MANA 124 Business Plan Michael Eoloff, Julia Egasti, Jen Krall, Kristie Kosobucki
What is it??
A luxury refrigerator that will be marketed to the high‐end audience Aimed at those individuals who are interested in:
Easing the cooking and shopping process for their family
C Contains all of the typical refrigerator features, but with a yp g , twist
Built‐in PC
Will be connected to the internet/home network Will b d h i /h k
RFID tag reader
Categorize all contents
Features
Built‐in PC
Would allow users to monitor all of the contents that are in the refrigerator. Set alerts for users when a particular item was low and when it was about to expire.
The second major feature of the SmartFridge is the RFID tag reader.
Would allow users to scan all contents in their refrigerator and cupboards.
Will be hooked up to all other appliances in the home.
User will be able to set alerts to remind others in the home. ll b bl l d h h h
Will allow for complete integration and allow for a central control point in the kitchen.
Touch screen display located on front of fridge
What it could look like:
Market Breakdown
Ranges, cooktops, Ovens, Microwaves and Hoods Refrigerators and Freezers Clothes washers and dryers and dishwashing machines
Target Market
Commercial Refrigeration Luxury kitchen product Middle‐upper class Families!
http://www.youtube.com/watch?v=yGgzG3SxQas
Who’s Interested?
Possible Distributors
Risks
• Competition • Smart fridge prototypes currently being released • BUT: they involve different features then our proposed
fridge
Risks: Competition
Kim Otto of Denmark’s Innovation Lab
Designed a smart fridge concept that used the RFID reader to make the user aware of its contents d t k th f it t t Since a working proto type is already released, this becomes a big risk for our product g p Different features on our fridge
Risks: Competition
Tesco
Teaming up with home builders to implement their new fridge in hundreds of homes f id i h d d f h Mainly concerned with air locks, combination number, and an online food ordering service g Tesco’s fridge will aim at the busy consumer, lacking time to grocery shop
Our fridge would sell to a different target market: the consumer that enjoys cooking and new recipes
The Risk of Going Public
The release of financial information and profitability might encourage entry by competition Risks can lead to Rewards: Ri k l d R d
Successfully executing an IPO may lead to a partnership with existing dominant names in the fridge market such as Sub‐Zero, Viking, Wolf, GE, Whirlpool and Kitchen Aid
Reward
The smart fridge is a great investment because our
p technology will truly be disruptive.
It will change…
The way people grocery shop How people cook Cost savings Recipes/Marketing p / g
Financial Arrangements
Patent and license the concept instead of creating a new appliance company
Negotiate with Sub‐Zero, Wolf, KitchenAid, etc. N i i h S b Z W lf Ki h Aid
For existing technology: buy components wholesale
LCD touch‐screen, PC, RFID antenna, weigh scale LCD touch screen PC RFID antenna weigh scale
Develop Proprietary “SmartFridge” Software
User interface and inventory database Joint venture with epicurious.com or similar recipe web site for accessing their recipes
Outstanding Issues
Need to further develop ideas for measuring/sensing how much food is left
Some type of biometric or MRI scanner S f bi i MRI Simple weigh scale
What are the costs of R&D for any new technologies?
Could be too expensive to implement into production