CHINHOYI UNIVERSITY OF TECHNOLOGY TECHNOPRENEURHIP LEVEL 3.1 ASSIGNMENT 1 NAME MUNETSI BRITNEY NOKUTENDA MAZARIRE ROPAFADZO GUNJE KUNDAI B GARWE EDWARD T CHINENI KUNDAI MUSIIWA MUFARO NYIKA ZACHARIA KADZONGA SEAN REGISTRATION NUMBER C21146714D C21146398G C21145772R C21145615L C21146271B C21145501M C21146633W 1a.identify ,observe and or create a business idea and opportunity for technopreneurship Technopreneurship is the practice of combining technology and entrepreneurship to create innovative and scalable business ventures.It involves identifying market opportunities ,developing technological solutions and building a business model around them.The concept of technopreneurship has resulted to creation of innovative business based on identification and creation of business ideas (entrepreneurship) and its relevance in today’s digital economy have resulted to reduced unemployment rates and green environment as it has reduced environmental pollution due to the use of technology.The overuse of electricity in Zimbabwe has resulted in loadsheding which is affecting almost everyone in the country and as technopreneurs we are going to design a smart socket that has features of a smart plug within the socket in order to reduce overuse of electricity by automatically switching off the socket when electrical gadgets are fully charged even if you are not around. There are several existing opportunities for smart plugs in various industries and needs. Here are a few examples: 1. Energy Efficiency: Smart plugs can help individuals and businesses monitor and control the energy usage of their devices. This can lead to energy savings and reduced utility bills. 2. Home Automation: Smart plugs can integrate with smart home systems and devices, allowing users to control and automate their home appliances remotely. They can schedule when to turn on or off devices, such as lights, fans, or coffee makers. 3. Safety and Security: Smart plugs can be used to turn off devices remotely, providing peace of mind when it comes to electrical safety. They can also be integrated with home security systems to create the illusion of someone being home by turning on lights or radios. 4. IoT Integration: Smart plugs can be part of a larger ecosystem of connected devices. They can interact with other smart devices, such as thermostats or motion sensors, to create a more integrated and automated home or office environment. 5. Data Collection and Analysis: Smart plugs can collect data on energy usage patterns, which can be analyzed to identify trends and make informed decisions about energy consumption and cost-saving opportunities. 6. Electric Vehicle Charging: With the rise in popularity of electric vehicles, smart plugs can be used to remotely monitor and schedule charging sessions for EV owners. These are just a few examples of the opportunities that exist for smart plugs. As technology continues to advance, new possibilities will emerge, and smart plug applications will likely continue to expand. The global smart plug market size was valued at USD 217.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.0% from 2022 to 2030. Globally, 8.5 million units of smart plugs were shipped in 2021 and the shipments are expected to reach 104 million units by 2030. The rising adoption of smart devices across commercial and household applications, the growing pace of technological adoption, and the higher standard of living of individuals contribute to the market growth. The industry is gaining prominence in market share because of the growing customer focus on smart device adoption, increasing penetration of Internet of Things (IoT) devices, and rising penetration of smartphones. Smart plugs are estimated to be useful for energy-saving by cutting power when the device connected to the smart plug is not in use.The global smart plug market is projected to witness growth essentially owing to the changing consumer preferences and adoption of intelligent home systems/ technologies inclining towards home automation applications. The emerging demand of consumers for advancements in improved energy savings, IoT frameworks, and convenient lifestyles will boost the growth of the market.The market is characterized by persistent technological innovation to keep pace with the customers' changing needs. Technologies such as intelligent devices, the Internet of Things (IoT), 5G, Wi-Fi, and Bluetooth are some of the latest innovations in the industry. Advancements and innovations are primarily driven by the growing demand for smart plugs across the U.S.Regulations about the manufacturing and selling of smart plugs vary at regional or country levels. For instance, the smart plugs must comply with the FCC Rules that are subject to certain conditions. The FCC rules are there to protect against harmful interference with residential installation. Smart plugs are devices that let you control and monitor your appliances remotely using your smartphone or voice assistant. They are easy to install and use, and can help you save energy, automate your routines, and enhance your security. In this article, we will explore some of the benefits of using smart plugs with voice assistants, such as Alexa, Google Assistant, or Siri. One of the main advantages of using smart plugs with voice assistants is that you can control your devices with simple voice commands. For example, you can say "Alexa, turn on the coffee maker" or "Hey Google, dim the lights" without touching any switches or buttons. This can be very convenient and hands-free, especially if you are busy, tired, or have limited mobility.Another benefit of using smart plugs with voice assistants is that