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UniRing

Enabling digital payments and fitness at the reach of your fingers

Creator:lamzihao98

US$ 0

Pledged out of $95,000USD

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Campaign Deadline: Sun May 12 2024

Our Story & Strategy

The story and background of your project

UniRing was born out of a passion for merging technology and fitness to create a more connected and convenient lifestyle. We understand the importance of tracking fitness data accurately and the increasing demand for digital payment options. By combining these two aspects into a single wearable device, UniRing aims to empower individuals to lead healthier lives while simplifying their payment experiences.

How does your business model help sustain your project?

UniRing's business model is designed to ensure the long-term sustainability of our project. We will generate revenue through the sale of UniRing devices and by partnering with fitness apps and payment service providers. Additionally, we plan to offer premium subscription plans that provide personalized fitness insights and exclusive discounts with partner merchants. These revenue streams will support ongoing research and development, customer support, and expansion into new markets.

Target Audience

UniRing will primarily target health-conscious individuals who value convenience and seek a holistic approach to their well-being. Our ideal customers are tech-savvy individuals who lead active lifestyles, ranging from fitness enthusiasts and athletes to professionals who prioritize health but struggle to find time for dedicated workouts. We will initially focus on urban areas with high smartphone penetration and a strong demand for digital payment solutions.

What is the specialty of your project?

UniRing's specialty lies in its seamless integration of fitness tracking and digital payment capabilities within a compact and stylish wearable device. By consolidating these features into a single ring, we eliminate the need for multiple devices and offer a more streamlined experience for users. Our dedication to accuracy, data privacy, and user-friendly design sets UniRing apart from existing fitness wearables and payment solutions in the market.

What are the environmental, social and governance (ESG) aspects of your project?

UniRing embraces environmental, social, and governance (ESG) principles throughout its operations. We prioritize sustainability by using eco-friendly materials in our product manufacturing and packaging. We also promote inclusivity by designing UniRing to cater to a diverse range of users, regardless of age, gender, or fitness level. Furthermore, we adhere to strict data protection protocols and ensure transparency in our business practices.

Competitor Analysis

UniRing faces competition from established fitness wearable brands and digital payment providers. Our key differentiators are the integration of payment functionality and the simplicity of a single wearable device. We will differentiate ourselves through superior accuracy in fitness tracking, a sleek and customizable design, and a user-centric mobile app that offers comprehensive data insights and payment management features.

Six Month Project Plan

Month 1-2: Research and development, prototyping, and sensor integration.

Month 3-4: Testing and refining the UniRing device, ensuring accuracy and durability.

Month 5-6: Finalizing the mobile app, establishing partnerships with fitness apps and payment service providers, and preparing for product launch.

Cost Projection

Research and Development (R&D): $120,000
This includes the initial investment in research and development efforts to bring the FitRing concept to life. It covers the costs associated with prototyping, sensor integration, and software development for accurate fitness tracking and digital payment functionalities. It also includes expenses for hiring a skilled R&D team with expertise in hardware and software development.
Manufacturing: $100,000
The manufacturing cost involves producing the FitRing devices at scale. This includes the cost of sourcing high-quality materials, manufacturing the rings, assembling the electronics, quality control, and packaging. We will collaborate with trusted manufacturing partners to ensure efficient production and maintain product quality.
Marketing and Branding: $40,000
To create awareness and generate demand for FitRing, a significant portion of the budget will be allocated to marketing and branding activities. This includes developing a compelling brand identity, designing marketing materials, creating a user-friendly website, launching digital marketing campaigns, and conducting influencer partnerships. Additionally, funds will be allocated for attending relevant trade shows and events to showcase the FitRing product to the target audience.
Miscellaneous and Contingency: $20,000
To account for unforeseen expenses and contingencies that may arise during the project's execution, a portion of the budget will be allocated for miscellaneous expenses. This includes legal fees, intellectual property protection, insurance, and unexpected costs that may arise during the development and launch phases.

First Fund Amount (USD)

38000

Second Fund Amount (USD)

34200

Third Fund Amount (USD)

22800