Pinpoint Plaster
Team: The Flying Mongooses
Eoghan Feeney - 19467044
Jack Merrick - 19319801
Ideation
Our idea emerged from a nuisance everybody faces in their day to day life: losing personal belongings.
Our idea is to develop a tracking device that is designed to look and have similar functionality to a plaster. The product works by applying the adhesive side of the plaster to any valuable or personal item you may easily lose which can then be tracked using a mobile app.
Our tracking device will work by using a mobile app. When you enter the app you can link your phone to a plaster by scanning the phone against it using Near-Field Communication. You can then name the plaster you have activated so it can be easily identified. You can then precision track that plaster freely. The app will also allow you to play an alarm which will emit through the plaster's built-in speaker.
(Note: One account can be linked to multiple plasters but only one plaster can be linked to one account.)
A website application can also be set up, where you can log into your account to track your items (in the case you lose your phone and it needs to be tracked!)
Initially, for our idea we took a tracking device and put it through the SCAMPER method resulting in the following:
SCAMPER:
Substitute: A basic tracking device is substituted with a more feasible and aesthetically pleasing sticky tracking device.
Combine: Combining the functionality of a tracking device with the aesthetic of a plaster.
Adapt: The tracking device is adapted to act like a plaster as it can easily be stuck onto your personal belongings.
Modify: The PinPoint Plaster is modified to be easily tracked using a mobile app. It will also be able to emit noise on command through the app.
Put To Alternative Use: Can be used also be used to locate stolen items.
Eliminate: Since basic tracking devices don't include an adhesive side, we eliminate the need for the tracking device to be placed INTO something e.g, a bag or car. Our device can be stuck ONTO items e.g, a phone or laptop.
Reverse: Not Applicable
Ideation
Week 1-4
The 24 Steps
Week 5 (Steps 1,2,3,4)
Week 6 (Steps 5,6,7)
Week 7 (Steps 7,8,10)
Week 8 (Steps 14,22,15,16)
Step 14:
Step 22: Minimum Viable Product
For the PinPoint Plaster the MVP would consist of 2 parts.
1. A plaster-shaped tracking device with an adhesive side.
2. A mobile app. For the MVP only a few main features would be needed:
Firstly, using Near-Field Communication, the ability to scan the app against a new plaster to enable this plaster and track it on the user's app.
Then secondly, the ability to label the plaster so multiple plasters can easily be distinguished.
Thirdly, a feature to track the intended plaster.
Paper Prototype:
Step 15: Business Model Canvas
Step 16: Pricing Framework
Pricing:
Materials = €10 per Pinpoint Plaster (€6 for GPS tracker, €4 for other materials)
A budget of €30,000 for first year material expenses = 3,000 PinPoint Plasters
Pricing a PinPoint Plaster at €30 each = €90,000 income
Total Costs for Year 1 = €100,440 expenditure
==> €10,440 Deficit
However, by Year 2, we wish to increase sales by a further 7,000 PinPoint Plasters which will result in:
€300,000 income
€170,440 expenditure
€129,560 surplus
Week 11 (Steps 17,20,21,23)
Step 17: Calculating Customer Lifetime Value (CLTV)
CLTV = Annual profit contribution per customer X Average number of years that they remain a customer - the initial cost of customer acquisition
Using our Pricing Framework above:
Annual Profit = €20 (Profit from 1 Pinpoint plaster)
Years of Customer = 2
Customer Acquisition = 3.3 (Marketing \ No. of Plasters = €10,000 \ 3,000)
CLTV = 20 X 2 - 3.3
CLTV = €36.7
Step 20: Identify Key Assumption
1. People like reassurance that their personal belongings are safe
2. People would like to locate their missing belongings
3. Younger people are exited to use innovative technology
4. People like the idea of custom designs
5. Being able to keep track of your belongings gives reassurance and freedom especially when travelling
6. Elderly people misplace certain items regularly
7. Belongings often go missing when travelling
8. People often lose their belongings on a night out
9. People leave certain belongings at home in fear they will lose them
Step 21: Test Key Assumptions
We tested these assumptions by creating a survey to people.
Most respondents were in the age bracket between 17-23
Conclusion:
Over 87% of respondents have lost a personal item.
Over 93% of respondents would be interested in purchasing a device to trace their valuable items and over 96% of respondents between 18-24 would be interested..
A wide range of price recommendations were suggested from €10 to €100 with the mean price being €30.
The most common personal belongings lost were mobile phones, wallets and purses.
