This paper presents a comprehensive business plan for Smart Charge, a mobile application that enables wireless battery sharing between iPhone devices. The proposal addresses the growing consumer demand for affordable charging solutions by offering a $5 app that allows users to transfer battery power between nearby phones without physical connectors. The plan includes detailed market analysis showing 160 million U.S. smartphone users and a target market of over 66 million iPhone subscribers, competitive positioning against ChargeBite and Juice Pack Air Case, a 12-month development and launch timeline with $20,000–$75,000 in projected costs, and sustainability strategies focused on continuous product improvement and venture capital funding. The venture emphasizes both economic impact through job creation and societal benefit through promoting social interaction.
Smart Charge functions as a mobile battery-sharing application for all iPhone users seeking sustainability in their battery life. Unlike ChargeBite or Juice Pack Air Case, we provide superior service at a lower price, targeting an infinite market of potential consumers.
The venture aims to solve issues related to mobile battery usage, acknowledged by the fact that society has become increasingly dependent on the capabilities of our particular smartphone carriers. The problem being addressed can be categorized as an economically friendly alternative to purchasing expensive portable chargers as well as the convenience of having a wireless charging application in the palm of your hand. The number of individuals impacted pertains to anyone with a smartphone. According to comScore, an American Internet analytics company that provides marketing data and analytics to many of the world's largest enterprises, agencies, and publishers, the United States holds nearly 160 million smartphone users. In addition, over 30% of smartphone users own a supplemental charging device. These chargers range from $25 up to $100. The application aims to sell for $5 in the App Store, exhibiting a tremendously cost-saving alternative to competitor products.
The solution is to provide customers with a subtle and simplistic application that allows battery sharing between multiple mobile devices. The true value delivered to customers can be seen through the elimination of stress and other personal complications that tend to arise when mobile power is low or completely diminished. Because this product is a sharing application, it can only be used if other cell phones are in the vicinity. Furthermore, Smart Charge is an application that facilitates wireless battery sharing between multiple smartphones.
The Smart Charge process works as follows:
As illustrated by comScore's data analysis of the number of smartphones present in the United States, people will need or demand this service until these devices cease to exist. In a society where individuals have become alarmingly dependent on their mobile devices, this product would easily appeal to a vast target market of consumers. Moreover, with phones possessing so many applications and information, it is difficult to sustain full battery life for the duration of your day. Assuming the user does not have their charger readily available or they are in a setting where there are no foreseen pluggable power outlets, this product would provide users with an instantaneous method of charging their phone.
Execution of this idea will be accomplished by implementing a strong marketing strategy, building a skilled development team, and utilizing a test period for the product to address consumer concerns before releasing the application to the market. Critical activities required to satisfy users include proper customer service and overall reliability when using the application. If the team is able to frequently collaborate with customers by offering sufficient support regarding any questions that may arise from the functionality and dependability of the product, then the services will have been executed to the utmost ability.
Primary customers are individuals that own Apple's iPhone. Given that not every smartphone user will want or use the application, the majority of marketing efforts will be directed towards the greatest demographic of smartphone owners: the iPhone. According to a March 2014 press release by comScore that reported key trends in the U.S. smartphone industry, Apple ranked as the top subscriber with 41.6% of the United States smartphone marketplace. With a net total of 159.8 million smartphone owners in the U.S., Apple's dominance is further demonstrated through its 15% margin to the next leading subscriber, Samsung (26.7%). The target market thoroughly reflects the general focus of the design and development team in creating an application that is compatible with all Apple smartphones. Moving forward, users will benefit from this service as the application can be used every day for a minimal download fee and has yet to be offered through any Cloud Application marketplace or private company. For the inexpensive price of $5, consumers will be able to save a tremendous amount of funding towards other mobile charging devices and plug-ins offered by their respective carriers.
According to a December 2013 article, research uncovered the historical growth of smartphone users over recent years. The research details a striking increase in the number of smartphone owners: 5% of the global population in 2009 to 22% worldwide at the end of 2013. In relation to the total market size, this supports the notion that there is an influx of potential customers who will demand this product in years to come. Although it is undetermined whether Smart Charge will be distributed to foreign markets, the increase of 1.4 billion devices (5% to 22%) in this four-year span dictates there is a vast, growing amount of prospective clientele. The team estimates it can eventually reach every domestic iPhone user. This equates to over 66 million Apple subscribers given the data analysis from above (159.8 million U.S. market subscribers Ă— Apple share of 41.6% = 66.47 million net potential users).
Current competitors include ChargeBite and Juice Pack Air Case. ChargeBite is a portable charging device that allows iPhone users to plug in up to three separate phones, then distributing the relative battery power between the devices evenly without any power source. Juice Pack Air Case is a dual-featured product for users that charges and protects their device through a fitted case. Compatible with iPhones, it holds a rechargeable smart battery in a concealed lightweight case that adds up to six hours of talk time and up to five hours of web browsing. Its integrated LED status indicator tells the user how much "juice" is left to charge the phone. In marketing to potential users, especially in light of competition, the product will be advertised in a respectful manner opposing these substitute services. This will be exhibited by describing the pros and cons of competitors as well as discussing in depth what each company has to offer for their given price. Then, finishing with Smart Charge, comparisons will be drawn to their pros and cons, ending with a detailed analysis of superiority to each area of service for a significantly discounted price.