you can create smart scenes or routines that automate your devices based on certain triggers or schedules. For example, you can say "Alexa, good morning" and have your smart plug turn on your lights, thermostat, and music. Or you can say "Hey Google, good night" and have your smart plug turn off your TV, lock your doors, and set your alarm. You can also use voice assistants to control multiple smart plugs at once, such as "Siri, turn off all the devices in the living room".Using smart plugs with voice assistants can also help you save energy and money by reducing your standby power consumption and optimizing your usage patterns. For example, you can use voice assistants to check the status of your devices and turn them off if they are not in use. You can also use voice assistants to set timers or schedules for your devices, such as "Alexa, turn off the fan in 30 minutes" or "Hey Google, turn on the heater at 6 pm". This way, you can avoid wasting energy and lower your electricity bills.Another benefit of using smart plugs with voice assistants is that you can enhance your security and peace of mind by monitoring and controlling your devices remotely. For example, you can use voice assistants to access your smart plug's app and see if you left any devices on or off when you are away from home. You can also use voice assistants to turn on or off your lights, TV, or radio randomly to create the illusion of presence and deter burglars. You can also use voice assistants to integrate your smart plugs with other smart home devices, such as cameras, sensors, or alarms, for added protection. One more benefit of using smart plugs with voice assistants is that you can enjoy a wide range of compatibility and customization options. Most smart plugs work with multiple voice assistants, such as Alexa, Google Assistant, or Siri, so you can choose the one that suits your preferences and needs. You can also use voice assistants to customize your smart plug's name, settings, and features, such as "Alexa, rename the smart plug in the kitchen to toaster" or "Hey Google, change the color of the smart plug in the bedroom to blue". This way, you can personalize your smart plug experience and make it more fun and convenient. Smart outlets and plugs are devices that can turn any electrical appliance into a smart device, allowing you to control them remotely or with voice commands. They can also help you save energy, automate your routines, and monitor your usage. But are they also useful for home security? In this article, we will explore the pros and cons of using smart outlets and plugs for this purpose, and what factors you should consider before buying them. Smart outlets are receptacles that replace your existing wall outlets, while smart plugs are adapters that plug into your existing outlets. Both of them can be connected to your home network and controlled through an app or a smart speaker. The main difference is that smart outlets are more permanent and require some wiring, while smart plugs are more portable and easy to install. Depending on your needs and preferences, you may choose one or the other, or a combination of both. Modifications or enhancements that can be made to a smart plug to transform it into a smart socket include: 1. Socket Expansion: Increase the number of sockets available in a single device. This allows users to connect multiple devices to the same smart socket, enabling centralized control and monitoring. 2. USB Ports: Add USB ports to the smart socket, allowing users to charge their devices directly without the need for separate chargers or adaptors. 3. Voice Control: Integrate voice control capabilities, such as Amazon Alexa or Google Assistant, into the smart socket. This enables users to control their connected devices through voice commands. 4. Energy Monitoring: Incorporate energy monitoring features into the smart socket. This allows users to track energy usage of their connected devices, helping them identify energy-hogging appliances and promote energy efficiency. 5. Timer and Scheduling: Enable timer and scheduling functionalities within the smart socket. Users can set specific times for devices to turn on or off, reducing energy consumption and enhancing convenience. 6. Surge Protection: Integrate surge protection capabilities into the smart socket to safeguard Modifications or enhancement. 7. App Integration: Develop a dedicated mobile app for the smart socket, allowing users to control and monitor their devices remotely using their smartphones or tablets. 8. Compatibility: Ensure compatibility with various smart home systems and protocols, such as WiFi, Zigbee, or Z-Wave. This allows for seamless integration with existing smart home ecosystems. 9. Data Analytics: Incorporate data analytics capabilities to provide insights into energy usage patterns, device behavior, and optimization suggestions to enhance energy efficiency further. 10. Safety Features: Implement safety features like child-proofing mechanisms, overload protection, or grounding to ensure user safety and prevent accidents. These modifications can transform a standard smart plug into a more versatile and feature-rich smart socket, providing users with increased control, convenience, and energy efficiency capabilities.connected devices from power surges or voltage fluctuations. The value proposition of a smart socket over a smart plug lies in its ability to provide additional features and functionalities. Here are some advantages of a smart socket: 1. Versatility: A smart socket offers multiple sockets in a single device, allowing users to connect and control multiple devices simultaneously. This eliminates the need for multiple smart plugs, reducing clutter and improving convenience. 