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You could be one of the game-changers.
Together we get Tardis realised with good market penetration and at reasonable costs.
Market Penetration
Tardis firstly targets new private residential completions and expands the scope of application to subsidized housing and lastly to the public rental housing.
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The theory of Diffusion of Innovation categorizes different consumers who adopt a product or technology. Innovators are willing to take risks and would buy a product at its infancy. Early adopters are thought-leaders with financial liquidity. The early majority is more risk-averse and tend to spend conservatively. This theory hints on our increase in market coverage.
Tardis is approaching the end of product development stage. The debut of Tardis in 2019 would be attracting innovators who, by estimation, would take up 2.5% of the market. We would target potential partners such as residential developers and have part of new residential developments as trial points. End-users’ feedback would be collected to refine the prototype. At this stage,
The first generation of Tardis would be available in 2021. Leading developers would be the early adopters of Tardis and implement the more advanced technology on a larger scale. It would cover 13.5% of the market. The product Tardis would have gained public exposure and spread by word of mouth.
Our product would be in maturity with paced upgrades. By 2025, it shifts the market focus to the early majority which would take up 34% of the total market. Early majority is one of the two largest categories. Other developers and institutional bodies would be the early majority. After the experience and outcomes of the early adopters, they realize the potentials and attractiveness of Tardis. Their acceptance would push Tardis to the peak market coverage of 50% in total. These all would take 7 years’ time from now.
Costs
Technological advancement grows exponentially with investment and subsequently, production costs should drop. That is the theory of Law of Accelerating Returns. To date, a customised prototype costs about HK$2.3 million. Customisation takes up the largest portion of it because we value your needs and wants. Customisation involves designing the settings, rendering and making a 4-side seamless projection. We hope the customised Tardis would be your unique solution.
The investment would be increasing over the years and the reciprocal of the percentage change would show how the production cost will drop. Our debut in 2019 costs less than half of the two million dollars. Further, the first generation of Tardis in 2021would be just about HK$230000, with some upgrades in between, the second generation of Tardis in 2025 would have a significant cost cut and merely costs about HK$23000.
Funding Stage
We shall approach institutions and private investors for additional investment. A total sum of $10.5 million will be our funding goal.
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Hong Kong Trade Development Council advocates the private sector to invest in research and development (R&D). Under the Enterprise Support Scheme, the average approved funding per project is $3.2 million up till 2018.
Crowdfunding is another fast track to get our project off the ground. There are international platforms to raise funding from a global audience of investors, such as Kickstarter. Taking Virtuix, an omni-treadmill, as an example, the campaign raised a sum of US$1.1 million on Kickstarter. From the 10 most funded VR-related projects on Kickstarter, the average funding could reach $7.3 million after taking out the most funded project, which far exceeds the normal distribution of funding amount. Therefore, $7.3 million is our funding goal on Kickstarter.
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