17893

Joiny

Service that helps to find like-minded people for any events

Belarus, Minsk city
Market: Internet and IT, Entertainment, Crypto currency, Artificial Intelligence, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 15.11.2017
Min investment
$ 50.000
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$ 200.000
Rating
equalizer 261 из 1000
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Idea

Our application helps users to find like-minded people to join activities and earn crypto currency that afterwards can be spent on any service, for example to pay for coffee or buy a ticket for a concert. By means of Machine Learning we can understand user requests and offer services of our partners, that in their turn will pay us for each confirmed customer or client.

Current Status

There are ready iOS, Android, Web versions of the service, and we are testing the chat-bot for Telegram. Now we have 3500 registrations, 3000 installations of iOS and Android apps, more than 7500 downloads of joiny-stickers in Telegram. Also contracts have been signed with 20 partners for the test period that are ready to extend it in case of success.

Market

Our target audience is people with an active lifestyle, who have a smartphone or a computer, at the age of 25-40.

SOM (Russia) = 14,4 million dollars.
SAM (USA) = 100,8 million dollars.
TAM = 915 million dollars.
PAM = 2,7 billion dollars.

Problem or Opportunity

In our fast world, free time is commodity. Users want organize meetings fast, make sure their friends can attend, meet new interesting people, be part of cool meetings, find best events happening nearby and try new places that will not disappoint.
On the other hand, places and organizers wanted to attract new clients and ready to pay for them.

Solution (product or service)

Joiny is a solution for everyone. If users have installed the application, they can choose an interesting meeting in the feed or create their own. Also they can invite their friends from social networks, contacts, as well as unknown users with the same wishes.

If users do not install the application, they can still use the service via chat-bot or web-version. For example, they want to play football and ask chat-bot to find the event for them. With the help of Machine Learning, Joiny understand users request and displays suitable events.

When we know users' wishes, we can recommend them events organized by our partners and earn money.

Competitors

As for the remarkable direct competitors, it's difficult to note someone, since they are all at the start-up stage. As for the alternatives that people use, one can distinguish Facebook, Metinup, Instagram stories.

Advantages or differentiators

1) In Joiny users have an opportunity to invite unknown people with the same interests to their meetings
2) Joiny is focused on the meetings and has unique means of creating and participating in the meeting
3) In Joiny users earn crypto currency due to the meetings created or participated in.

Finance

In Minsk, as per the test period, institutions are willing to pay 10% of the check. For convenience, during the test period, we established a fixed cashback of $ 1 per 1 customer.

Over the past month, 400 meetings have been created in the application. In each meeting an average of 4 people participate. The cost of one installation in Minsk stands in $ 0.48. At present out of 3500 registrations 1100 users actively use the application. With the growth of the service the number of meetings and the number of potential partners will increase. Our task is to make the active user create a meeting or participate in it at least 2 times a month, to increase the number of partners to 50% and the active app usage time of a user to 12 months.

Then, the situation will change:

Profit: 1100 users * 2 meetings * 4 users * 50% * 1$ * 12 month = 52800$

Costs: 3500 installs * 0,48$ = 1680$

Business model

We bring users into the application, we help them to find a company for their activities. For any event they need a place or an organizer, which we recommend to them. Places and organizers, in their turn, pay a fixed fee for each provided client/customer.

Money will be spent on

1. Acceleration of development

2. Marketing and promotion

3. New paying partners involvement

Offer for investor

We are looking for 100,000 dollars, the percentage is to be discussed individually

Risks

1) inability to attract the right number of audience for sale
2) shortage of money for marketing
3) competitors may quickly conquer the niche

Incubation/Acceleration programs accomplishment

Imaguru TechMinsk

Won the competition and other awards

1) Social Weekend in Minsk
2) Startup Battle in Belarus

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Presentation
Photos
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Website address
 
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