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The Opportunity
Immense demand for a better, richer user experience in online retail stores
Intelligent shopping by AR simulation of the product within the home or office space
Maximizing conversion rates and sale volume while minimizing cart abandonment
The Product
MaxSense is an AR plugin for the e-commerce of physical goods.It allows every online shop to transform its existing catalog of product images into an interactive AR view - with the click of a button and with no outrageous resource demands. The result for the client is a richer, more precise shopping experience, and for the seller, more sales with less cart abandonment and returned products.
The Story
Entrepreneurs Or Chuban and Shay Dayan have identified this business opportunity while volunteering as mentors in a local tech incubator for young businesses. When they realized the immense potential of MaxSense, they decided to join forces and dedicate their time and resources to developing it. On a side note, Shay and Or’s involvement with the incubator has no business strings attached.
Shay Dayan – CEO & Co-Founder
Shay has a rich employment history as a senior manager and CEO. With over a decade’s experience under his belt, he founded a business devoted to two of his passions: entrepreneurship and people. Now he guides business owners in optimizing their performance in various fields, from the professional to the personal. In the last six months, Shay has reorganized his priorities to put MaxSense at the top.
He is deeply committed to the company’s success.
Or Chuban – CTO & Co-Founder
Besides being a serial entrepreneur, Or is the founder and CEO of UIDB, a company that develops software start-up solutions for various high-tech companies. Or has an extensive background in technological entrepreneurship and software development. He also has specific experience in developing plugins that now serve hundreds of thousands of software companies worldwide. Under Or’s guidance, the technical aspects of MaxSense are making progress by leaps and bounds.
Development & Auxiliary Team
The project has already enlisted the help of highly experienced professionals: a project manager, a senior software architect, and three software engineers. These talents are already hard at work, salaried with the founders’ personal resources.
Market Research & Competitors
The number of direct competitors in the field is very limited. The few competitors we have discovered, such as Cart Magician, have two major things in common: high prerequisites in the form of costly 3D files, and an obsession with futuristic technologies. The major fault in this attitude is the monstrous setup fees that block millions of online sellers from harnessing Augmented Reality.
Unlike our competitors, we rely on smart algorithms that make use of the existing catalog of product images instead of requiring any expensive processing. We welcome in the millions of potential clients that our competitors block.
Target Market
For the first phase of MaxSense, we’ll be focusing on the widely popular platform WooCommerce. This platform is known for its plugin-based versatility and ease of use, which makes the bulk of its users a great match for our Ideal Client profile.
Global e-commerce
Online Shops: 12-24 millionAnnual Sales: 6 trillion USDUsers: 2.14 billion
Of which, physical goods
Online Shops: 6-12 millionAnnual Sales: 3 trillion USDUsers: 1.07 billion
Of which, using WooCommerce
Online Shops: 2.25 millionAnnual Sales: 1.125 trillion USDUsers: 333 million
- Global e-commerce
- 12-24 million
Online Shops - 6 trillion USD
Annual Sales - 2.14 billion
Users
- Of which, physical goods
- 6-12 million
- 3 trillion USD
- 1.07 billion
- Of which, using WooCommerce
- 2.25 million
- 1.125 trillion USD
- 333 million
Our Go-to-Market strategy is based on the Freemium model – a free limited plugin that can be upgraded to greater functionality for a fee. Marketing the paid version of the plugin will take the form of revenue share (affiliate marketing) aimed at global media and marketing agencies that manage hundreds of online shops apiece.
In the following phases, MaxSense will expand the product to additional platforms, such as Shopify, Squarespace, and more.
06 Milestones
- Market research and competitor study 01
- Strategic and business plan pilot 02
- Signing a founders’agreement 03
Preseed
- 05Recruiting the development team
- 04Incorporating and establishing the organizational matrix
Developing MaxSense AR
- 06Proof of ConceptPrototypeMinimum Viable Product
- Global Go-to-Market 11
- Developing an Admin Panel for the shop owne 10
Round A Completion – $350,000
This capital will serve to develop MaxSense into a global product, hire staff, and launch global marketing campaigns.
- Pilot results and product adjustments 09
- Extensive pilot and compilation of a database (minimum 100 shops) 08
- Limited pilot with live shops (taking place now) 07
SEED – $150,000
This capital will fuel additional development and an extensive pilot prior to going global with the product. This pilot serves to cultivate a meaningful database and to fine-tune the product’s success. Important note: we already have a working MVP.
The Ask:
In Round A, the company is looking to secure $500,000 against 22% of shares.Marketing Strategy: Our foremost approach is to break into the plugin libraries of online store platforms. The free version of the plugin can quickly generate virality based on download count and user rating. On other fronts, we plan to launch international campaigns across all major marketing channels; recruit social media influencers; run focused campaigns on Google; and create marketing funnels that will transform large media agencies into affiliated partners.
Financial Forecast
Year 1
Revenue : $369,450Expenses: $448,967Profit: -$79,773SubscriptionsPremium:4,959Free:65,000
Year 2
Revenue : $2,254,831Expenses: $1,059,912Profit: $1,171,042SubscriptionsPremium: 17,250Free:185,000
Year 3
Revenue : $7,285,989Expenses: $2,603,822Profit: $4,607,138SubscriptionsPremium: 34,714Free:380,000
- Year 1
- $369,450
Revenue - $448,967
Expenses - -$79,773
Profit - Premium 4,959
- Free 65,000
Subscriptions
- Year 2
- $2,254,831
- $1,059,912
- $1,171,042
- 17,250
- 185,000
- Year 3
- $7,285,989
- $2,603,822
- $4,607,138
- 34,714
- 380,000
A Limited Window of Opportunity
AR technology is advancing in leaps and bounds, but the extensive demand in the market opens a window of opportunity for a smart solution that uses current technology. MaxSense plans to take advantage of this to become the widest-spread plugin in AR. Later, when the new technologies hit the market, MaxSense will be in a prime position to offer more advanced solutions and lead the race to the future of AR.