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We are currently seeking Pre-Seed funding for the development of the app but also funding to marked LifeBonder. The business has finished refinement of idea development and preparatory works needed to begin the programming phase of app development once funding is obtained.This work includes wireframing the app for UX/UI design and formulating full requirements specifications to streamline the transition to full-fledged development. The business has finalized its business plan and budgeting and completed market analysis. The business is building early traction on social media where a loyal, and growing, following of 1350 + members and 6100 + page followers provide a valuable validation resource while being potential early adopters. Leveraging this resource, the business has been able to validate the solution, determine the value-add of proposed features and collect data on the willingness to pay for it. For knowledge providers, the business has finalized a firm commitment from India-based TechnoBrains, to develop the application, and talks have been initiated with researchers at top universities to provide their expertise to the match functionality. The competitor landscape will feature other social media platforms, e.g. Bumble, Meetup, Facebook.
Det er en god investering fordi
The business’ initial target demographic are millennials, aged 24-39, and upcoming Gen Zs entering this age band. The demographic is expected to widen over time - like Facebook first targeted only college students. Research documents the market need for LifeBonder: With 35% of Millennials and as many as 50% of Gen Zs reporting a lack of close friendships, the current target market size, in a phased launch strategy including the West, Latin America and India, consists of 819 million individuals, of which 301 million report wanting more close friendships - 8% of the global social media landscape sized at 3.5 bn users. The traction growth rate LifeBonder demonstrates on Facebook, documents the interest. In the next 5 years, the business expects to capture a minimum 40 million users - or 1% of the global market share. Ad spend is tailored to this growth. At $7 Cost per Mile, and using the 35% figure for ‘interested’ impressions, and a 10% conversion rate, the business calculates needing 10-30% organic growth to reach yearly targets - realistic when factoring in the unique marketing strategy, which embodies the brand: events that bring people together in ways that are bound to form genuine friendships even before the app has been launched. The LifeBonder brand will leverage highly sharable, engaging video content the demographic will want to share with their social media networks: energetic, fun explorations of some of the most spectacular places around the world; vibrant adventures and exciting parties. Targeted ad spend on YouTube, Facebook, and Instagram - and LifeBonder’s own channels - will reach millions, while potential partnerships with micro influencers will reach millions more. It’s a dual strategy, designed around maximum shareability. The competitive landscape is robust. However, the fact that so many report lacking close friendships despite existing competitors, clearly demonstrates failure to meet the market need. A new and better way of meeting this need is necessary to fill the market gap - the LifeBonder match functionality and commitment to putting the user first is that way. In accordance with the current timeline, it is expected that LifeBonder will launch in the third quarter of 2020, beginning revenue-generating operations. Surveying the Facebook following, 36 % say they would be willing to pay for the proposed service. Of those, 65 % say a price at either €3, or more than 3€ per month is reasonable. Also, from our Facebook followers we’ve discovered that 57% wishes to have more friendships with people they could be close with. Only 26% disagrees, or feels they have enough close friendships, while the rest (17%) stays neutral in this matter. Using the following figures for a Freemium model: a premium subscription averaging 100 dkk/year; a gradually increasing expected ad revenue for free users approaching the per user figure for Instagram of $8.5/year; a ratio of premium to free users of 1% in year 1 to 17% in year 5; and inputting the user-base as 40 million in year 5, LifeBonder will break even in year 2 and approach 2.2 billion DKK in revenue in year 5. It is worth noting that the increasing ratio of premium users to free users are balanced out by the expected increase in per user revenue from ads, keeping the ratio of ad revenue to total revenue relatively constant at around 65-68%. This breakdown reduces the need the business has for attracting users to the premium product and their willingness to pay for it.
Her er virksomheden i dag
The more connected we are online, the more isolated we become. Never have so many been in greater need of genuine human connections - 35 % of Millennials and up to 50 % of Gen Z’s self-report having fewer close friendships than desired due to lack of time and not knowing where to look. LifeBonder will be a tool to facilitate human connections, not replacing them. Market entry of competitors Meetup & Bumble indicate a slow shift towards in-person relationships - a space LifeBonder will revolutionize leveraging constantly improving AI. What makes a great friendship match? Every other platform says ‘interests and friends of friends’. LifeBonder says compatibility is a far more accurate metric than commonality in predicting long-lasting friendships. By leveraging scientific psychological research, the match functionality will offer a solution unlike anything in the social media space. In-built AI-driven word association games and personality type indicators, along with demographics and other parameters, will render detailed personal profiles that are matched based on psychological research and patterns of successful determinants of lasting friendships as observed through ML. As opposed to endless swiping and manual searches, the platform will automatically provide users with a list of high compatibility matches and a breakdown of how their data was used - fully transparent. Suggested conversation starters and best fit events and activities will be provided with each match. AI/ML will not feature in the first iteration MVP, which will, due to the incorporation of psychological research, still outperform the competition. These future partnerships will help train the AI once programmed.With two of three founders having high-level coding experience, technical requirements specifications completed, and an existing partnership with an external development firm, LifeBonder is ready for the development phase.Development will be undertaken in partnership with TechnoBrains as external knowledge provider. They are commonly known to be the best web and mobile app development company in India, and Jesper Simonsen, CTO, has experience working with them on other successful projects. TechnoBrains have a proven track record of applying the agile approach and SCRUM framework to deliver highly scalable solutions. Development workflow will be segmented into critical milestones: web app, match algorithm, mobile app, and admin module development. The web application will be developed first for two reasons: First, it will enable us to build the database utilizing the code first migrations that Microsoft’s Entity Framework provides in ASP.NET Core, and second, the web application will house the admin module critical for both web and mobile applications. In this phase, the web app is built to completion with all front-end requirements, including features and final UI. Blockchain technology will be leveraged to ensure the highest possible level of data privacy as per LifeBonder values and to be at the forefront of the trend towards stricter data privacy regulations, as evidenced by GDPR. The team will concurrently develop the first iteration of the match algorithm, which will be integrated into the web environment prior to alpha testing. Post successful alpha test, mobile app development using Google Flutter or Xamarin will ensue. Mobile app development will be significantly reduced in terms of time demands and overall complexity due to the programming advantages of the ASP.NET Core framework, using the code first migrations technique to build the database. The admin module will be developed in concurrence with the mobile app. The module will be used to control and monitor the LifeBonder network: that is, primary to make improvements to the match functionality based on user feedback, and to prevent malicious actions and abuse. Alpha testing will be conducted by the development team at the end of each milestone with family and friends to verify completion. Subsequent beta, gamma and usability tests will be conducted with the business’ social media followers. Their feedback will be a valuable resource in determining readiness for launch - and will be used for final refinements on UX design, and the matching algorithm prior to market entry.
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