No More Filing
Manage all your utilities, services, contracts, warranties and subscriptions in one mobile app.
- Location
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London,
United Kingdom
Categories: Home & Personal Digital B2C
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Investment
sought: - £39,997
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Equity
offered: - 5.79%
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Investment
amount: - £58,199
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Valuation
(pre-money): - £650,370
Idea
Introduction
Ever wondered why you can't manage all your utilities, insurance, mortgage, warranties and other paperwork, electronically in one place? Well, so did we.
Our founders have been dreaming about solving this problem for many years and now our technology is ready to make this happen.
No More Filing will also remind you when you need to pay a bill, renew a policy or get your MOT done!
No More Filing aims to pro-actively offer you cheaper suppliers based on your real usage.
Intended impact
In the long term, we want to radically change the way people interact with their service providers eliminating the need for paperwork, making information more readily available and simplifying the process of changing providers.
Our aspiration is that No More Filing becomes a tool for helping the democratisation of information, especially in regards to information that corporations hold on individuals.
No More Filing will allow, we believe for the first time, a UK consumer to be able to view all their services, contracts and suppliers in one place. This overview is a powerful tool which will enable consumers to be more informed and make better decisions.
Substantial accomplishments to date
Market validation - we have surveyed over 200 people to ascertain the interest in the application. Results are here - https://www.dropbox.com/s/4adjt3i237halpq/No%20...
Demo - We have created a visual demo which shows exactly what the mobile application will look like, it can be viewed on an iPhone or regular web browser here - https://marvelapp.com/1dgabb
Proof of concept - We have created a web app which allows users to upload a BT, British Gas or Thames Water bill, the app recognises the data and displays it as the MVP will.
Monetisation strategy
These are the anticipated revenue streams for the first version:
1. affiliate revenue from 'switching' between service providers, as we will have the exact usages of gas, electricity etc we will be able to proactively offer our customers the chance to switch providers easily.
2. a small monthly or annual subscription fee, our survey suggests that a large number of our customers will accept a small subscription fee (we are assuming that the data we have is very over optimistic).
Over time we plan to add revenues from:
1. selling anonymised data to third parties, in the process of using the app, our customers will be supplying us with a very valuable set of data which we would offer to third parties but only at postcode level (for privacy).
2. charging for additional functionality such as a moving house module (we automatically tell all our suppliers that you're moving house and manage the process), personal tax calculations, integration into money management applications.
Use of proceeds
We intend to use the majority of the funds to create an MVP (minimum viable product) based on the demo and proof of concept we have created, in parallel we will create an initial marketing campaign and expect to be able to recruit 1000 users before our next round of funding.
Our objectives are: a set of stats over at least three months of operation showing the opportunity for the business to scale; initial revenues proving at least two revenue streams; and a plan for the next phase of the business following a second round of fundraising.
Market
Target market
We believe that No More Filing will be an appealing mobile app for all householders in the UK, including people living alone, with partners or with a family.
Those people who could most benefit from No More Filing are those who are more settled, so for example, a family with two children a mortgage and a car would likely have the most paperwork, service providers etc. In addition we would expect the most active users to be younger mobile savvy individuals (25-55).
Therefore, our initial target market are the owners & tenants of the 15.2m householders who are living with a partner.
Characteristics of target market
The product idea comes from a personal pain that the co-founders, their friends and families have experienced. As part of the process of defining this product, we ran a survey on social media with over 200 responses. Over 85% of respondents said they would use the product.
We segmented the results by demographics (age, relationship status etc) and were surprised to see that the demand was almost equally spread across these demographics. However given our socio-economic group and that of our networks, the survey was likely limited to middle class respondents. As we did not ask for income brackets we’re unable to say anything about the demand for this product from people on different levels of income.
Marketing strategy
For this initial version we intend to grow completely organically and through word of mouth.
This type of service/product is a mass-market business to consumer service that we believe appeals to a large number of people and therefore benefits significantly from networked growth.
As the product solves a readily recognised problem that a lot of people have we believe the ability for us to ‘spread the word’ using social media is significant.
Over time we expect to garner a lot of publicity due to the nature of the application, our angle to the press is that we are helping consumers have better access to their own information and therefore make more informed choices. We expect consumer interest groups to back this approach.
In addition, the founders have significant experience marketing consumer web and mobile products and are well versed in the various techniques in acquiring customers online at a relatively low cost.
As this is a new type of service we have budgeted a relatively high cost of customer acquisition starting at £20 per customer, reducing to £5 over time.
Competition strategy
We believe that No More Filing is currently unique in the UK market place. There are other ways of solving the same problem but none that we feel are in direct competition with our product.
Currently, consumers will either be doing nothing, managing their filing offline, using spreadsheets and dropbox or using evernote. We do not think that any of these methods are ideal.