NUS FuturePreneur Program
We strive to identify, prioritize and select the right market opportunities by utilizing the Value Framework.
In this step, we try to identify the needs of the society. Below are some of our assumptions about our customers, their problems, pain level they experienced, and possible solutions.
| Customer | Problem | Pain Level | Features |
|---|---|---|---|
| Mom | Ironing Clothes | 8 | Machine that automates ironing |
| Both Parents | Scattered Trash | 6 | Container that prevents trash bags getting ripped |
| Mom | Washing Dishes | 6 | Automatic dishwasher machine |
| Dad | Household Pests | 6 | Something that prevents insects entering the building |
| Brother | Boredom | 4 | Technology that actively engages users |
From the problems identified earlier, we merely chose two - such as ironing and trash management - to analyze deeper. Below is what our customers have to say.
Once upon a time, Sandi’s mother lived in a house with many residents inside.
She wakes up, excited to drink a glass of milk and unfortunately sees the pile of dry clothes through her peripheral vision.
As she sighs, she vividly reminds herself how tired she was the last time she ironed 3 mountains of clothes.
She quickly asked her son to do the ironing, but he was also too lazy to do it.
Man, how great it would be to just have a machine to iron the clothes instead.
Karen lives in South Korea with her family and resides near a university. She lives in an apartment with a lot of college students.
Every morning, a mother would go out for a morning run around the apartment lot.
She would often see the trashes she threw - neatly and properly - the previous day always scattered with the plastic bag ripped open.
Although she was aware of the fact that the stray cats or birds would often rip the bags open, she still always has concerns as to how she should keep and organize the trash she throws properly, but she can’t seem to find nor think of a better way because she has been following the rules and regulations in properly throwing or segregating the trash.
She thought that it would be a great idea if a new type of plastic bag or organizer would help in preventing the plastic trash bag from getting ripped.
After figuring out the problems of our customers, we would like to know whether the potential market is promising enough for us to continue.
In 2018, Electric iron market worldwide was valued at 1 billion US Dollars. Demand for irons is expected to increase due to the desire for millennials to look presentable and well-dressed.
313,800,000 Americans used plastic garbage bags and trash can liners in 2020. Moreover, the figure is projected to increase to 322,150,000 in 2025.
Since it is evident that the iron market is much larger than that of trash management, our team decided to continue solving the iron problem only. Below is a draft of what our MVP looks like.
This product should match the Minimum Viable Set of Features like having the ability to adapt to different kinds of fabric and the ability to notify users when ironing has finished.
Color
Below are some methods in which we can make revenues while avoiding one time sales. The prices we will charge for each revenues are also mentioned.
Along the way, we are going to promote our products using online paid advertisements like SEM, display advertising, and social media advertising.
Renting/leasing services using the automatic iron. Service price starts from $1 per kilogram of clothes.
Sell our product directly to targeted customers. Product price ranges from $399 to $649.
Sell parts of the iron features or accessories. Price ranges from $19 to $49.
Building upgrades of the same product or developing other versions of the product. Price starts from $449.
Team Leader, Final Editor
Co-Leader, Excel PIC
PPT PIC, Web Developer
Content Creator
Script Writer