2. Expanded Charging Options: Smart sockets with built-in USB ports offer a more comprehensive charging solution. Users can charge their devices directly without the need for separate chargers or adaptors, saving time and space. 3. Centralized Control: With a smart socket, users can control and monitor multiple devices from a single point. This simplifies the management of connected devices and enables centralized control, making it easier to turn appliances on or off as needed. 4. Energy Monitoring: Many smart sockets offer energy monitoring capabilities, enabling users to track the energy consumption of their connected devices. This information can help users identify energyhogging appliances, make more informed energy-saving decisions, and promote energy efficiency. 5. Integration with Voice Control: Smart sockets can be integrated with voice control assistants like Amazon Alexa or Google Assistant. This allows users to control their devices using voice commands, adding convenience and hands-free operation to their smart home setup. 6. Timer and Scheduling: Smart sockets often come with timer and scheduling functionalities, enabling users to set specific times for devices to turn on or off. This can help automate routines, optimize energy usage, and enhance convenience. 7. Data Analytics: Some smart sockets offer data analytics capabilities, providing insights into device usage patterns, energy consumption, and optimization suggestions. This information can help users make more informed decisions to improve energy efficiency and reduce utility costs. 8. Safety Features: Smart sockets may include additional safety features like surge protection, overload protection, or grounding. These features provide added peace of mind and help protect connected devices from power fluctuations or electrical hazards. Overall, the value proposition of a smart socket lies in its versatility, expanded features, and centralized control capabilities. It offers a comprehensive solution for managing and controlling multiple devices, optimizing energy usage, and enhancing convenience in a smart home setup. The target market for smart sockets can vary depending on the specific features and functionalities of the product. However, in general, the following groups may be interested in purchasing and using smart sockets: 1. Tech-savvy Individuals: People who are early adopters of smart home technology and enjoy having control over their devices through their smartphones or voice assistants may be interested in smart sockets. They are often interested in the latest gadgets and are willing to invest in smart home solutions to enhance their convenience and connectivity. 2. Homeowners: Homeowners looking to upgrade their homes with smart technology may be a target market for smart sockets. They may be interested in the versatility and convenience offered by smart sockets, allowing them to control multiple devices from a central point. 3. Renters: Renters who are unable to make permanent installations or modifications to their homes may find smart sockets to be a suitable option. Smart sockets can be easily plugged into existing outlets, providing smart home capabilities without requiring any structural changes. 4. Energy-conscious Consumers: Individuals who are actively seeking ways to reduce their energy consumption and promote energy efficiency may be interested in smart sockets with energy monitoring capabilities. These consumers may be looking for tools to help them track their energy usage and optimize their home's energy efficiency. 5. Small Business Owners: Small business owners who want to automate and manage their office spaces may find smart sockets useful. Being able to control and monitor multiple devices, schedule power on/off timings, and track energy consumption can help businesses save energy and improve operational efficiency. 6. Parents and Guardians: Individuals with young children or elderly family members may find value in smart sockets. The ability to remotely control devices, such as turning off appliances or night lights, can provide added safety and security. 7. Eco-conscious consumers: Consumers who prioritize sustainable living may see the value of smart sockets and their energy-saving capabilities. Being able to monitor and manage energy consumption aligns with their values and goals of reducing their carbon footprint. It’s important to conduct market research and a thorough analysis of the target audience to tailor the marketing message and product features to specific customer needs and preferences.In order to effectively market and distribute smart plugs, the following strategies can be implemented: 1. Develop a Compelling Brand: Create a strong brand identity that communicates the benefits and features of the smart plugs. This includes designing an eye-catching logo and packaging that stands out on store shelves or online marketplaces. 2. Targeted Advertising: Utilize targeted advertising campaigns to reach the desired audience. This can include online advertising on platforms such as social media, search engines, and relevant websites. Ads should highlight the convenience, energy efficiency, and connectivity features of the smart plugs. 3. Influencer Partnerships: Collaborate with influencers in the smart home or technology niche to showcase and review the smart plugs. This can help build credibility and generate buzz around the product. 4. Engage with Customers: Establish a strong online presence through social media platforms, a dedicated website, and customer support channels. Respond to customer inquiries, provide tutorials, and offer maintenance tips to enhance the customer experience. 