives Yes Yes +++ ++ ++ Student restaurants low/average + + ++ ++ Students No No - + / Restaurants High ++ +++ ++ - People with disposable income No No + +++ / Fastfood chains low/average -- - +++ - People who look for cheap and easy food No No - ++ / Snack Bars low/average -- - - - People who look for cheap and easy food No No - - / Ready made meals low/average -- - -- --- People who look for cheap and easy food No No ++ + / Competition
- 2. Sales & Marketing approach User friendly website and application Facebook , YouTube, Twitter, Blog (brand awareness) Events, contests (media attention) Viral marketing Word of mouth Search Engine Optimization Affiliation
- 3. • Pricing model: 10% per transaction • Average price per meal €7 • Initial minimum funding requirement for the 1st year €25,000, including €12,500 – app development incl. Alpha testing (the current app version for the off-the-shelf testing) and Beta testing (external user acceptance testing). Services provided by a free lance developer, author of the current app version, contacted by CEO) €8,000 - marketing expenses, €2,000 - running costs (overheads as product development costs, hosting, domain, G&A) • Current source of funding: founders savings • Potential source of funding: a bank loan • Customer acquisition cost in the 1st year €17.8 • Breakeven point: 31,726 orders • By the end of the 3rd operational year CONNECTEAT is expected to be profitable, and projected cash flow are positive FinancialPlan
- 4. Keyobjectives Year 3 Revenue € 16,208 Burn €7,670 19,350 know about us 1,852 registered 842 active users 210 active cooks Year 2 Revenue € 12,593 Burn €9,870 13,950 know about us 1,335 registered 677 active users 169 active cooks Year 1 Revenue € 7,967 Burn €22,370 8,550 know about us 818 registered 495 active users 124 active cooks BELGIUM EXPANSION 10% COVERAGE OF TARGET MARKETS IN BRUSSELS, ANTWERP, LEUVEN 1530 USERS PER YEAR €25,700 OF REVENUE
- 5. Revenuemodel
- 6. Keychallengesand risks People might not be cooking according to the rules of hygiene • CONNECTEAT has no way of monitoring the hygiene of the cooks' kitchens or checking the freshness of ingredients, but it urges users to post truthful reviews. Trust issues involved Transactions might be made outside the platform Sharing economy legislation is in its infancy and legal issues might arise People might be skeptical about internet transactions and avoid giving personal data
- 7. Timeline • Prototype the application and the website • Incorporate CONNECTEAT • Establish partnerships (cooking schools, media) • Application & website fully functional • Marketing materials ready • Start pre-launch marketing campaign LAUNCH! Stage 1 Stage 2 Stage 3 1 month 1 – 2 months 1 month
- 8. Futureexpansionpossibilities Additional features & services • Rent a cook for a special occasion • Meals on request • CONNECTEAT’s delivery services Geographical expansion to other Belgian cities and beyond Advertising of retailers whose products are used in the recipes Promotion of specific cooks in the platform for extra revenue
- 9. Thank you for your time!