Updated Mar, 6th 2013
Whether you’re traveling to get to work on a train, plane or taxi, the amount of electronic devices we carry with us has increased. The laptop, IPad, Smart phone, IPod along with other similar devices, are all part of our daily lives. Not only are these devices expensive but they hold valuable data as well. This presents a problem of keeping track of your belongings. With all the distractions that exist while traveling with family it’s difficult to keep track of game consoles and luggage. Hopefully you have never left anything behind on the bus or taxi as you leave or even worse, had something stolen from you. For those of us that have had that happen, we would have loved to have had Smart Leash on our side.
Smart Leash is a device that will be able to track all of your most valuable belongings for you. The main component of this solution is an application that can be installed on a Smart Phone that will trigger one if one of your valuables moves outside of a set perimeter. To track the position of your asset the application will work in conjunction with a chip smaller than a finger nail that will act as a transceiver. According to the chip manufacturer Decawave tagged objects will have a precision of 10cm at a distance of 450m in Line-of-Sight (LOS) mode and 45m in Non-Line-of-Sight (NLOS) mode. The technology will not be limited to a phone application but be designed for multiple uses such as a clip on a belt or a watch or piece of jewelry. When a monitored device exceeds the perimeter, an audible tone will sound letting the owner know that something was left behind. The peace of mind that Smart Leash will bring to the traveler makes it an excellent travel companion.
According to the bureau of transportation statistics there are over 2.75 billion travelers worldwide each year. My sales projection for the first 3 years is conservative and for the US market. First year focus will be on establishing a strong user base with emphasis in the United States which has 631 million travelers each year. This will provide a gateway for product entry with expected sales of about 1 million units. The second year as markets are penetrated the projection will be 2 million units. I would expect the 3rd year projection would be 3 million units as we expand the market in the U.S. By the end of the third year total net sales will be approximately $300 million dollars. Assuming a market share of Smart Leash 5 years out will be 1% of the 2.75 billion travelers, at a price point of around $49.95, sales would represent $1.3 billion in revenue.
This can device will be a cell phone case that will have the electronics incorporated. The case would pair via bluetooth to the phone and the user will be able to configure the app itself. This can be designed into a leather case or a hard plastic case which can be manufactured in China. The second phase would be to design a smaller device that can attach to a belt or as a watch with the chip installed.
There are so many case manufacturers that the key to finding the right company to produce this will have to be able to incorporate the circuit board into the design. I think Mexico would be a good option at least initially primarily due to the time zone. I would consider China only after a stable production is established. One important thing to remember is to have whomever the manufacturer is to sign a non disclosure non compete agreement upfront.