5. Retail Partnerships: Forge partnerships with retail stores that cater to consumers interested in smart home technology. This can expand the product's distribution reach and visibility. 6. Online Marketplaces: Make the smart plugs available on popular online marketplaces such as Amazon, eBay, or Best Buy. This ensures a wide distribution network and provides customers with multiple purchasing options. 7. Product Packaging and Displays: Design attractive and informative product packaging that highlights the key features and benefits of the smart plugs. In retail stores, create eye-catching displays that educate customers on how the smart plugs can improve their daily lives. 8. Customer Reviews and Testimonials: Encourage customers to leave reviews and testimonials about their experiences with the smart plugs. This social proof can be used in marketing materials and on the product website to build trust and credibility. 9. Promotions and Discounts: Offer occasional promotions or discounts to incentivize customers to purchase the smart plugs. This can help drive sales and create a sense of urgency among potential buyers. 10. Continuous Innovation: Stay updated with the latest technology trends and continually improve the smart plugs based on customer feedback. This helps maintain a competitive edge and ensures customer satisfaction.Remember to analyze the results of the marketing and distribution efforts regularly to make data-driven decisions and optimize the strategies for better outcomes. To create financial projections for a smart socket, you will need to consider various factors including production costs, sales projections, pricing, and expenses. Here is an example of how you can create financial projections for a smart socket: 1. Determine Production Costs: - Calculate the cost of materials needed to produce each unit of the smart socket. - Determine the cost of manufacturing processes, including labor and equipment costs. - Consider any overhead costs such as rent, utilities, and insurance. - Sum up all these costs to determine the total production costs per unit. 2. Estimate Sales Projections: - Conduct market research to estimate the potential demand for smart sockets. - Consider factors such as market size, target demographics, and competition. - Use this information to estimate the number of units you expect to sell per month or year. 3. Set Pricing: - Consider the pricing strategy based on market research, competitive analysis, and production costs. - Determine the ideal selling price for a smart socket unit that ensures profitability and attractiveness to customers. 4. Revenue Calculation: - Multiply the estimated number of units sold by the selling price to calculate the total revenue. - For example, if you expect to sell 1,000 smart sockets per month and the selling price is $30, then the monthly revenue would be 1,000 * $30 = $30,000. 5. Operating Expenses: - Identify and estimate all operating expenses related to the production and sales of smart sockets. - This may include marketing and advertising costs, employee salaries, rent, utilities, and administrative expenses. 6. Profit Calculation: - Subtract the total operating expenses from the total revenue to calculate net profit. - For example, if the total monthly operating expenses are $10,000, then the monthly net profit would be $30,000 - $10,000 = $20,000. 7. Cash Flow Analysis: - Consider the time it takes to receive payments from customers and pay suppliers or other expenses. - Create a cash flow projection that takes into account the timing of inflows and outflows. - This will help you understand cash availability and potential need for working capital. 8. Sensitivity Analysis: - Perform sensitivity analysis considering different scenarios such as changes in demand, pricing, and expenses. - Identify potential risks and assess the impact on financial projections. Remember, financial projections are estimates and should be revisited regularly to reflect the actual market conditions and performance of the smart socket business. 1b.Provide substantiated evidence to the existence of the business opportunity The market demand for smart home devices has been steadily increasing in recent years. Smart home devices offer convenience, energy efficiency, and enhanced control over various aspects of the home environment. These devices allow users to automate and remotely control functions such as lighting, heating and cooling, security systems, and entertainment systems. One popular category of smart home devices is smart plugs. Smart plugs are devices that can be inserted into standard electrical outlets and can be controlled remotely using a smartphone or a voice assistant. They enable users to turn on or off any device that is plugged into them, providing convenience and energy management capabilities. The popularity of smart plugs can be attributed to several factors. Firstly, they offer an affordable and easy-to-install solution for making existing devices "smart." Users do not need to replace their appliances or invest in complicated installations. Instead, they can simply plug their devices into a smart plug and control them remotely. Secondly, smart plugs contribute to energy savings. Users can schedule their devices to turn on or off at specific times, which helps in reducing energy consumption. For example, users can schedule their lights to turn off automatically when they leave the house or set their coffee maker to turn on just before they wake up. Furthermore, smart plugs integrate well with other smart home