How to Write a Business Plan for an Internet of Things (IoT) Consumer Product

2017-07-31 02:22:10 by

For the Hackaday contest one of the requirements was to submit a draft business plan on how you planned on turning your working prototype into a real product. Below are my research notes and final slides for writing a business plan for my internet of things consumer prouduct.

Some Big Market Questions to Answer

  1. How many pools are there in the US?

  1. Breakdown (from 2004) of different types of filter systems: (http://www.poolspanews.com/how-to/maintenance/survey-finds-reasons-for-filter-preferences_o)
    1. Cartridge filters – 39 %
    2. DE filter – 33%
    3. Sand filter – 29%

 

  1. Cartridge filters are more expensive and labor intensive to clean than Sand filter (only replace every 5 to 7 years) but sand filter requires backwashing (which wastes water)

  1. Cost of a pool

(http://www.riverpoolsandspas.com/blog/bid/83773/underground-vs-aboveground-pools-costs-and-comparisons)

 

  1. Yearly maintence of a pool: (http://www.cheatsheet.com/money-career/how-much-does-it-really-cost-to-maintain-a-pool.html/?a=viewall)

  1. Pool Monitor System can save money by
    1. Using less chemicals
    2. Running filter pump more efficiently (less electricity)
    3. Maybe by not backwashing as much? (save water)
    4. Identifying ways to reduce evaporation with sensor data (recommend to use pool cover)
    5. Water leak detection (won’t waste water and can identify potential leaks before costly repairs are required)

 

Following slides are what I put together for a business plan.

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