12 Apr Students will write a paper on Crowdfunding and whether it can be used in their company to raise capital.? Requirements, 5 pages Different types of crowdfunding optio
Students will write a paper on Crowdfunding and whether it can be used in their company to raise capital.
Requirements, 5 pages
Different types of crowdfunding options -
Product (like Kickstarter),
Company non-accredited (Wefunder, republic, start engine, fundable, etc.),
Accredited crowdfunding
Government (Reg A+),
Charity – Gofundme
Others
Would any of them be applicable to your startup company
There are many approaches to crowdfunding. Feel free to discuss the various options at a high level or pick one or two of them that might be more applicable to your startup.
This is my startup- company
Business Model Canvas for Smart Home Security Start-UP Secure NEST
Smart Home Security Solutions
A home security company providing excellent security services to the neighborhood.
Mission: To provide reliable and excellent home security solutions that ensure the safety of our customers' homes and families by integrating cutting-edge technologies
Vision: To be the leading provider of innovative home security solutions and to continuously improve our products and services to meet the evolving customer needs.
Smart Home Security Solution
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Our Team
Anusha Kistapuram– Co-Founder & CEO
Joy Rebelo – Co-Founder & Director of Customer Relations
Sandeep Chari– Head of Marketing & Advertisement
Indeerjeeth Damodar – Head of Supply & Operations
Manoj Fernando- Chief Advisor
Problem to solve
9.4 million property thefts were reported in the entire country in 2020, which include burglaries, larcenies, and motor vehicle thefts (Federal Bureau of Investigation,2021).
Burglaries accounted for 18.4% of all property crimes.
Poor coverage issues, high equipment, maintenance costs
To solve the burglary issue, need modern solutions, Smart House Security seeks to address.
According to the Federal Bureau of Investigation (2021), Uniform Crime Reporting (UCR) Program, property crime is a significant issue in the United States. In 2020, there were an estimated 9.4 million property crimes, including burglaries, larcenies, and motor vehicle thefts. Of these, burglaries accounted for 18.4% (or 1.7 million) of all property crimes.
While the overall property crime rate has been declining in recent years, burglary remains a serious concern for many homeowners. Home security companies aim to provide solutions to reduce the risk of burglary and protect homes and families from other property crimes.
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Why Now?
Criminals have evolved in sophistication that the traditional security methods cannot solve.
Installation of a home security system significantly reduces the chance of crime at the property. In fact, about 60% of convicted burglars said that they would not target homes that have a security system.
Also, people spend less time at home as children go to school and parents go to work, leaving their home without anybody most of the time.
This is the reason for high crime rate in the most areas.
Value Proposition
Leverage machine learning and Artificial intelligence algorithms to provide high-end security.
Manufacture and install cost affordable, and maintainable security systems with less error probability
Broad angle security cameras with high resolution images in extreme low lights, Strategic Installation
Provide full home coverage
Offering mask feature
The startup of the development of home security systems will provide customers with an innovative solution that aims towards using advanced Machine Learning and Artificial Intelligence algorithms for providing a high-end security infrastructure to their homes (Hariri et al., 2020).
The customer problem that has been targeted includes the threat of human error, cost affordability, and the issues associated with maintenance. The problem of insufficient coverage of the home has also been taken into consideration in this startup business.
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Value Proposition
Geofencing process and invisible systems for alerting whenever anything crosses the security areas.
AI to manage biometric concepts for recognizing the facial features within the homes (Hariri et al., 2020).
Use of new cutting-edge abilities, user friendly methods within the reasonable prices.
The security system will consist of a geofencing process and will consist of invisible systems for alerting whenever anything crosses the security areas. AI will be used for managing the biometric concepts for recognizing the facial features within the homes (Hariri et al., 2020).
The target customers for this startup are renters, offices, homeowners, small business owners, or any public places that require a high level of innovative security.
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Target Customers
Homeowners, renters, offices, stores, public places,
Event organizers and Businesses
Tech-savvy people, tech enthusiasts
In US nearly 40% of people form the customer segment for using the Smart home security system for protecting their homes which is expected to rise for 8% in the subsequent years as per the forecast. So, the customer segment is expected to rise in this domain.
Key partners to a home security company can include:
Security equipment manufacturers: These partners provide the technology and hardware used in home security systems, such as cameras, sensors, alarms, and other monitoring devices.
Telecommunications companies: Home security systems often rely on wireless communication technology to connect the various devices and send alerts to monitoring centers. Telecommunications companies can provide the necessary infrastructure for this communication.
Installation and service providers: These partners help install and maintain the home security systems for customers. They may also provide repair services and technical support.
Insurance companies: Insurance companies can partner with home security companies to offer discounts on home insurance policies for customers who have installed security systems.
Law enforcement agencies: Home security companies may partner with local law enforcement agencies to provide additional monitoring and response services.
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Key Partners
Security equipment manufacturers
Telecommunications companies
Installation and service providers
Insurance companies
Law enforcement agencies
Key partners to a home security company can include:
Security equipment manufacturers: These partners provide the technology and hardware used in home security systems, such as cameras, sensors, alarms, and other monitoring devices.
