CHINHOYI UNIVERSITY OF TECHNOLOGY
TECHNOPRENEURHIP
LEVEL 3.1
ASSIGNMENT 1
NAME
REGISTRATION
NUMBER
MUNETSI
BRITNEY C21146714D
NOKUTENDA
MAZARIRE
C21146398G
ROPAFADZO
GUNJE KUNDAI B
C21145772R
GARWE EDWARD T
C21145615L
CHINENI KUNDAI
C21146271B
MUSIIWA MUFARO
C21145501M
NYIKA ZACHARIA
C21146043U
KADZONGA SEAN
C21146633W
PROGRAM
BSEE
BSEE
BSEE
BSEE
BSEE
BSEE
BSEE
BSEE
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 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, 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 , 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 plugs 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. 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.
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 energy- hogging 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 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 homes 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 products distribution reach
and visibility.
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.
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. Users do not need
to replace their 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.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.
There are several pieces of substantiated evidence that support the existence of the
smart socket .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
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 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 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.