1 iMerciv Business plan Name Institutional Affiliation Course Title Instructor Date 2 Business overview ...................................................................................................................... 4 Business description.................................................................................................................... 4 Mission, vision, values................................................................................................................ 4 Industry overview and trends ..................................................................................................... 4 Technological trends .................................................................................................................. 5 Government regulations ............................................................................................................. 5 The market................................................................................................................................... 5 Overview of market trends ......................................................................................................... 5 Target market ............................................................................................................................. 6 Products and services.................................................................................................................. 6 The competition ......................................................................................................................... 7 Competitors and types of competition ....................................................................................... 7 Competitors’ strengths and weaknesses ..................................................................................... 8 Competitive advantage and differentiator ................................................................................. 8 Sales and marketing Sales and marketing.................................................................................. 8 Customers .................................................................................................................................. 8 Suppliers .................................................................................................................................... 9 Advertising and promotion ........................................................................................................ 9 Pricing and distribution ............................................................................................................. 9 Customer service policy and warranties ................................................................................... 10 People ......................................................................................................................................... 10 Description of the management team ......................................................................................... 10 3 Description of advisory team ..................................................................................................... 11 Key employees ........................................................................................................................... 11 References................................................................................................................................... 12 4 Business overview Business description iMerciv is a University of Toronto startup company founded in 2014 that seeks to address the market gap of wearable assistive technology in the world. iMerciv’s products cater to the “orientation and mobility needs of blind, deaf-blind and visually impaired communities”. iMerciv has successfully empowered those living with vision loss and continues working on products to serve visually impaired communities. Currently, iMerciv operates out of its main offices in Toronto. Through the iMerciv website, people from all over the world can order their wearable assistive technology products. Mission, vision and values iMerciv's mission is to orient and mobilizes the needs of the visually impaired communities, deaf-blind and blind in the globe. iMerciv corporation attempts to empower people living with vision loss through new wearable technology. iMerciv vision is to build on our research and development activities to make cheaper and effective products to serve developing and underdeveloped nations. iMerciv value is to raise the confidence, independence, and overall quality of life for those living with vision loss. Industry overview and trends After preliminary research into the UK’s medical devices market for wearable assistive technologies for the visually impaired communities, prima facie, there seems to exist no technologies similar to ours. This gives us the advantage to patent our devices in the country, and capitalize on this, in addition to filling in the market gap and need for such technologies. 5 Technological trends iMerciv, in addition to its MapinHood app that uses AI technologies to improve pedestrian navigate data, launched its BuzzClip in 2017 as its new wearable assistive technology for persons who are visually impaired. The first version of this product sold out in six months, and its new upgraded version based on consumer feedback is now being welcomed by many all over the world. (Rego, 2017) iMerciv’s technologies have won numerous awards and grants some of their biggest being grants from TELUS and Microsoft. iMerciv currently has over $350,000 in funding, Though it still runs a small production house, the technologies used in its products have the required capabilities for redefining the assistive technologies industry for visually impaired persons. Government regulations iMerciv company is planning to set a partnership with the UK royal institute for the blind therefore the