Telecommunications companies: Home security systems often rely on wireless communication technology to connect the various devices and send alerts to monitoring centers. Telecommunications companies can provide the necessary infrastructure for this communication.
Installation and service providers: These partners help install and maintain the home security systems for customers. They may also provide repair services and technical support.
Insurance companies: Insurance companies can partner with home security companies to offer discounts on home insurance policies for customers who have installed security systems.
Law enforcement agencies: Home security companies may partner with local law enforcement agencies to provide additional monitoring and response services.
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Key Activities
Marketing strategy to market the services and reach out new customer.
Implement proper investment in research and development.
Update technologies with the emerging customer needs.
The go-to-market strategy is needed to be developed so that the customers can be converted with the combination of both offline and online channels for the product implemented (Hariri et al., 2020). Proper investments are needed to be done in research and development. Right marketing strategies should be. The technology needs to be kept updated with the changing needs of the customers within the market.
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Key Resources
Technology and equipment.
Suppliers of hardware and digital cameras, smart locks
Skilled Workforce.
Partnership and financing.
Financial resources
Marketing and branding
The suppliers are required who sell hardware, digital cameras, and smart locks that are associated with managing the security system. The source of funding should be developed so that the right financial aid for the startup can be received from time to time.
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Distribution Channels
Direct sales
Online marketplaces
Retail stores
Third-party vendors
Partner channels
The distribution channels will be created by generating leads and promoting the company through the help of advertisements and closing sales. The use of online marketing and the creation of partnerships or collaboration will be a part of creating the distribution channel for the product of the startup (Shouran, Ashari & Priyambodo, 2019). Targeting the potential client present within the market and forecasting the sales will help in using the right channels of distribution.
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Cost Structure
| Item | Cost($) |
| Equipment's and gadgets | $200,000 |
| Installation Expense | $100,000 |
| Monthly monitoring | $100,000 |
| Salaries and wages | $200,000 |
| Total | $600,000 |
The cost structure will be dependent on the cost of the hardware resources and the quality of the camera or the security requirements that the customers demand. The activity of installation is expected to be the most expensive one along with the charge for individual equipment that is required for the home security system.
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Cost Structure
The cost structure will be dependent on the cost of the hardware resources and the quality of the camera or the security requirements that the customers demand. The activity of installation is expected to be the most expensive one along with the charge for individual equipment that is required for the home security system.
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The cost structure for the equipment and gadgets are assumed to be around $150 to $250 depending on the specification demanded by the customers
The activity of installation is expected to around $100.
The monthly monitoring and upgrades will cost within the range of $20 to $25.
Customer Relationships
The customer relationships will be maintained through a strong customer service and support system where there will be an automatically generated AI-based helping solution as well as manual employee-based services so that every need of the customers can be met (Shouran, Ashari & Priyambodo, 2019). The analysis of the customer requirements will be carried out with the help of a big data management approach so that the level of satisfaction for the customers can be met from time to time.
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Providing exceptional customer service
Offering customized solutions
Regular communication with customers
Educating and training customers
Offering incentives and loyalty programs
Feedback solicitation.
Revenue Stream
| Year | CY 2023 | CY 2024 | CY 2025 |
| Revenue Streams | |||
| Hardware Equipment & Installation | 500000 | 700000 | 900000 |
| Service fees e.g. maintenance, repairs, and upgrades | 250000 | 400000 | 550000 |
| Monthly subscription fees for ongoing monitoring service | 200000 | 350000 | 550000 |
| Net Revenue | 950000 | 1450000 | 2000000 |
Upfront equipment and installation fees: Home security companies typically charge customers for the cost of the equipment and installation of the security system.
Monthly subscription fees: Home security companies typically charge customers a monthly fee for ongoing monitoring services, which include alerts to local authorities, remote access to the system, and customer support.
Service fees: Home security companies may charge additional fees for services such as system maintenance, repairs, or upgrades.
Referral fees: Home security companies may offer referral fees to existing customers who refer new customers to the company.
Partner fees: Home security companies may receive fees or commissions from partners such as insurance companies, builders, or other vendors who offer home security systems as part of their services or products.
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ASK
250k for 15% of the company
References
Hariri, A., Giannelos, N., & Arief, B. (2020). Selective forwarding attack on iot home security kits. In Computer Security: ESORICS 2019 International Workshops, CyberICPS, SECPRE, SPOSE, and ADIoT, Luxembourg City, Luxembourg, September 26–27, 2019 Revised Selected Papers 5 (pp. 360-373). Springer International Publishing.
Shouran, Z., Ashari, A., & Priyambodo, T. (2019). Internet of things (IoT) of smart home: privacy and security. International Journal of Computer Applications, 182(39), 3-8.
Federal Bureau of Investigation. (2021). Crime in the United States, 2020: Property crime. Retrieved from https://ucr.fbi.gov/crime-in-the-u.s/2020/crime-in-the-u.s.-2020/tables/table-23/table-23-state-cuts/property-crime-state-estimates-percent-change-2020-2019
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