Updated Nov, 9th 2012
Project milestone #1
Welcome to the world of PW(Purewrist). An idea born based on the major inconvenience the MTA of New York presents with the "Metrocard". This is the card used to enter the subway and bus system in New York City.
Over the last couple of years the idea evolved into our current model.
PW is a fashionable wristwear product used to make payments. The product will be able to function where suitable hardware is deployed, which happens to be thousands of merchants nationwide.
The project results from the convergence of two pain points noticed in the todays society. One being the convenience of making a payment and the other being the constant struggle non-profit groups face raising financial resources to survive. The two of these issues led to the creation of our brand PureWrist.
You might ask how are these two interelated?
1) Product - Fashion Wristwear. Habitually worn by many but not able to be used as a utility in day-to-day life. The payment component will be a chip that acts as a prepaid debit card. This card will be manageble via a web platform.
2) Distribution - Fundraising groups. Common place survival tool for many non-profits and groups associated with schools, they all need more money.
We want to change the way society views buying and selling a utility product.
The logo(Unfortunately the complete logo is cutoff due to the upload size limitation) relflects the unity with the two colors overlapping to form 1 with the W as well as the circle enclosing it. This symbolizes our concept with bringing two oposite ends of the spectrum together with fashion and technology and uniting it together for a great cause.
PROJECT MILESTONE #2
A brand's communication doesn't happen in a vaccuum. Just because you might have the most polished pitch letter ever, doesn't mean an audience has to believe it. Especially journalists. This week, we'll endeavor to pressure test our messaging through a mock exercise.
How is your product different from your competitors?
Our product is unique in the way it integrates together existing products to a final packaged product to be distributed in a unique platform. For example, There is a prepaid chip available that is inserted into the company designed wrist wear. After extensive research there isn't a company who has created this packaged product with this distribution channel.
Why is there any market demand?
There is demand for raising money amongst non-profits and schools. This is the major pain point and will continue to be as funding is cut to schools. The fundraising business is over a billion dollar business a year. Form factor(alternative forms) of payements are emerging at a rapid pace. It is becoming more common place over time for people to make a payment without cash or a plastic credit card.
What is your monetization strategy?
Strategy to monetize is on the sale of the product and maintain a revenue stream with shared revenues from the use of pre-paid debit card when user makes purchases with their purewrist.
How are you going to compete with NFC and Mobile payments?
We are not competing, we are merely a compliment considering it is a fashion product as well.
How are you going to scale?
One wrist at a time. There are distributors in this space as well. Will have to perform a beta to give better jugment on the direction we move.
You are too one dimensional in branding and don't allow for expansion into other prodcuts with the name?
That's fine. We are focused on our target segment. We plan on building our brand this way.
How will you market your product?
The marketing component will be via social media and word of mouth. When it comes to fundraising there is no stronger way then sharing the cause amongst individuals networks and communities. There is also a network of trade shows that fosucses on companies who focus on product fundraisers.