company is yet to research the regulations set by the government that does affect business operation in that country. The company is aware of the set rules and regulations by the World Trade Organization(WTO) which governs business transactions among its 154 member countries. The company is working under the department of healthcare which is highly regulated by the government therefore the management should be very careful in everything they do. The market Overview of market trends In Canada, iMerciv, by partnering with the Canadian National Institute for the Blind (CNIB), has established a name for itself in the medical devices industry. For iMerciv to be 6 successful in other parts of the world, it needs to strategically choose its distributors to gain access to a wider market base. Target market After preliminary research into the UK’s medical devices market for wearable assistive technologies for the visually impaired communities, prima facie, there seems to exist no technologies similar to ours. This gives us the advantage to patent our devices in the country, and capitalize on this, in addition to filling in the market gap and need for such technologies. iMerciv company plans to partner with the UK’s Royal National Institute for the Blind (RNIB) and make them the sole distributors of our products in the 5 countries. Their connection to hospitals, visually impaired communities and other key stakeholders will bolster our presence in the UK. This highlights the growing trend for the assistive technologies market in the world. Based on our strategic plans, we hope to hold approximately 2% of this market’s share with our wearable mobility products. Product and services Currently, iMerciv company is dealing with products such as Buzz clip, the Buzz Clip protects you from your blind spots. The market scope for assistive technologies for the visually impaired in 2020 was valued at USD 3.93 billion and is estimated to reach 7.99 billion by 2028 with a CAGR of 8.40%. (Verified Market Research, 2021). Presently in the United Kingdom, almost two million people live with visual impairments; approximately 360,000 are completely visually impaired or partially sighted. (NHS, n.d.) iMerciv’s product has the potential to cater to these communities. Currently, it is possible to purchase our device through our website only, and the retail price that it has is USD 249. Our product differentiates itself from others by providing 7 the users the flexibility they need in their daily lives to move and being able to change the position of the device, depending on their needs. It is the first device of this kind that assists at the head level and can also be easily adapted to the clothes that we wear. This provides a level of adaptability that has no match with the available products in the market. The competition Competition and type of competition eSight: a multimillion-dollar Canadian company that introduced electronic glasses to enable visually impaired persons to see. eSight’s product is the only of its kind in the world. TecInnovation GmbH: is a tech company in Austria that works towards improving the lives of visually impaired persons through their intelligent obstacle detection technologies. (Tec-Inno, n.d.) Each device is approximately EUR 2900. (Tec-Inno, n.d.) This company’s tech rationalizations are similar to iMerciv’s. But iMerciv has managed to provide a similar intelligent obstacle detection product at 90% less in cost. iMerciv’s Buzz Clip product is sold for USD 249 in the market. (iMerciv, n.d.). with esight and Tec-Innovation being the direct rivals to iMerciv company is yet to find an indirect competitor. iMerciv’s technologies and products are the only of its kind in its price range and type in North America and Europe. Also, compared to its competitors, iMerciv’s products are the least invasive in terms of product size and wearability. Therefore, these competitors do not undermine, disrupt and provide or anticipated providing a product that will replace iMerciv products. 8 Competitors’ strength and weakness The assistive technologies industry (a part of the medical devices industry) all over the world is heavily regulated and requires large amounts of capital for research. It is a tough market to enter, especially for startup companies like iMerciv who do not have a reputation to precede it. eSight and Tec-Innovation GmbH product prices do not cater to the vast majority of visually impaired persons who belong to the lower and middle-class communities. Competitive advantage and differentiator These are some of the keywords when searching for our products online: vision-impaired aids, assistive devices for blind, visually impaired products, products for the blind, wearable mobility, mobility aids. We seek to provide people with a tool that would function as a support system to their daily lives, and we believe that putting it to the test through daily life situations, like using the subway or walking a crowded street, could help our product stand out from the others and since the price is accessible, we would be reaching a lot of people. Sales and marketing Customers To ensure that a wider audience has access to the iMerciv devices, the business will use direct channels such as strategically placed stores across major cities in the UK. iMerciv warranty is valid for 12 months, covering any material defect or build failure “under normal use” during this period. We will repair (thus the importance of our European presence) or replace, at no extra cost to the consumer, the device (iMerciv, 2021).iMerciv’s main customers include 9 those suffering from blindness or severe vision loss. (iMerciv, n.d.) For those who are partially sighted and completely blind, the BuzzClip protects you from your blind spots. Suppliers The main supplies to iMerciv company are dealers in technological types of equipment such as lenses, ultrasound detectors, and charging system suppliers