Smart Menu Final NSF I-Corp Presentation
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This document provides information on SmartMenu, a personalized ordering software for restaurants. It outlines the team members developing SmartMenu, including the principal investigator and entrepreneurial lead. It also discusses SmartMenu's website, mobile app, and tablet platforms. Industry insights are presented on trends in healthy options, loyalty programs, nutrition disclosure requirements, and the failed past of kiosks in restaurants. Revenue models and potential customers or competitors like cashiers, dedicated kiosks, self-service POS systems, and online/mobile ordering are addressed.
Smart Menu Final NSF I-Corp Presentation
- 1. SmartMenu Virtual Dietitian Website Mobile Tablet www.foodswapper.com GT App www.smartme.nu
- 2. SmartMenu Virtual Dietitian Spoke to 180 Customers Website Mobile Tablet www.foodswapper.com GT App www.smartme.nu
- 3. Team SmartMenu Elizabeth Mynatt, PhD Principal Investigator Jiten Chhabra, MD, MS Entrepreneurial Lead Paul Freet Mentor
- 4. Team SmartMenu Elizabeth Mynatt, PhD Principal Investigator Jiten Chhabra, MD, MS Entrepreneurial Lead Obesity Sales
- 5. Business Model Canvas - Week 1
- 6. What is a SmartMenu Tablet?
- 7. Industry Insight # 1: Four Megatrends Consumer pull for healthy items Shift of focus from SmartMenu Federal mandate for deals to loyalty Nutrition Disclosure Restaurants experimenting with ordering tablets and apps
- 8. Industry Insight # 2: Kiosks = Epic Fail
- 9. Kiosks vs. SmartMenu Tablet Increase Average Check 20% 20% Decrease Labor Costs 1K Per Month 1K Per Month Increase Repeat Visits Usability Size Large Small Cost of Goods $15000 $1000 Annual Support Costs for 1k Units $1M $100K
- 10. We spoke customers from all segments Chick Fil A, Darden Group, India Cafe, Tin Drum, Fresh 2 Order, Best Restaurant Group, Naked Pear Cafe, Chuck’s Famous, Tazikis Cafe, Atlanta Bread Company, Chameleon Mexican, Zapata, Great Harvest, Barkers Red Hot, Ingredients, Salad Works, Panera Bread, Freshens, Juice Works, Yogli Mogli, Mediterranean Grill, Buckhead Pizza, Mama Niki’s Pizza, Yeah Burger, Little Caesars, Fogo De Chao, Peninsula Creamery, Which Which, Einstein Bros, Whataburger, Jimmy Johns, Jason’s Deli............... We chose Fast-Casual because:
- 11. Market Size TAM : All Restaurants = 960,000 * $200 * 12 = $2.3 Billion Per Year SAM : All Fast Casual $2.3 B $864 M $266 M = 360,000 * $200 * 12 = $864 Million Per Year Initial Focus : Fast Casual 10-50 units = 111,000 * $200 * 12 = $266 Million Per Year
- 12. Customer Archetype CEO of a Fast Casual Concept (10-50 Units) 35-60 Years Usually male Has past operator experience Has family members in the restaurant industry Very busy Focussed on operations Relies on VP Operations and Store Managers Working with franchising consultants Listens to franchisees Demand Creation Strategies to Reach Fast Casual CEO’s Member of state & national associations 1. Super Franchisees Reads industry publications: Nation’s Restaurant News 2. Direct Marketing Fast Casual 3. Franchising Consultants QSR 4. POS Provider Restaurants & Institutions Restaurant Business 5. Industry publications Food Service Equip/supplies 6. Industry conferences Restaurant Hospitality
- 13. Money Flow for Fast Casual Restaurants $5000 Per Terminal Usage Fee= $1% Point-of-Sale On-site (Check = $10) 0.25% Per Transaction 80% Payment Diner $80K Per Unit Per Year Web and Mobile Gateway Remote (Check = $12) 20% Commission=2.5% Royalty or Licensing Merchant Franchisor Franchisee Bank Processing Fee= 4% Franchisee Training Food Costs Amenities Demand Creation Payroll Marketing Rent POS Support
- 14. Validated Revenue Model for SmartMenu Point-of-Sale 0.125% Per Transaction Payment Diner Gateway Web and Mobile $2K Upfront Licensing Fee $3k Per Year 2% Per Transaction Merchant Franchisor Franchisee SmartMenu Subscription Bank $100 PM
- 15. Channel Partner for SmartMenu Point-of-Sale Payment Diner Gateway Web and Mobile Benefits to SmartMenu Benefits to Tier 2 POS Provider Customers look here first 10-20 % commission Decrease product development cost Get recurring revenues Decrease sales expenditure Differentiate from other POS providers Decrease time to market Compete with Cloud based POS Merchant Franchisor Franchisee Bank
- 16. Competitors / Potential Customers Cashiers $1K PM Dedicated Kiosks Self-service POS Tablets Online Ordering + Mobile $20K $5K $500 PM $100 PM
- 17. Business Model Canvas - Week 8
- 18. Whats Next Channel Sales API’s Website Mobile Presence Fund-raising: Angel Round (300K)
- 19. Product Demo - User Sign Up
- 20. Product Demo - Restaurant Interface Log in Sign up
- 21. A Personalized View of the Menu
- 23. Thank You
- 24. SmartMenu Personalized Ordering Software for Restaurants SmartMenu Barry Jones 45 Male 185 lbs Wants to Lose Weight Personalized Had Type 2 Diabetes Meal Likes a Heavy Dinner Dislikes Jalapenos Suggestions Allergic to Peanuts
- 25. Consumer Expectations Before Now