SECTION: 4-B SUBMITTED BY: group 2 SALIHA Batool Samavia Arshad SHEHLA AMIR Anas khan Shumaila Andleeb RABIA BIBI SUBJECT: ENTREPRENEURSHIP SUBMITTED TO: SIR AHMED KAYANI DATE OF SUBMISSION: 21 DEC, 2023 DEPARTMENT OF ENGLISH NATIONAL UNIVERSITY OF MODERN LANGUAGES RESCUERIDE (R2) 1. EXECUTIVE SUMMARY: Application Name: RescueRide(R2), Bussiness Overview: RescueRide (R2), leads a transformative approach in emergency medical services by introducing an innovative digital platform facilitating quick ambulance access. The core objective is to streamline emergency response systems in Pakistan. Currently, in Pakistan, the traditional ambulance services face challenges such as delayed response times, lack of coordination and limited accessibility. This dilemma creates an opportunity for digital ambulance services to fill the gap and provide a more streamlined and reliable solutions. Our app, RescueRide is a cutting edge platform that aims to revolutionize the way, emergency medical services are accessed and delivered and connects users in need of emergency medical assistance with qualified ambulance service providers. It provides convenient an efficient way for users to request for nearest ambulance, real time GPS tracking opportunity, secure payment methods and integration of timely health care facilities during emergencies by our hired ambulance staff members who are Trained Emergency Medical Technicians(EMTs). Competitive Advantages: Key features of the model include a rigorous verification process for ambulance service providers, a rating and feedback system to maintain quality and accountability, blood banks accessibility, and a scalable infrastructure to handle increasing demand. The app aims to prioritize user safety, ensure a high standard of overall emergency response system by streamlining the process of requesting and dispatching ambulances, ultimately improving the quality of emergency medical services in the community. The user can provide feedback and ratings for the ambulance provider service helping to maintain service quality and reliability. It offers round the clock (24/7) service to cater the emergencies at any time of the day. The user or patient can easily login this application by searching for RescueRide in app store and request an ambulance by providing location, medical condition, and any additional details. Once a request is made, the app’s algorithm matches the patient with the nearest available ambulance based on real-time GPS tracking. The ambulance provider receives the request and can accept or decline it based on their availability. Once the ambulance is assigned, the app provides ambulance’s location to the patient, ensuring transparency and peace of mind. It also allows for communication between the patient and the ambulance provider, enabling them to share important information or ask questions. Fund Arrangement: To initiate this revolutionary service, the founding team, comprising of six dedicated members has collectively invested startup capital of 18 lakh PKR. A substantial portion is allocated to app development, ensuring robust functionality, and a user-friendly interface. The remaining investment is channeled towards marketing, primarily leveraging collaborations with influential healthcare providers and targeted social media campaigns. Marketing Strategy: Our marketing approach is multifaceted. Collaborative partnerships with hospitals, influencers, and healthcare centers form the cornerstone of our awareness campaign. Through strategic alliances, we aim to reach a wider audience and emphasize the platform's reliability and efficiency. Social media platforms will be utilized extensively for content dissemination and targeted advertising to capture our niche markets. Sales and Revenue: Revenue generation is designed around a sustainable commission model. We intend to charge a service fee of 8% per ambulance booking made through our platform. Additionally, strategic partnerships and referral commissions will contribute to our income stream. Our projected sales forecast is optimistic, aligning with the growing demand for efficient emergency medical services make the text simple and understandable. 2. INDUSTRY ANALYSIS: Industry Focus: Our business works within the very important domain of emergency medical services, specifically in Pakistan. We're committed to modernizing and improving how ambulance services are accessed and delivered. Industry Size and Growth: The emergency medical services sector in Pakistan is witnessing significant growth due to increased reliance on digital solutions. The industry is expanding rapidly, especially with the rising need for prompt medical assistance. Sales Projections: Our sales projections are optimistic, aligning with the increasing demand for emergency medical services. We aim for steady growth as we expand our services and gain market traction. Industry Structure: In the emergency medical services industry, there are different groups involved, including ambulance providers, hospitals, healthcare centers, and tech platforms like ours. Cooperation among these groups is crucial for a smooth emergency response system. Nature of Participants: In this field, you'll find both traditional ambulance services and newer digital platforms like ours. Doing well here means being reliable, responsive, embracing technology, and building strong partnerships. Key Success Factors: Success in this industry depends on using technology for quick responses, earning trust through reliability, ensuring smooth teamwork among everyone involved, and adapting to changing medical needs. Industry Trends: The industry is changing. More people are using digital platforms for emergency help. Features like real-time tracking and user-friendly interfaces are becoming popular to improve coordination between patients and ambulance services. 