accessories used to build a buzz clip. Advertising and promotion iMerciv utilizes the social media platforms such as Facebook, Twitter, and Instagram to communicate with its customers and suppliers. iMerciv company does not rely on primary or a few customers since it is a globally based company. The corporation has diversified its customer base by forming an association with the Canada national institute and soon it is planning to partner with UK’S Royal National Institute for the blind. The company does not have plans to rely upon one or two suppliers and similarly does not mandate any suppliers to run the business perhaps the company runs the business itself. iMerciv is planning to do focus groups and expositions in real-life situations, through our partnering with RNIB to reach as much as possible of our target group. The company uses mainly radio stations like the BBC, Capital, LBC, etc. Podcasts like Chester Talking Newspaper, Eyes on Success, VI Talks, and through social media using Facebook and Instagram, targeting this kind of audience via giveaways. Pricing and distribution The organization constantly looking for components and manufacturing price improvements, so that we can offer our product to our customers for a lesser price. To ensure that a wider audience has access to the iMerciv devices, the business will use direct channels 10 such as strategically placed stores across major cities in the UK. The use of mail-order services will also be integrated into the business distribution channel to allow users to order to place remote orders in their destination of preferences where they can easily pick up the iMerciv device. iMerciv company does not face any external factor that would alter their prices or delivery services since the company is financially stable. Customer service and warranties iMerciv partnership or direct presence in the UK, depending on the strategy that they choose in the future, either directly or indirectly, will allow them to provide the after-sales system that their UK customers require, and by having a global CRM system, they will be able to track and improve continuously their service level and reduce the defects and problems that we may have. The company’s warranty is valid for 12 months. In the future, iMerciv company plans to set an emergency retail shop that products will be delivered in case there is a shortage in a certain region, additionally, the company’s plans to improve the transportation so that it provides its products via air which is the known fast means of transport to prevent stock-outs. People Description of the management team iMerciv management team is led by a qualified manager who went through assistive technology, Visual Impairment Awareness, and Orientation and Mobility via CNIB as part of the partnership agreement. 11 Description of advisory team iMerciv corporation is equipped with accountants and internal auditors which have a vital role in advising the manager on the financial status of the company. The presence of nonmanagerial employees who are referred to as technical team plays a vital role in offering technical information. Key employees Employees who work as the response team for 24 hours can be noticed if they happen to be absent. Employees who are trained to use functions, applications and installation of all iMerciv products are required to be constantly present to allow the smooth running of the business. 12 References GiveVision. (n.d.). Introducing the next generation of wearable vision aids. Retrieved from GiveVision: https://www.givevision.net/ Hagen, M. (2017, October 27). NuEyes Pro-smartglasses for low vision. Retrieved from Closing the gap: https://www.closingthegap.com/nueyes-pro-smartglasses-lowvision/#:~:text=The%20Smartglasses%20are%20wireless%20and,just%20under%20%26 %2C000%20a%20pair.is iMerciv. (n.d.). About Us-Our Mission. Retrieved from iMerciv:https://www.imerciv.com/aboutus.shtml iMerciv. (n.d.). Frequesntly asked questions. Retrieved fromiMerciv:https://www.imerciv.com/faq.shtml iMerciv. (n.d.). How the BuzzClip works. Retrieved fromiMerciv:https://imerciv.com/howitworks.shtml iMerciv. (n.d.). The all new BuzzClip. Retrieved from iMerciv:https://www.imerciv.com/index.shtml iMerciv. (n.d.). The all new BuzzClip. Retrieved from iMerciv:https://www.imerciv.com/index.shtml Kirkwood, I. (2020, July 28). eSight launches fourth version of wearable glasses for people with visual impairments. Retrieved from Betakit: https://betakit.com/esight-launches-fourthversion-of-wearable-glasses-for-people-with-visual-impairments/ 13 Maresova, P., & Kuca, K. (2014). Porter's five forces on medical device industry in Europe.Czech Republic: Military Medical Science Letters.11 NHS. (n.d.). Blindness and vision loss. Retrieved from NHS:https://www.nhs.uk/conditions/visionloss/#:~:text=In%20the%20UK%2C%20there%20are,as%20blind%20or%20partially%2 0sighted. NuEyes. (n.d.). Smarter augmented reality glasses. Retrieved from NuEyes:https://www.nueyestech.com/ Rego, N. (2017, October 31). Introducing the All New BuzzClip From iMerciv . Retrieved from Cool Blind Tech: https://coolblindtech.com/introducing-the-all-new-buzzclip-fromimerciv/ Rego, N. (2020, March 22). Sony Partners with GiveVision to Create Compact Glasses for isually Impaired Users. Retrieved from Cool Blind Tech:https://coolblindtech.com/sonypartners-with-givevision-to-create-compact-glasses-for-visually-impaired-users/ Tec-Inno. (n.d.). InnoMake-one step ahead. Retrieved from Tec-Inno: https://www.tecinnovation.com/pk-shop/Tec-Inno. (n.d.). Intelligent obstacle detection made in Austria.Retrieved from Tec-Inno:https://www.tec-innovation.com/en/home-2/ Verified Market Research. (2021, July). Global Assistive Technologies For Visually Impaired Market Size By Educational Devices And Software . Retrieved from Verified Market Research: https://www.verifiedmarketresearch.com/product/assistive-technologies-forvisually-impaired-market/
