Hi, thank you so much for taking the time to listen to our project on food waste. I'm Jonathan, the founder of this company, Gwyneth, and I'll be in charge of advertising and outreach. I'm driven, I'm working on software. So let's get into the problem and contexts our content. Firstly, food wastes results from poor planning and utilization, especially in a household contacts when they have a wide variety of food items. Oftentimes these food items can do unaccounted for, meaning they go bad before people can actually eat that. Many, many people, most everyone that we've talked to in a community who have reflected similar issues, that they lose track of something and then it goes bad before they can eat it. Mr. reflected in that there's zero current solutions on the market right now. The softness, and we have says to prove that racism densely costly, costing us about $240 billion a year from household food waste alone, and 31.9% of all food production is actually thrown away per household. We've calculated that an average of $1,866 suspend always had food per household. Additionally, environmentally, food waste contributes to about, but the household food waste contributes to about 54.23 million metric tons of carbon dioxide emissions solely from the processing of the base along with the shuttle methane emissions from food rot, the excess greenhouse gases exacerbate global warming and leads to natural disasters, diseases, and ironically food shortages initially goodwill closer landfills just from the sheer volume thorough way and it's often edits enormous and often incinerated. We come to a solution. We embody what commercial kitchens and industrial warehouses have turned to when they can't keep track of all their items. Inventory management software. So what roommate does is essentially you use your phone to scan the new groceries that you buy over time. This builds roommates understanding of your entire pantry, and this is already proven to work off any commercial Trojans have implemented software Lightroom name in the past, and together they've saved 1.8 billion meals from being thrown out already. So remember, will allow users to scan the groceries and receipts that they get from buying groceries. And remit will log everything and their database, keeping track of everything that will eventually be in the user's kitchen. As users continue to shop for groceries, and eventually the whole kitchen will be accounted for. And ruminate will predict expiration dates for all of these products and the database user and alert users as to what these expiration dates are coming up. Users will be able to log in accuracy use to further refine this algorithm. And what these expiration dates ruminate will recommend recipes when user preferences interfere, you'll find in grocery plants based on what's inspiring and what's in the database. So Gwyneth mentioned this already. We have four main integrations of ruminating people times. First one, it has solid food waste because it alerts people when their food is about to expire, let them know it's just eat it before it has a checksum or bad integrated health because room they can track people's dietary and nutrition intakes. It creates meal plans for them, for users who meet those goals or for them to be willing to adjust and use up the ingredients that they already have in their house. And it also discounted are on sale grocery, Adams passing more savings to consumers. So we propose $115 a month subscription plan with 180 days free initially to let users try DFL. And our market space here is 87 million users. We've defined that as the number of households that cook over 80 per cent of their meals at home. And we aim to target 200,000 of these users after the first five years more operation. And so if we crunch all the numbers, we get this figure $1,686. And this is the max average amount of savings that users will experience per year on average with ruminate. And this really embodies what we're trying to convey with ruminate is that it's not only a solution to solve sustainability issues, but also for consumers. It no longer becomes a supplement to their lifestyles. But necessity, it will massively increase retention rates because consumers will see how much money they save by just not letting food goes bad, not having to throw away the food that they buy with our hard-earned money. Remember, this is the kind of, the overall potential of ruminate to save money and we're really trying to capitalize on that. So our overall expenses are very low because we're a software only sort of system. The only expenses that go into operating costs are keeping the app and the server up and running. Which also leads to a very streamlined expansion process where we just support more users. Are marketing costs are also reduced because I'm in a doozy existing market that's based on finance, fitness, budgeting, and eco conscious communities that are already created a brand sort of marketing there and reduce our costs further. So our projected profits and growth start with $144,000 in the first year with 4,000 initial users at a, what we feel is a reasonable 40% profit margin. The market here we're hoping to target is of size 20 million. And we want to reach, like we mentioned before, 200,000 of them after the first five years. At least $24,000,000 profit, very conservative estimate here for the next five years. And we're very confident we can reach this target. That's it. Thank you so much. Thank you. I'll go first, I guess. I have a comment. Well, I think obviously the overriding goal of food diversion, food reduction of food waste. We worked for solid waste industry, that's paramount. I do think you have the three derivative benefits are really impressive in me just for everyday life in terms of nutrition, cost-savings, meal plans, my reaction, maybe I'm alone, but that $15 a month seems kind of steep for this type of application. If you think about the average person, we're kind of 499999 and death, I think that was just a gut reaction on the $15 a month. And if I miss it, I apologize, but can you explain the acronym and your name and what? Our academic name is? Reduce, reuse, recycle upside. And so we want people to ruminate or think about their decision. It's got, as far as our privacy, we feel that it's a really fair price. First off, we have a six month free trial so people can really get acclimated to ruminate and see the massive cost savings that derive from that. They can easily make the decision that the net savings is like work, the overall cost. And then secondly, I feel like subscription services are becoming more and more within this range. And so given the massive user base and the massive cost-saving potential, we feel that $15 a month plus the free trial is really, really fair for our product. You have to hire someone else to, to develop the application, or is that something that you guys are capable of doing? So we're gonna be doing that pretty much fully in-house. Okay, So we'll build a logo extrapolation algorithms, estimation algorithms for expiry and we'll have the app and networking stuff all set setup. Yeah. More question about usability. So you mentioned about scanning the receipt. So after you would've bought it, is there the potential that is scan it before that like book for you because I'm always forgetful. So I run to the store and then I'm like, okay, Canaan for this, but do I need this tail? But if I don't remember, if I have it at home, it would be nice to scan beforehand. And then like your pantry portion of that, you already have at home Delphi again? Yeah. There must definitely is that what we felt ruminate does? Is it catalogs like every single item in your kitchen. So even before you buy it, you can get a sense of what you have at home. And then from that you can compare, do I need to buy this or not? Any other questions? That's great. Yeah. Great job. Thank you.
2023 Diamond Challenge Summit-12-RRUminate
From Robert Diiorio April 29, 2023
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