REYEDR IoT platform

The “Internet of Things” or IoT is the term that describes the trend of the growing number of smart, connected products. This phrase however does not highlight the new opportunities, nor is it helpful for understanding the significant impact of this trend. Fundamentally, the data generated through the expanded capabilities of smart, connected products will disrupt existing value chains and usher in a new era of competition. (How Smart Connected Products Are Transforming Competition).

REYEDR is much more than a HUD or hardware play. The REYEDR APP will support an open IoT eco-system where sensors and other devices such as action or rear view cameras for example, and eventually motorcycles with electronic management systems will connect wirelessly to the user’s smartphone to process and present user definable data that a rider wants to view on his HUD. By permitting access through the API of our IoT platform, we will encourage manufacturers of wearables and smart sensors to provide an increasing number of innovative solutions for our subscribers, which will enhance the network effect.

Building an IoT platform will dramatically expand opportunities for REYEDR through product differentiation. Applying data analytics to understand customer behaviour through the data collected, the application of AI to segment customers and customise products for their needs to then proactively provide activity related information, will allow us to actively engage customers.

REYEDR Community

The REYEDR IoT platform then segues into the other part of the equation that is necessary for our eco-system — the REYEDR community. We know our HUD is a cool and sexy product and that hardware attracts competitors and knock-offs. The only way to prevent commoditisation is to build a network effect, which we will through our REYEDR APP as an enabler for the REYEDR social community and IoT platform. By building a network, a social community that connects riders, we will increase the valuation of our company as it provides opportunity for multiple revenue streams besides hardware sales. The network will help cross the chasm from ‘Early Adopters’ to ‘Early Majority’ and with the long tail thus extended and therefore a more sustainable business model.

“A trait shared by the fastest growing and most disruptive companies in history — Google, Amazon, Uber, AirBnb, and eBay–is that they aren’t focused on selling products, they are building platforms. The ability to leverage the network effects of a platform is something that the technology industry learned long ago — and perfected. It is what gives Silicon Valley an unfair advantage over competitors in every industry; something that is becoming increasingly important as all information becomes digitized” (What keeps Silicon Valley ahead of the world).

Revenue Streams

The REYEDR APP being a digital product, will be available for download through our website and app stores, whereas the REYEDR HUD will require an altogether different route to market. We intend to enter each market with our app, develop a threshold level of community and then release the HUD through online sales channels. The online channel is ideal for entering global markets, however this holds true for the early stages when demand outstrips supply. In order to scale growth, we may need to modify the route to market and apply a multi-channel distribution model by partnering with retail stores.

Revenue will accrue through a strong monetisation strategy with multiple revenue streams. Although the App could be released through a freemium model, validation through interviews  provides insight into how potential customers value the MVP App and their willingness to pay. Once we make a decision on how much to charge (or not) for the App, we will then decide the revenue model  for the premium features; for example allowing a larger number of group riders the ability to connect (on group rides) and downloadable maps (for out of mobile coverage areas) etc. Though the lion’s share of revenue will accrue from HUD sales, once the IoT platform takes off, there would be additional revenue streams such as sales of IoT hardware and accessories through our e-commerce channel, as well as  permission advertising from motorcycle / accessory resellers and bike friendly businesses such as cafes and motels.

What we have achieved during LL 2016 Week 6

  1. First software feature set delivered by Rush Digital
  2. Code behind implementation started
  3. Securing API is priority now
  4. Good progress with app development
  5. Simon working on UI based on specialist mentor input
  6. Gary has started UX exercise based on specialist mentor input
  7. To start implementing growth hacking advice received from specialist mentor, in forthcoming weeks

If you missed any previous weekly roundups (link to our archives below):

Week 1 – What is Reyedr?

Week 2 – The Market

Week 3 – Our Mission

 

I’ve got dirt in my blood!

 

Product Developer & Designer / Co-Founder

Team Profile: Simon Waters Product Developer & Designer | Co-founder

Originating from a small country town in Canterbury, I spent my school years ripping up the paddocks on my trusty Chinese dirt bike. Upon moving into the AUT student accommodation in Auckland, when studying Bachelor of Creative Technologies specialising in Mechatronics, I met my flat mate and now co-founder Gary who was also completing his studies in the same field. During our time at AUT we embarked on many projects together, including a HUD. After seeing our projects online, Kal our CEO got in touch with his idea and the rest was history.

From a young age, I have been known to create businesses out of the things I have made and have always considered myself to be quite entrepreneurial. I have always had a keen interest in seeing how things work, some of my early childhood memories include pulling apart broken remote control cars, replacing motors and other parts and seeing what I could build. My passion for technology has only grown since then, and I love seeing all the positive effects it can have on the world around us.

I can’t wait to continue on this exciting journey with our awesome team, and look forward to making riding safer and smarter for everyone!

 

Regards,

Kal Gwalani, CEO & Founder

mango teQ Limited

CEO & Founder