Project for the subject

INNOVATION & ENTREPRENEURSHIP

(UTA012)

Submitted by
Kritagya Sain Vyoli (101786010)
Akshat Sharma (101606020)
Aditya Bhardwaj (101786001)
Abhishek Arora (101606009)

Group No.: 3ECE1_Group 2

Project Title: Remembral Band

Course Instructor(s)
Dr. Vinay Kumar

VENTURE LAB,
THAPAR INSTITUTE OF ENGINEERING AND TECHNOLOGY , PATIALA
Session: January – May, 2019
(Date of submission: 03/05/2019)

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 CONTENTS
Title Page No
Certificate 3
Acknowledgements 4

Chapter 1: Opportunity Analysis 5

1.1 Opportunity Identification 5

1.2 Solution proposed 5

1.3 Uniqueness of the solution 6

1.4 What problem of the market segment is solved by your solution 6
1.5 Identification of users and customers 7
1.6 How will the target users be benefited by the solution 7
1.7 How will users discover and adopt your solution 8
1.8 How the market segment will get affected by your solution 8
1.9 Filled Opportunity Canvas 9

Chapter 2: Customer Validation Survey 10

2.1 Sample form used for customer survey 10

2.2 Size of the customer survey and its documentary proof 12
2.3 Results of the survey (question wise) 12
2.4 Detailed Analysis of the survey 16
2.5 Conclusion of the survey 17

Chapter 3: Financial Model 18

3.1 Cost Structure 18

3.2 Revenue Structure 18
3.3 Profit & Loss Statement 18
3.4 Cash Flow Statements 19

Chapter 4: Reflections 20

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 CERTIFICATE

This is to certify that the project report on, “Remembral Band (3ECE1_Group 2)” being
submitted by Mr. Kritagya Sain Vyoli, Mr. Akshat Sharma, Mr. Aditya Bhardwaj, Mr. Abhishek
Arora to the Venture Lab, Thapar Institute of Engineering and Technology, Patiala for the
fulfillment of the course requirement of INNOVATION & ENTREPRENEURSHIP (UTA012) is a
bonafide record of work carried out by us in conformity with the rules and regulations of the
institute.

The results presented in this report have not been submitted, in part or full, to any other
University or Institute for the award of any degree or diploma.

Kritagya Sain Vyoli

(101786010)

Akshat Sharma
(101606020)

Aditya Bhardwaj
Dated:3/05/2019 (101786001)

Abhishek Arora
(101606009)
 ACKNOWLEDGEMENT

We would like to express our deepest appreciation to all those who provided us the
possibility to complete this report .We would also like to thank all the students who
spared out their precious time in filling our survey. We would also like to thank our
course coordinator for helping us in completing our survey.

We express gratitude to our teacher, Dr. Vinay Kumar whose contribution in stimulating
suggestions and encouragement helped us to coordinate our project and specially in
writing this report. We would also like to expand our deepest gratitude to all those who
have directly and indirectly guided us in writing this assignment. We also thank our
institute, Thapar Institute of Engineering and Technology for consent to conduct survey
in their premises and publish the results in our report.

Many people, especially our classmates and team members have made valuable
comments/suggestions on this proposal which gave us an inspiration to improve our
assignment. We thank all the people who helped, directly or indirectly, to complete our
assignment.

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CHAPTER 1: OPPORTUNITY ANALYSIS

1.1 Opportunity Identification

Today, about 4.4 million people in India suffer from Alzheimer’s and dementia. This trend is
going to increase to almost 7.5 million by the end of 2030 which is mentioned in the India
Dementia Report 2010. Also there are only few firms that target these class of people and most of
them are based outside India (mostly in America) AngelSense, GPS Smart Sole, iTraq and
MedicAlert Safely Home due to this reason the bands are costly and take a lot of time to get
imported. It will cut the working Hours of the assistant and will lead to financial help and safety
to the patient.
The following are the points which helped us identify the problem:
 In India, more than 4 million people are estimated to be suffering from Alzheimer’s.

 India’s Alzheimer’s burden is forecast to reach almost 7.5 million by the end of 2030.

 Few Companies in the market that too are mainly based in America

 Providing Safety to the patient and help to the family members

 Cutting the hours of personal Assistant for the patient

1.2 Solution Proposed

To help the family members to track the patient, we have come up with following ideas:
 We aim on providing a band that contains GSM Module that will send the location of
the affected Person on an app.

