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When you think about lights, what comes to mind is electrical illumination. However, the disappointments that follow the electric lights are far-fetched. There are power outages, fluctuations and energy costs. The solution to these issues is LuminAid Enterprise.
LuminAid can offer inexpensive, reliable and excellent solar rechargeable lights to homes, government and industrial buildings. The solar rechargeable lights are waterproof; they inflate to diffuse light like a lamp, light in weight, produce lights for longer hours and are lightweight and ultra-portable. The LuminAid light has a rechargeable battery, a solar panel, and a multi-chip Leadlight. The selling of products will be through small business outlets and some big outlets like the supermarkets. The invention of LuminAid was by Andrea Sreshta, renowned architect, and Anna Stork, architect and developer of new technologies, on behalf of LuminAid Enterprise and its customers.
Within two years of operation, LuminAid Enterprise plans to stretch its business to neighboring countries. This will follow a successive establishment of several independent outlet stalls within all counties in the country. The products will be in outlet stalls near households and large malls. The target market will be the general population.
There is rapid growth in solar light companies. The new LuminAid Enterprise introduces a more refined, accessible available and ultraportable solar light priced at $49.99 for PackLite Max 2-in-1 Phone Charger, $24.99 for PackLite Spectra USB and $19.9 for PackLite Nova USB. The LuminAid comes with an offer of $10 for a single unit meant for donation and that $25 for two where one is for giving out to residents of other countries.
The distinctive feature of LuminAid Enterprise will entail conducting technology innovation challenge within institutions and award the most innovative ideas. It will not only champion creativity but also attract the general public interest to the product.
LuminAid Enterprise has two leading co-founders, Andrea Sreshta and Anna Stork both of whom have experience in technology advancement. Both are architecture by profession and have worked for various institutions such as department defense on matter technology.
Strength of the Business Idea
There is a high potential of the idea taking advantage of the environmental trend. It will also solve the existing problem in the society and address unfilled gaps in the current marketplace. The idea will highly add value to end users who feel dissatisfied with other existing forms of solar lighting technologies. The scheme requires customer not to change their primary behavior or practices.
Industry Related Issues
There are few identified competitors as this business is under emergence phases in industry’s life cycle. The industry growth rate is promising since its products are of importance to customers. Its operating margin will be high.
Target Market and Customer related Issues
The target market for the new venture was successfully identified and able to create barriers to competitors considered. The growth potential of the target market was also high.
The founders have experience, skills and extensive network. The new venture therefore actively meets the founder’s aspirations and goals.
The initial starting capital was moderate with more than three numbers of revenue drivers. The best time to break even will be in one to two years.
The strength of the business idea, industry-related issues, target market and customer related issues, associated founder issues and the comprehensive evaluation showed high potential for growth and expansion of the business.
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