Theme: Family Gatherings
I created a simple survey matrix using SurveyMonkey of my 10 best product ideas (See descriptions in photo below) and posted it in groups that match my target audience on Facebook asking them to answer "yes or no" if they would purchase each product. I also included a comment box for them to answer how much they would pay for each product that they would be willing to purchase.
From my results, I've narrowed down my ideas to the top 5 that people would purchase and I believe will be most successful moving forward:
1. Camera that organizes photos based on facial recognition (Average willing purchase price $80)
2. Digital Scrapbook (Average willing purchase price $120)
3. Photo Scavenger Hunt Mobile App (Average willing purchase price $2)
4. Projector Live Feed of Out-of-Town Parties (Average willing purchase price $100)
5. Camera with straps for Candid Point of View Photos (Average willing purchase price $75)
A) State of the Art Analysis
Facial Recognition Software:
This is becoming increasingly popular. Facebook, iPhoto, Picasa, etc. all have simple photo organizing by facial recognition software including the annoying "Want to tag your friend?" on Facebook. These are basic, but there are also movements toward using the software in high-tech was such as at an ATM, crime analysis, and unlocking iPhones. The area that I see has potential for entering the market would be a physical device that one can carry around with facial recognition software, similar to my camera.
iPhoto: Free with mac or $79 Key feature: Automatically organizes albums/events
iPhone 5s: $199* with contract Key feature: fingerprint security
Facebook: Free Key feature in relation to photos: Tagging based on face
There are many websites and programs that allow one to create a scrapbook digitally and then print it out into a physical book. There seems to be nothing on the market that is a physical device that allows for scrapbook creation, though. The closest I could find is the iPad with scrapbook apps like ScrapPad, but that still is based on the notion that one has to print their scrapbook when he/she is finished designing it.
Kindle Fire: $140 Key feature: Touch display
Kindle Classic: $79 Key feature: Holds 1000s of Books in small device
iPad Air: $500 Key features: Lightweight, Retina Display, Touch, Variety of Apps, Storage
Mobile Photo Scavenger Hunt App:
I wanted to move traditional paper and pen scavenger hunts to the digital age. I found an app, Scavenger Hunt with Friends, that allows for customizable scavenger hunts, is only $.99, is increasing in popularity and basically my exact idea. Disappointed.
Key feature: Customizable Game
Live Feed Projector:
There are many projectors on the market that go for $400+++. During my research I found many forums about people wanting to broadcast a live stream of video through their projector which did not seem to be an easy task--even for technology educated people. An area I see for potential entry is an inexpensive projector designed for a novice that easily connects to live feed.
Favi LED Mini: $175
Epson VS 220: $380
Panasonic PT AE 2000: $2,500
Epson PowerLite: $1,200
Key features for all: Large display on any screen/wall & Portable
Camera with Straps for Candid POV photos:
I didn't realize that there are several Point-Of-View cameras on the market. The most obvious is GoPro, but I pictured this as being solely for extreme sports and not everyday candid pictures of family and friends. However, there are several other small cameras that instantly take photos from your POV. They can be in sunglasses form, wrap around the ear, or positioned anywhere you please. Most of them are pretty expensive ($400+) and not for the amateur photographer, however.
GoPro Hero 3: $199-$399 Key feature: Mountable/Hands Free
POV HD: $350 Key feature: POV recording
B) Patent Research
Facial Recognition Software: U.S. Patent No. 8,600,120
Apple recently won a patent for facial recognition on the upcoming iPhone 6
Mobile Photo Scavenger Hunt App: Hard to find a patent for this one
Closest I could find: Experience information processing apparatus and method for social networking service U.S. Patent No. 8,601,021
Live Feed Projector: Small, adaptable, real-time, scalable image processing chip U.S. Patent No. 8,601,421
Camera with Straps: Creating and editing video recorded by a hands-free video recording device U.S. Patent No. 8,526,779
16 megapixel camera: $26.00
Facial Recognition (based on fingerprint recognition): $15
Screen & Display: $40
This seems low to me, as I'm sure there is much more technology involved. However, I think it's possible to make a relatively low-cost camera because the main feature would be the organization of photos by facial recognition, and not necessarily professional quality images or features.
Challenge: Developing Facial Recognition Technology
The Amazon Kindle Fire costs $201 to manufacture
The Classic Amazon Kindle supposedly costs $79 to manufacture
The iPad Air costs approximately $274 to manufacture
Based on these similar products, my approximate production cost is:
I think the digital scrapbook could easily retail for over $200. Although I'm not technologically able to craft it myself, it's body and operating system are definitely feasible to manufacture as they would be similar to the Kindle, iPad, and Shutterfly's scrapbooking software.
Challenge: Low Cost
Mobile Scavenger Hunt App:
I consulted Blue Cloud Solutions on how much developing an App would cost
Approximate production cost:
App store fee: $100/year
1 time cost to hire developer: $10,000
An app wouldn't be hard to create, I would just have to put in lots of hours myself to lower developing costs and provide all of the content and features I want it to have.
Live Feed Projector:
I consulted a "How to build your own HD projector" for some estimations and this sketch
TV card for PC: $40
I'm sure there's much more to building this sort of projector that I haven't factored into the cost, but already, the production cost is quite high. I don't think that people would be willing to pay over $300 for this type of projector, as they could just use Skype for free or buy a high definition movie projector for $500+.
Challenge: Lowering Cost
Camera with Hands-Free Straps for candid POV photos:
I used the same information to base this cost off as with my first camera idea but cut costs since this would be a much smaller camera.
Approximate manufacturing cost:
8 megapixel camera: $13.00
Screen & Display: $10
This definitely seems feasible and I think I could cut down production costs by eliminating some display and body features since it is mainly automatic and does not call for a user to operate it for professional quality images. People were willing to pay $75, but with advertising and marketing of it's unique features, I think it could easily retail for $120+.
Challenge: Getting Automatic Sensor to work with Camera