MarketBench

As a Founder, I created a business entity along with 3 investors. The main idea for the product was a mobile application which consumers would download on their devices, register their profiles and connect their social accounts. They would then use the app to scan the products on the retailer’s receipt and the system would automatically recognize the products. In this way, the consumer’s shopping basket data would be collected and analysis would be performed in order to create segments, and metadata based on consumer’s preferences, personal, demographic and social data.

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The value laid on the fact that this data would be coming from purchases that the consumer would do in Retail stores, where companies making the products do not have any indication about their customers and their preferences. The processed meta-data would then be made anonymously available to the companies which have onboarded the B2B scheme, in order for them to provide discounts, targeted offers and coupons for their audience.

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In those 7 months of work, I collaborated with a Greek University for the research needed on Market Basket analysis and AI parts of the product, implemented a first version of a product, built a presentation deck for potential investors and went on to get funding from private institutions as well as from the state. Our business scenarios projected that we would need approximately 800,000 euros of capital in order to have the user acquisition volume we needed in order for the endeavour to make sense.

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The business plan had Greece as a pilot market and Brazil as the targeted deployment market, due to the population size and the business connections the investors had in that country.

 

This resulted in me collaborating with salespeople abroad who would pitch our idea to potential clients for the B2B scope.

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