 The GSM Module will only activate when a specific region is crossed to save power.

 The old people that have minor memory Loss can use this as a medicine reminder
and also the band contain a vibration generator to alert the individual to take
medicine.

 It can also be used for small children, so that their parents can Track them.
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 We will also have a Website to register the issues being faced by the customers and to
provide the customers with Customer Support.

 Our Flexible renting plans will ease the process and attract more and more students.

1.3 Uniqueness of the solution

Most Colleges do not have a separate bookstore for buy extra-curricular books, either
students have to rely on online shopping services or local vendors outside college
campus. These two constraints acts as barrier and sometimes demotivates student to
cover those extra miles for reading anything other than academic books. These two
factors majorly helps us provide a unique solution:
 We are Alzheimer and dementia patient helper first rather than general band sellers.

 Our motive is to provide the lower cost patient Tracker.

 Flexible pricing motivates Family members to buy band without thinking of cost
constraints.

 We are helping our customers by providing them safety and preventing any
mishappenings.

 No platform currently exists in India which provides these specific services to the
effected people.

1.4 What problem of the market segment is solved by your solution?

Our market segment is strictly people suffering from Alzheimer’s disease in India. It is like
having a friend that always keeps eye on your loved ones when you are busy with some
other work. It will help cut down the money that is charged by the patient’s assistant for
longer working hours. Also this will provide a sense of relief to the family member as the
location is just a touch away.

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The additional advantage it provide the energy saving techniques used such specific
location activator and solar cell as secondary power source.
Also the old people will not have to worry about when to take a medicine or not.
The toddlers will be easily tracked by the parents. As this grows year by year, retail outlets or
Web sellers can be established at National levels, by which a larger audience - market for
quality; can be targeted and can thus bring impact on greater scale.

1.5 Identification of users and customers

Our primary users are People suffering from Alzheimer’s and dementia, and the product
can also be used by old people suffering from minor memory loss as a medicine
reminder. The small children can also use this device, so that their parents could track
them. Also the research shows that there are 4.4 million Alzheimer patients in India.
Alzheimer’s strongly impacts the family of the individual with the disease. The amount
of time it will take to adjust to the diagnosis will vary from person to person, for both the
individual with Alzheimer’s and their family members. We aim to bring a huge positive
impact on their lifestyles and help them to concentrate on other tasks.
Once we are well established and our assets are build our customers can be other college
authorities and schools who would like to have our franchise/store at their geographic
location. Therefore our vision is of very large base but our primary focus is on our
Alzheimer suffering patients.

1.6 How will the target users be benefited by the solution?

Our business model of Alzheimer Band will benefit Patients in following ways:
 The Band Helps the family Members to track the Affected Person and also reduces
the personal assistant hours helping financially.

 The Band also contains a solar cell as a secondary power source that charges it.

 Lower price of the product allows most sections of society to be able to purchase it.

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 The GSM Module would only be activated only when a specific region is crossed
which saves energy and increase operating time.

1.7 How will users discover and adopt their solution?

At First, the awareness of the product can be spread by Free Marketing channel such as
website, E-mail Marketing, Blogs, Social Media and by Paid Marketing channels such as
Tele-Marketing, Press and Online Advertising, Events and Fairs (21 st September is
Alzheimer’s Day ), TV and Radio, Door to Doors pamphlet and Info graphic posters.

By above means we would aim to acquire Alzheimer patient’s or their family members
attention. Promotional discounts and free samples of product would further encourage
them to become Valuable Customer for our startup. Seasonal/Festive discounts would
help them sustain for longer time.

1.8 How the market segment will get affected by their solution

Since our startup is unique in the locality and helps the Dementia Patients with a very
different approach, scope of competition is very less. Our only competitors at beginning
would be online stores (Amazon Global) and the companies that are based in America
but don’t have a market in India. Also majority of them do not provide Alzheimer and
dementia Specific services and are mostly for general population, we believe the overall
competition is very less and other retailers/shops in the locality will not be affected by
our solution.
In terms of our customers – Alzheimer Patients and their family members, we are aiming
to greatly affect their daily life and thinking capabilities in a positive way. We would
focus on providing them with low cost and good quality band that has disease specific
functions. Our solution is very rewarding to customers as well as to us. Benefits and
Profits are expected to grow at high rates as year passes.

