Shark Tank Project

Competitive Analysis:

SPI's major competition is with two companies, Tile & Duet, but our calculations prove that we are bound to become more successful.

Product’s Life Cycle:

We will be keeping in touch with two other companies which are also working on tracking lost items - “Tile” and “Duet”. My partner and I will attempt to stay with in-person interactions, but, if need be, we are willing to discuss over the phone or via e-mail. These interactions will also up our competition status.

This product requires absolutely no charging or battery replacement, however the coordinate tracking device tends to wear down after roughly a year. Therefore, this product should be replaced in order to keep it functioning properly and in peak condition.

Growth & Communication Strategy:

One of the competitive advantages of our company is that we expect a majority of our transactions to be on the internet. This is precisely why we would have good sales, today's generation is always on the internet: e-mailing, reading, and participating in transactions. Our operations will be efficient because this will also allow us to get products out to our customers quickly.

Regulatory Restrictors

Explain the competitive advantages that you believe will make your business a success.

Federal Communications Commision

Privacy Protection Agency

Product Safety Commission

SPI

(Simple & Proficient Item)

SPI more, lose less

Pricing and Gross Margin Targets:

~ $1.80 per tracker. Cost to create each tracker is ~ $1.50 (plus a minimum of 15,000 dollars for advertising and app creation.)Start with making 10,000 trackers for first year -$15,000. Should we sell all 10,000 trackers by the end of the first year, the profit on just trackers would be around 3,000 dollars (not including utilities and advertising so still in the red) but in the next year, our profits should break even and make profit including utilities and a majority of all ads. A 15% beginning profit margin raising to 20%. The app code will be free with a purchase of our trackers.

Business planning and preparation done by

Deepa Patel and Deidre Maldonado

The newest creation in identification technology, SPI, is part of a company which has made locating missing objects easier by creating a small coordinate tracking device which can easily be attached to any item you may lose. Items such as keys, books, purses, etc. This tracking device tracks your missing items using an app on your phone, it then locates the item so you can find it more efficiently. SPI can also be used to find your lost phone.

Describe your business

Future Funding Requirements and Plans

• expand into small store(s)
• sell our product in bigger buisnesses
• expand webpage
• get more colors and designs for our SPI tracker
• improve the SPI app

Future Plans

Current Funding Requirement and Plans

(create corporation) ~$2.00 per SPI tracker sticker (excluding taxes of any kind):

$10.00 for 5 trackers, $30.00 for 15 trackers , $40.00 for 20 trackers, $50.00 for 25

Profit: 20%

(Begin with loan from bank) ~$1.80 per SPI tracker. Starting Price (excluding taxes of any kind): $9.00 for 5 trackers, $29.00 for 15, $35.00 for 20, $43.00 for 25

Profit: 15%

Young Adults

with a tendency to lose items.

Plans

• create a webpage (so people can buy & receive more information on our product)
• sell product in small stores

Target

Market

List the specific consumers, organizations or businesses that your company serves or will serve.

Product/Service Description

Our product is a small tracking device that tracks an item's position, and indicating you of that position using an app on your phone. You can also use the device to find your phone.

Commercial

Our company serves a variety of people, however, young adults who tend to have trouble keeping up with their personal belongings are our main focus. Our product, currently, is not made for the purpose of helping improve another business or organization.

Advertisement

Contact Us At...

twitter: @theSPItracker

(804)-987-6543

Or visit our social media page...

4096 5th Avenue New York, NY

Explain how your products and services satisfy the needs of your potential customers.

SPI, Simple and Proficient Item, is a product that aids users with their short term memory of where they put an item. This problem is satisfied by relieving the mind of its short-term memory loss, and finding the position of where the item was left for the affected person. This product can also find a missing phone by making it ring.