devices and platforms, allowing for seamless automation and control. They can be integrated with voice assistants like Amazon Alexa or Google Assistant, enabling users to control their devices using voice commands. They can also be integrated with broader home automation systems, enabling users to create custom scenes and routines. Considering the growing market demand for smart home devices and the increasing popularity of smart plugs, your app modification idea has significant potential to tap into this market. By enhancing the functionality and user experience of smart plugs through your app modification, you can meet the needs of tech-savvy consumers who are looking for more advanced features and seamless integration with other smart home devices. For example, your app modification could offer additional scheduling options, energy monitoring capabilities, or integration with popular smart home platforms. By providing a user-friendly interface and robust features, your app modification can attract tech-savvy consumers who are looking to optimize their home automation systems and maximize the benefits of smart plugs. Overall, the growing market demand for smart home devices and the increasing popularity of smart plugs present a favorable environment for your app modification idea to cater to the needs of techsavvy consumers and tap into this expanding market. There are several pieces of substantiated evidence that support the existence of the smart socket business opportunity: Growing demand for smart home devices: The global smart home market is projected to reach $262.62 billion by 2025, with an average annual growth rate of 13.52% from 2019 to 2025. Smart sockets, which offer convenience and energy efficiency, are a key component of smart home systems. Increasing adoption of Internet of Things (IoT) devices: The IoT market is expanding rapidly, with more connected devices than ever before. Smart sockets are an integral part of the IoT ecosystem, enabling remote control and automation of electrical appliances. Government initiatives promoting energy efficiency: Governments around the world are implementing energy efficiency programs to reduce carbon emissions and promote sustainable living. Smart sockets, which allow users to monitor and control their energy consumption, align with these initiatives. Advancements in technology and connectivity: With the advancements in wireless technology such as Wi-Fi, Zigbee, and Bluetooth, smart sockets have become more accessible and user-friendly. Moreover, compatibility with voice assistants like Amazon Alexa and Google Assistant has further enhanced their appeal. Market growth and competition: Numerous companies are investing in smart socket technologies, signaling a promising market. Established technology giants, as well as startups, are introducing innovative smart socket products to cater to the growing demand. Consumer preferences and convenience: Consumer preferences are shifting towards smart home automation and convenience. Smart sockets offer features such as remote control, scheduling, and energy monitoring, which enhance convenience and provide cost savings. Positive customer reviews: Many customers who have adopted smart sockets have reported positive experiences and benefits, including increased control over their electrical appliances, reduced energy bills, and peace of mind. In conclusion, the growing demand for smart home devices, increasing adoption of IoT devices, government energy efficiency initiatives, technological advancements, market growth, and positive customer reviews all provide substantiated evidence of the smart socket business opportunity. c.Come up or develop an innovative solution or product for the University’s Innovation Hub to further develop the idea One innovative solution for the University Innovation Hub to further develop the idea of smart sockets is to create a modular, customizable smart socket system. The modular smart socket system would consist of a central hub and various interchangeable socket modules. Each socket module would be designed to accommodate different types of plugs and devices, such as standard electrical plugs, USB ports, international plugs, and specialized connectors. The central hub would serve as the main control unit for the smart socket system. It would connect to the sockets modules via a secure wireless connection, allowing users to control and monitor their connected devices remotely through a mobile app or web interface. The modular design of the smart socket system would allow users to easily customize their power outlets based on their specific needs. They can mix and match different socket modules to create a personalized configuration that suits their devices and lifestyle. Additionally, the smart socket system could incorporate advanced features such as energy monitoring and scheduling capabilities. Users could track their energy consumption in real-time, set schedules for their devices to turn on or off automatically, and receive notifications about excessive energy usage. Furthermore, the smart socket system could include compatibility with voice assistants, allowing users to control their devices through voice commands. Integration with other smart home devices and platforms, such as lighting systems or security systems, could also be explored. Overall, the modular, customizable smart socket system would provide users with a flexible and intelligent solution for managing their power consumption and connected devices. By further developing this concept, the University Innovation Hub can contribute to the advancement of smart home technology and energy efficiency.