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1.9 Filled Opportunity Canvas

Fig.1.9.1 Opportunity Canvas

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CHAPTER 2: CUSTOMER VALIDATION SURVEY
2.1 Sample Form Used For Customer Survey

Fig.2.1.1 Page 1 of Survey

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Fig.2.1.2 Page 2 of Survey

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2.2 Size Of The Survey And It’s Documentary Proof

Size of the customer survey: 178

Fig.2.2.1 Size of the customer survey

2.3 Results Of Survey (Question Wise)

2.3.1
This survey was filled by university students of Patiala, Chandigarh and
Delhi NCR. The majority of students lie in the region of (2-4), i.e., they are
pretty likely to read more books in general. The most responses were for
2 (48.9%).

Fig.2.3.1 Bar Graph of Question 1

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2.3.2
64.6% Students agreed that they do find it difficult to find books of their
own choice. Whereas 27.5% students were still in doubt leaving just 7.9%
students disagreeing with us.

Fig.2.3.2 Pie Chart of Question 2

2.3.3
The following question shows that 56.2% of the studnets order their books online,
which means that they have to wait for atleast 2-3 days before their book arrives.
This causes a problem.

Fig.2.3.3 Bar Graph of Question 3

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2.3.4
64.6% Students think that there should be a store in the vicinity of their
college/hostel wher ethey could easily access all the books that they want.

Fig.2.3.4 Pie Chart of Question 4

2.3.5
71.3% of the students who took the survey believe that renting a book is a
better idea than acutally buying it.

Fig.2.3.5 Pie Chart of Question 5

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2.3.6
Though 48.9% of the students agreed to paying 20% of the MRP of the book for
lending it, we still think that 10% is more than enough for making a profit, because
at the end of the day we just want the students to benefit.

Fig.2.3.6 Pie Chart of Question 6

2.3.7
60.1% of the students agreed to pay premium for the extra benefits which
shows that introducing premium plan would definitely be beneficial.

Fig.2.3.7 Pie Chart of Question 7

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2.3.8
Finally, 71.3% students sgree that there should be a book renting shop in
their college campus, and 26.4% are still not sure which leaves just 2.3%
students disagreeing with our store.

Fig.2.3.8 Pie Chart of Question 8

2.4 Detailed Analysis Of Survey

We are going to start a new venture. So, for our startup, we have done survey in Patiala,
Chandigarh and Delhi NCR areas with the university students. First we asked them how
often they read books and majority of the results lie in the (2-4) region out of 5, this shows us
that most of the university students are keen to read different material but are still unable to
due to some issues. Then we asked if they find it difficult to get books other than the ones
mentioned in their curriculum and about 65% of the students agreed which highlights the
problem of lack of reading material. To dig further into the problem we asked the students
about their method of acquiring these books and about 60% of them buy the books online.
To tackle this problem we would like to open book renting stores in universities, our survey
clearly shows that it would be beneficial as about 65% of the students agree that there should
be a store in their vicinity and 72% agree that renting a book is a better idea than actually
buying it. These survey results greatly support our venture, moreover almost 50% of the
students are ready to pay as much as 20% of the MRP
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of the books for renting them and about 60% of them agree to pay a premium for
additional benefits. In the end 72% of the students clearly agree to the idea of opening a
book renting store in their university and while 26% were still unsure, this only leaves 2%
of the students that do not agree. Overall this venture has the potential to be highly
successful if taken care and right steps are taken.

2.5 Conclusion Of The Survey

According to the data and stats of our survey, it can be concluded that more than half of
the population are likely to use our services and looking forward for its launch.
We can see that most of the customers need a faster doorstep delivery and are even
willing to pay extra for it. The people find problems in their day to day life which can be
solved with our services through our business venture.

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CHAPTER 3: FINANCIAL MODEL
3.1 Cost Structure

Initial Investment

Category of Investment Estimated Money to be Spent

Furnishings (Book Shelves, Tables, Chairs) ₹ 5,00,000
Electrical Work (Lights, Fans, ACs) ₹ 1,00,000
Computer and Billing Equipment ₹ 60,000
Books (approx. 500 titles) ₹ 1,00,000
Total ₹ 7,60,000
Table 3.1.1 Cost Structure of Initial Investment

3.2 Revenue Structure

Category of Revenue Monthly Estimated Revenue

Newspaper & Magazine Subscriptions ₹ 100 * 500 = 50,000
Book Subscription ₹ 50 * 800 = 40,000
Book Sales ₹ 200 * 200 = 40,000
Total ₹ 1,30,000
Table 3.2.1 Revenue Structure of Monthly Sales

3.3 Profit and Loss Statement

Assumptions for first two years


First Year We were able to average out monthly sales of ₹
1,30,000.

