Entrepreneurship Innovation Plan

Presented by:
Saawan Patel & Anthony Wong

Castro Valley High School

19400 Santa Maria Avenue,
Castro Valley,
California 94546

January 16, 2014

Trademark is an illegitimate symbol made to emulate a

final logo design.

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I.

Executive Summary

We are excited to introduce our new product to the electronic markets of the world. The device
works as a companion to our users. A user wears the GyroPalm around his/her fingers and wrist to
control anything with Bluetooth, infrared, and/or wired compatibility (devices that can be registered
include: TVs, computers, robotics, appliances, lighting, garage doors, etc.) through gestures performed by
the user. In our current stage, we plan to sell our product to developers exclusively through the crowd
funding website Kickstarter.com. In this manner, GyroPalm can be tinkered with and developed for future
consumer enjoyment in a 2016 launch.
The name GyroPalm is derived from the hardware of the device (the gyroscope) and the plain of
movement (the palm). Our target markets include the diverse population of gadget fans, the world of
industrial customers (B2B), and developers through Kickstarter. The growth of the market is a testament
to the opportunity that exists in the wearable technology market. This market is growing at an exponential
rate, wish an estimated valuation of $12.5 billion in 2018. At a current market size of $2.5 billion, we plan
to enter the market on the upswing and seize brand loyalty through successful and extremely precise
targeted marketing. Our exclusively online product will help us keep track of our customer demographic
and user data. We propose accurate metrics through social media and website surveys. The opportunity is
colossal; from the functions of the device itself, to the size of the market and its increasing growth, and
even to the emotional investment of our fans. Execution of this plan is imperative to achieve the
maximum brand recognition and financial value for GyroPalm.
Example Performances:
Device
Computer
Medical Robot

Smart TVs

Possible Gestures
Sign Language Alphabet
Hold an object
Tilt the object
Stirring motions
Point up
Point down
Clasp hand

Action
Prints on screen
Handles dangerous chemicals
remotely with precision accuracy
Controls things like volume,
pause/play, and power.

Virtually anything the human hand can do, GyroPalm can emulate.

The goal for our product GyroPalm is to create a more efficient environment for all our consumers. By
augmenting the human hand into virtual reality, the world is at the palm of the users hands.
In the short term, GyroPalm aims to:
Build a large, enthusiastic fan/customer base.
Receive primary funding for working prototype through Kickstarter.com with a pledged goal
of 65K.
Open a small office space for efficiency and a small coding team.
In the long term, GyroPalm aims to:
Aid the handicapped and the disabled in interacting with the world around them.
Provide extremely accurate measurements of the hands particular movements.
License the technology to larger companies.
Lower the price point by creating exclusive manufacturing licenses
Create future line of GyroPalm exclusive devices (IR Boxes, Quad Copters, Video-Games,
etc)
Simplify the user experience.

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o

II.

Possible improvements: A micro LED digital display, interchangeable stylish watch

bands, color options, and a stylish concealment glove.

Proposed Business/Product/Service
A. Explanation of Final Product Proposed

There are two primary actions the user must perform before interacting with electronics: registering a
device and registering gestures. Lets begin with registering a device. Before the user does anything with
the device is to be controlled, they must scroll down to the Register a Device Option on the GyroPalm
Home Screen. The screen will prompt the user to select a Bluetooth, Wired, or Infra-Red connection, and
explain directions for registering them. Programming gestures on registered devices is not difficult either.
Simply go to the devices menu, select a device, hold calibrate, perform the desired gesture, and a list of
options will appear saying what actions can be performed with the selected device (this list comes from
the list of GyroPalm approved devices and if further customization and/or development is desired we ask
that they directly speak to management). The user may select from those options. Features of the
GyroPalm include the following: Multiple devices can be registered to the same set of gestures and
controlled at the same time which allows for collaborative design, control, or composition; it has secure
connectivity and it maintains independent operations from other GyroPalms within the same area. The
GyroPalm also tells time and can be easily concealed under a proprietary glove that only shows the screen

B. Description of the Opportunity that Exists

GyroPalm is the introduction of the next generation of controllable technology that we have only
witnessed in sci-fi movies so far. Our target markets will be excited to be a part of our journey as our
company continues to expand and better improve the GyroPalm. The market value of about $2.5 billion
is projected to rise to $12.6 billion by 2018, and we plan to control the industry with our innovative
product. People will be enticed by the versatile functions of the GyroPalms ability to control the world
with a flick of the wrist, and invest primarily for its household automation. Snapping your fingers when
you enter a room to turn on the lights; raising your hand as if to awaken the dead to open the garage; the
ability to point your finger and shoot the TV to turn it on and off are just a few reasons why this product
has the opportunity to thrive in our markets. Enhancement opportunities also exist in the creativity of the

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user, as our engineering team will be ready to develop new personalized executables for the GyroPalm at
the request of users through our user-friendly website.

C. Target Markets
The GyroPalm will be sold to a diverse population over certain intervals of time to enhance the lives of
millions. The primary groups that will be targeted are: industrial inquirers (B2B), gadget fans, and
developers. Gadget fans will be the primary target market. Demographically, gadget fans are generally
male between the ages 18-44. Household income of this group typically ranges from 75K-150K and are
well-educated through collegiate studies. About 80% of GyroPalms marketing budget and effort will
work towards targeting this large market. Industrial inquirers include businesses that will use the
GyroPalm to either streamline their workplace or resell to consumers. Businesses are the secondary target
market. Buyers may include retailers (Best Buy, Target, Walmart, etc.), licensing the coding and
hardware to other software companies (Samsung, Sony, Microsoft, etc.), factories (to automate heavy
machinery with better efficiency), and hospitals (to create a clean and touch free environment). The other
20% of our marketing efforts will be devoted to this specific market. Finally, no time or capital will be
needed to market towards the developers who we also plan to target because these people were already a
part of the initial hype in the Kickstarter campaign. The only form of marketing needed to keep this
group updated is through social media and newsletters.