Potential competitors in the marketplace would primarily derive from the smartphone carriers themselves. With distinctive features and capabilities seen in the progression of new models issued each year, there is no predicting what innovative technologies may arise. Regarding this service, these companies could potentially create a battery that can sustain power for an extended or possibly unlimited amount of time. This would provide a substitute service that could potentially decrease the demand for the application.
The plan to beat competitors involves providing superior service at a low price, complimented by strong publicity of the product. In comparison to substitute products and services, they all have vulnerability in creating an improved and more desirable mobile charging application. Foremost, their services come at an expensive alternative to portable chargers provided by various cell phone carriers. Yes, they are more convenient than normal plug-in chargers, but they come at a cost of either $25 for ChargeBite or $100 for Juice Pack Air Case. By selling the same (if not better) service at a discounted price, a much larger target market will be attracted. Next, market control will be captured by advertising the product on numerous purchasing platforms. Relating to substitute products, they exhibit poor market qualities, as it is extremely difficult and time-consuming to find them on the web. Finally, Smart Charge will sustain its place in the industry because its service is unlike any other competing product given its wireless capabilities. Even though competitors provide an innovative method to charging a mobile device, this venture aims to eliminate all tangible means of power sharing by creating a service that is in the users' "cloud" of applications. Smart Charge users will not need to hassle over taking their device in and out of a charging carrier, addressing the fundamental time factor associated with the majority of portable chargers.
The team will make the target market aware of the service through all platforms of social media and technology-oriented advertising. Given the recent boom of these particular facets of marketing, the goal is to inform potential users by purchasing or utilizing ad space on Facebook, Instagram, Twitter, Supercompressor (a website for emerging technologically-based innovations), and other popular means of promoting the product. With the availability of these resources as well as their general accessibility in society today, there are sufficient areas of market space to make future customers knowledgeable of the service.
Customers will be able to purchase this service through the application store on their mobile device. Upon purchasing the product, the application will be delivered instantaneously to the user after successfully downloading the item.
Key partners in the business venture include Dragon Innovation and GetApp. Dragon Innovation is a company that helps innovators bring amazing ideas to life. Their team helps entrepreneurs in developing technology and products that have difficulty entering the market because they lack the skillsets, employees, or resources towards creating their respective venture. GetApp is an independent Cloud Apps website that assists businesses in discovering, comparing, and reviewing the best mobile applications in the marketplace. They support their users by offering a widespread directory of consultants that provide interactive tools, comparison data, and comprehensive reviews of applications, further supporting prospective app developers in the creation of their service.
The New Venture Concept Proposal is comprised of a few prospective programmers, an experienced mentor in the field of entrepreneurial startups, and the founder. Credentials include currently completing a Bachelor of Science in Business Administration (Finance) at [University] as well as beginning a minor in Entrepreneurship at [University] this summer, with completion of both at the end of the upcoming fall semester. Additionally, a position is held as an Independent Contractor for a real estate company and financial advisory internships have been attained over the past three summers at various firms in the Scottsdale area.
Moving forward, keen drive and motivation to help the company launch, grow, and create value is of the utmost sincerity. Commitment to the venture is not viewed as an obligation to life, but as a privileged opportunity to create a lasting impact on customers and the marketplace. Turning a creative idea into a recognizable product is sufficient inspiration to generate success. Through an innate passion to create wealth, this product will develop into a beneficial component for all iPhone users.
"Founder credentials, mentorship, and hiring strategy for developers"
September–October: Find a potential programmer/Sign NDA*—post the job to an array of hiring sites, detailing the requirement for an application developer who has prior experience and the appropriate skillsets in designing for Apple iOS. After finding this individual, have them sign a Non-Disclosure Agreement, protecting intellectual property before any business ideas are disclosed.
November–December: Design the application's prototype—through web-based software, begin designing the application, assisting prospective programmers in understanding the overall vision.
January–February: Code the application—engineer an actual product through the implementation of all ideas. This includes coding every component necessary in creating a smartphone application: interface displays, capabilities in regard to its service, accessibility, speed, etc.
March–April: Test the application—test the product to all demographics of iPhone users. Through this process, test, reevaluate, modify, and possibly improve any of its features based on user feedback during this selected period.
May: Market the application—after adjusting the application and addressing any concerns during the pre-release segment, post the product to the App Store. In support, advertise the application over specific platforms of social media: Facebook, Instagram, Twitter, etc. Attract potential users by effectively focusing on consumer trends over the past 10 months as they pertain to the categorization of the service as well as the pricing of the app.
June 30: Generate sales—based on the success of marketing strategies, aim to produce sales from this point forward. After breaching the App Store marketplace and various means of advertising, iPhone users will begin to demand the application.
Upon examining initial revenues, the team can deliberate on imposing a free-download period. This can potentially increase the consumer base and provide significant economic growth in the foreseeable future.
June 30–Future: Gather venture capitalists—aside from initial revenues, profits, personal and family related investments, strive to obtain significant funding from willing investors seeking to finance the venture, propelling Smart Charge to an elite level in the application marketplace.
An illustration of the funding needed and allocated to achieve the aforementioned milestones:
Total Amount Needed: $20,000–$75,000
"Long-term viability and broader economic and social benefits"
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