Our Shop effectively opened for 10 months closing in 2
months summer vacation.

We were able to maintain a constant customer base.

Second Year We were able to increase monthly sale to ₹ 1,50,000.

We are able to expand our base in Patiala. Table
3.3.1 Assumptions for Profit and Loss Statement

Revenue generated in two years

Revenue Generated First Year Second Year

₹ 1,30,000 * 10 = ₹ 13,00,000 ₹ 1,50,000 * 10 = ₹ 15,00,000
Table 3.3.2 Revenue Generated in Two Years

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 Expenses for initial two years

Expenses First Year Second Year

Rent ₹ 35,000 * 12 = ₹ 4,20,000 ₹ 35,000 * 12 = ₹ 4,20,000
Electricity Bill ₹ 15,000 * 12 = ₹ 1,80,000 ₹ 15,000 * 12 = ₹ 1,80,000
New Books ₹ 5,000 * 10= ₹ 50,000 ₹ 5,000 * 10 = ₹ 50,000
Magazines & Newspaper ₹ 40,000 * 10= ₹ 4,00,000 ₹ 45,000 * 10 = ₹ 4,50,000
Office Supplies ₹ 10,000 ₹ 10,000
Money for unforeseen ₹ 50,000 ₹ 50,000
problem
Total ₹ 11,10,000 ₹11,60,000
Table 3.3.3 Expenses for Two Years
Net Profit for initial two years
Net Profit First Year Second Year
Expense- ₹ 11,10,000 Expense- ₹ 11,60,000
Revenue- ₹ 13,00,000 Revenue- ₹ 15,00,000
Profit- ₹ 1,90,000 Profit- ₹ 3,40,000
Table 3.3.4 Net Profit for Two Years

3.4 Cash Flow Statement

First Year Second Year

Cash at Beginning of Year Nil ₹ 4,60,000
Cash Flow from ₹ 1,90,000 ₹ 3,40,000
Operations
Cash Flow from Financial Money ₹ 10,00,000 Money Nil
Activities from from
Investor Investor
Return to Nil Return to ₹ 5,00,000
Investor Investor
Total ₹ 10,00,000 Total -₹ 5,00,000
Cash Flow from Investing -₹ 7,60,000 Nil
Activities
Net inc/dec in cash ₹ 4,60,000 -₹ 1,60,000
Cash at end of year ₹ 4,60,000 ₹ 3,00,000
Table 3.4.1 Cash Flow Statement for Two Years

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CHAPTER 4: REFLECTIONS

We learned that it is very important to be extremely organized with starting the business.
In the beginning it started as a brainstorm. Brainstorming requires a lot of special
attention in specific topics. For example: the first thing is to know what type of business
we want. Here we have to think about what can benefit us and also the community. By
conducting a research as a team, we felt that there is no doubt team theory is relevant in
practice. We were confident to relate the research and the theory we have studied during
this course. In addition to working as a team, each one of us learnt how to deal with
problems in an entrepreneurial venture by learning some of the specific traits like
publicity, marketing, finance handling and leadership qualities.

Key qualities learnt during our business venture were:

 Discover/create and evaluate opportunities.
 Identify various stakeholders for the idea and develop value proposition for
the same.
 Developing a financial model of our business venture.
 How to be prepared for any competition in the market.
 Development of soft skills, i.e., how to pitch your ideas to investors.
 Fundamentals behind an entrepreneurial personality.

While working on this project we realized that one should be prepared for unfavorable
outcomes at any time. We too faced few problems in our venture:

Targeted Marketing: Initial identification of target audience was an issue, and

deciding on what the students would be expecting from us. This was resolved by
conducting a survey in universities/colleges from different cities.
Problem Solving and Risk Management: A major challenge for all companies is
identifying, assessing, and mitigating risks, including human and financial capital.
We believe, to do well into the future, companies must resolve that problem
solving is the key to business.

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