3. COMPANY DESCRIPTION: Our company, RescueRide, started with a big goal: changing how emergency medical help works in Pakistan. We saw that getting fast and reliable ambulance services was hard, so we made a cool phone app. This app links up people who need quick medical help with expert ambulance teams. We want to make sure it's super easy for people to connect with the right ambulance service when they're in trouble. At RescueRide, we're all about modernizing and streamlining emergency medical services through technology and effective coordination between patients and ambulance providers. 4. MARKET ANALYSIS: Market Segmentation and Target Market Selection: We wanted to help certain groups like those with long-term illnesses requiring frequent hospital visits or those residing in remote areas facing emergencies. Our aim was to make sure they could get medical help quickly when they really needed it. Buyer Behavior: Understanding buyer behavior in emergencies was crucial for us. We aimed to design an app that is incredibly user-friendly and quick and easy for them to use when they were in a hurry for help. Competitor Analysis: Strengths: Some ambulance services in Pakistan are well-known and trusted because they've been around for a long time and have a big network. For example, Ambulance 1122 in Punjab is known for being really quick in responding to emergencies. Weaknesses: Some old services might struggle with new technology or providing features like live tracking. For instance, traditional ambulances might not be as up-to-date with technology as the newer digital ones. Opportunities: There's a chance for newer services to bring in innovative features that some existing ones might not have. For example, they could make their app really easy to use, include real-time tracking. Threats: Newer digital services coming in might challenge the traditional ambulance services. These new services might bring in better technology that could change the market. Also, if the existing services don't start using new technology, they might lose to the newer ones. 5. THE ECONOMICS OF THE BUSINESS: Start-up Costs: When we began RescueRide, the six members collectively invested startup capital of 18 lakh PKR. Here's how we used it: App Development: About 3 lakh PKR was used to make the app, from designing it to testing it out. Marketing and Promotion: We spent around 5 lakh PKR on marketing and promotional activities. This included social media advertising, collaborations with healthcare facilities, and partnerships with influencers. Technology Infrastructure: Roughly 2 lakh Pakistani rupees were invested in setting up the necessary technological infrastructure to support the app's functionality and scalability. Other Operational Expenses: The rest of the money, which was around 8 lakh PKR, went into running the office, paying bills, we can rent ambulances, and having some extra money in case we needed it. Break-Even Analysis: We figured out that to cover all the costs we spent starting RescueRide, we need around 225 bookings through our app. After that, we'll start making money from the 8% commission we get from each ambulance booking. Understanding this helps us know when we'll start making more money than we spent. Our business needs to be successful and grow in the future. 6. MARKETING PLAN: 4PS OF MARKETING i. PRODUCT : FEATURES OF THE APP: Our app should offer a user-friendly interface, allowing individuals to easily request on ambulance, track its location, and communicate with the medical team. We can also include features like storing medical history, route optimizer, take less time to reach, emergency button, gesture recognition, and customizable setting. ii. PRICE: We have a reasonable pricing structure for our ambulance service. And the app installation doesn’t cost the user. It is free to use. There are different prices based on the factors such as distanced traveled. We will generate our revenue by charging a service fee of approximately 8 percent of total fare for each ambulance request made from our platform, and also by referral commissions or strategic partnership. iii. PLACE: Initially in the twin cities and then the bigger cities and eventually we launch it all over Pakistan. iv. PROMOTION: We can promote our app through various channels. This can include targeted online advertising, developing YouTube ads, creating contents in platforms like Facebook, Instagram, and LinkedIn to raise awareness about our app. We can collaborate with the hospital ambulances. We can also share informative posts, success stories, and daily updates to keep your audience engaged. 