III.

Rationale and Feasibility

A. Trend

Wearable technology has flooded the market in recent years. The wearable tech industry is said to be
worth a current $2.5 billion. This may not be the largest market when it comes to the sheer number of
buyers, but users have dramatically increased and future growth is expected to be on an exponential trend
as new releases become more affordable. The financial opportunity is undoubtedly apparent, but more
exciting and revolutionary is the fact that the idea of a smartwatch was unheard of just a mere five years
ago. Today, huge corporations such as Apple and Google have not only shown the market a glimpse of the

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technologys potential, but also created a booming, new industry in the process. The GyroPalm is the
product that everyone has been waiting on as the next generation of technology is ready to begin.

B. Differentiation
Since GyroPalm is an entirely new product, differentiation is immensely vital. However, there are similar
pre-revenue startup products that are also in concept form, such as the Myo Armband, and The Ring.
However, those products control through Bluetooth specifically and cannot perform some of the
fundamental features that the GyroPalm does.
Key Differentiators:
4GB of SD external storage for seamless gesture performance and saving gestures
Interchangeable stylish wrist bands
LCD display
Bluetooth, IR and Wired controller options all in one
Wireless charging
Practical functions Watch, Backlight, Waterproof, Dust proof, Carrying case
External Parts are easily replaceable.

C. Potential
1. Potential Reach
The obvious mobile application banner or webpage clickables are pathetic methods of advertising, and are
overlooked 97% of the time. A unique approach we plan to implement is to target individuals at a
personal level and pinpoint the geographics and psychographics of the target market. We plan to target
dense and modern cities like San Francisco whose demographics very closely match our primary target
through public advertisements. Another effective method of advertising that directly correlates with the
psychographics of our primary target is YouTube advertisements because they are based on a users
interests, and YouTubes advertising service targets people with extreme precision. At maximum
potential, we plan to reach approximately 400 million people with basic brand recognition.
2. Potential Growth
The chart below shows prospective figures for the growth of GyroPalm with starting Kickstarter sales of
65K and popularity for the 2016 launch at a $190 per unit retail price point.
Expected Growth:
Quarter #
Popularity (Total
Recognition)

Popularity
(Marginal Recog.)

% fans that become

customers(FTBC)

Customer
Acquisition

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1
2
3
4

15K
35K
100K
250K

15K
20K
65K
150K

2.6%
2.8%
3%
3.1%

KickStarter
Social Media
Social Media
Marketing Efforts

These representative figures are derived from similar product releases and companies.

3. Potential Earnings
The chart below describes profit and total revenue based on the manufacturing costs of components
within a GyroPalm. Using this information, an assessment can be made using the potential growth and
reach to determine potential earnings. Manufacturing cost for a quantity of ten GyroPalm units is
expected to be $156.66. At $156.66, and a retail price of $190, there is a $33.34 per unit profit (21.3%).
Expected Earnings:
Quarter
Marginal Profit
#
1
$12,985.78
2
$18,645.17
3
$64,931.00
4
$154,835.47

Marginal
Revenue
$74,100.00
$106,400.00
$370,500.00
$883,500.00

Total Profit: ................................... $251,397.42

Total
............................
$1,434,500.00 in
freshRevenue:
ideas and
concepts to stay competitive
Total Units: ...
..7550 Units
..

Profit =
Total Revenue {Manufacturing ($156.66)
* [% of FTBC * Fan Base] + Labor Cost
($8.41/ hour @ 200 units)}
Factor Source

Total Revenue =
[% of FTBC * Fan
Base]
* Retail Price ($190)

Profit Plan Allocation 1st Year:

Total Revenue Competitive

10% - Savings (Back-Up Cash)
Products
20% - Capital Goods (lower
Profit Competitive Products
Manufacturing
costs)
Businesses
lines with
Fan must
Base reinvigorate
IDTechEx4 their product
50% - Customer Acquisition
Manufacturing Alibaba.com3
(Marketing: 80% Primary 20% B2B)
Labor
CostsOur
China
todays
market.
teamLabour
is not asking
for- ROI
an initial
20%
costs 6 & 1

IV.

Conclusion

investment, but we do seek funding for future purchase orders, patents, a trademark, and future
prototypes. Our team is ready for the journey ahead, and the GyroPalm will become profitable within the
first year given this plan. Finally, we would like to thank you for your time and this wonderful
opportunity. Please contact us if there are any additional questions. Remember, an investment in us is
an investment in the future.

V.

Bibliography

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Manufacturing, n.d. Web. 09 Jan. 2015.
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Web. 09 Jan. 2015.
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on Alibaba.comWatch Bands." Custom+watch+bands-Custom+watch+bands
Manufacturers, Suppliers and Exporters on Alibaba.comWatch Bands. N.p., n.d. Web. 09
Jan. 2015.
4. "Wearable Technology Report." Wearable Technology 2014-2024: Technologies,
Markets, Forecasts: IDTechEx. N.p., n.d. Web. 17 Feb. 2015.
5. "Wearable Device Market Value 2010-2018 | Forecast." Statista. N.p., n.d. Web. 15 Feb.
2015.

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6. "China Labour Costs | 2012-2015 | Data | Chart | Calendar | Forecast | News." China

Labour Costs | 2012-2015 | Data | Chart | Calendar | Forecast | News. N.p., n.d. Web. 18
Feb. 2015.