7. MANAGEMENT PLAN: In leading the ambulance app venture, six pivotal roles are assigned to optimize responsibilities and ensure a harmonized partnership. The Chief Executive Officer (CEO) spearheads the business realm, overseeing strategic planning, business development, investor relations, and compliance. The Chief Technology Officer (CTO) takes charge of technical aspects, managing app development, system architecture, and data security. The Chief Operations Officer (COO) directs medical operations, handling ambulance crew management, adherence to medical protocols, and coordination with emergency services. The human resource department (HR) within a company typically serves several key functions; Recruitment and hiring new employees, employee relations addressing concerns, conflicts, and grievances, training and development of employees, and performing eve management. The chief Financial officer (CFO) is a key executive responsible for overseeing the financial aspects of a company. Here are some of the primary functions and responsibilities of a CFO which are as follows; financial planning and strategy, financial reporting and analysis, financial risk management, capital management. Research and development (R and D) team is also a key executive team that mainly focuses on innovation and product development, scientific research and experimentation, intellectual property management, prototyping and testing, and improvement to stay competitive and meet evolving customer needs. This strategic distribution ensures a holistic approach, with each partner focusing on their core expertise. Collaboratively, they address strategic planning, financial oversight, customer feedback, and emergency response coordination. Effective communication and alignment on goals drive the success of the ambulance app venture, fostering a symbiotic partnership among the key stakeholders 8. DESIGN AND DEVELOPMENT PLAN: Development Status and Tasks: Our app, "RescueRide," is currently in the final stages of development. Tasks include perfecting the interface, extensive testing to ensure reliability, and ensuring an intuitive user experience when requesting ambulances. We're focused on making it user-friendly for everyone, regardless of their familiarity with technology. Challenges and Risks: Challenges in developing RescueRide include ensuring robust data security, refining GPS accuracy for real-time tracking, and optimizing the app's performance across various devices. Risks could involve potential delays due to unforeseen technical issues or budget constraints. Projected Development Costs: We estimate an additional investment of 5 lakh PKR for finalizing development, quality assurance, and potential updates post-launch. The app, RescueRide (R²), offers several user-friendly features for quick and efficient emergency responses: i. Option for All-Female Staff: RescueRide (R²) provides users with the option to request an all-female ambulance crew upon the patient's request, ensuring comfort and preference fulfillment during emergency situations. ii. User Registration: Users can create an account by sharing their personal details, contact information, and, if desired, medical history. iii. Requesting an Ambulance: Users can request an ambulance through the app by sharing their location and additional emergency details. They can also directly call emergency services if needed. iv. Ambulance Dispatch System: The app identifies the nearest available ambulance using real-time location tracking upon a user's request. v. Real-Time Tracking: GPS technology in the app tracks both the user's location and the dispatched ambulance, enabling users to monitor the ambulance's estimated time of arrival (ETA) during emergencies. vi. Route Optimizer: An in-app route optimizer ensures ambulance drivers are provided with congestion-free routes for prompt service. vii. Emergency Button: A readily accessible emergency button on the lock screen dispatches an ambulance immediately if a person faces a medical emergency or accident. viii. Request or Donate Blood: The app connects users with various blood banks, facilitating easy access to blood in emergency situations. ix. Integration with Hospitals: Seamless integration with hospitals allows the transfer of patient information from the ambulance to healthcare facilities for coordinated care. x. Free Download: The app is available for free download, offering easy access to its extensive features for emergency assistance. 9. OPERATIONS PLAN: General Approach to Operations: Our main focus is to respond swiftly to emergency calls. We'll have a team ready to handle ambulance requests quickly and efficiently to assist people in need promptly. Business Location: Our base will be in the twin cities of Islamabad and Rawalpindi. This strategic location will enable us to respond rapidly to emergencies in these areas, ensuring quick access to those requiring urgent medical assistance. Facilities and Equipment: We'll secure a functional office space in a convenient area within the twin cities. Our focus will be on having up-to-date technology and equipment, including computers and communication devices, to support our app and effectively manage ambulance requests and coordination with service providers. 10. FINANCIAL PROJECTIONS: Revenue: Our income comes from earning an 8% commission on each ambulance booking made through our platform. Once we hit the break-even point of 225 bookings, we'll start making money from these commissions. Costs: App Development: We spent 3 lakh PKR to create and test the app. Marketing and Promotion: Around 5 lakh PKR went into advertising and telling people about our app. Technology Setup: We used 2 lakh PKR to set up the tech stuff for our app. Other Expenses: About 8 lakh PKR was used for running the office and extra expenses. Assets: The total assets of our company are the initial 18 lakh PKR contributed by the six founding members. Loans and Investments: We didn’t mention any loans or extra investments beyond the initial 18 lakh PKR, so, for now, assume we haven’t taken any loans or received additional investments. Pro Forma Balance Sheet (As of 21 Dec, 2023) Assets: - App Development: 3,00,000 PKR - Technology Setup): 2,00,000 PKR - Total Assets: [Amount + 5,00,000 PKR] Liabilities and Equity: - Liabilities: - No additional loans or investments. - Equity: - Initial Investment by Founding Members: 18,00,000 PKR Total Liabilities and Equity: [Amount + 18,00,000 PKR]