Periodic Reporting for period 1 - wecHomeAI (wecHomeAI – The first AI-powered interior designer)
Reporting period: 2018-12-01 to 2019-05-31
Construction industry is one of the most booming industries in the world, estimated to reach €15.5 trillion in 2030. Yet, its poor productivity costs the global economy a €1.4 trillion a year. This gap is at risk to get larger, as the urban sector demands more housing for a global urban population growing by ~200k occupants per day. The rule for residential buildings development requires that a minimum percentage of the apartments inside (i.e. 75% in Sweden) to be sold before the construction process may begin. Graphical previews of the property are required to enable informed decision making and speed up the construction process, turning interior design into a driver for the construction industry. Despite the existing software tools, interior design relies on the human factor intervention, a thorough activity demanding for excessive resources. Manual design is a fact and it slows the overall process. At wec360o, we seized the market opportunity of interior design used as strategy to sell properties of any time. Our plan is to take advantage of the Artificial Intelligence (AI) proven abilities and shift towards automatic interior design through wecHomeAI.
To ensure wecHomeAI technical feasibility, we have detailed our execution plan covering the different components of the wecHomeAI system. We have identified our collaborators, defined the requirements to furnish one apartment in 10 minutes, defined a roadmap to complete the wecHomeAI development, identified the early adopters with which we will conduct the validation through pilots, and designed the project execution plan divided into 5 work packages, including the tasks, timing and resource estimation.
To ensure wecHomeAI commercial feasibility, we have identified the potential market for wecHomeAI and defined our commercial strategy and communication plan. We have also confirmed our pricing strategy, which relies on a monthly subscription of 100€ per user. We have analyzed the market to identify our competitors and their offerings. We found that most of the approaches in the market are human-based and that the only tentative to make the interior design process intelligent belongs to PrometheanAI, which does not have many of our features and neither our market advantage. Our FTO analysis did not identify any patent that would block our freedom to operate. However, we will have a continuous monitoring of IP. We also made a commercial risk analysis and mitigation plan.
To ensure wecHomeAI financial feasibility, we have analysed and forecasted our overall costs related to the production, the commercialization of wecHomeAI and built the best revenue model. We aim to sell 153600 subscriptions by the end of 2025. By the end of 2025 we foresee cumulated revenues of €184.32 million, a cumulated profit of €168.28 million and a ROI of 66.8. We aim to recover our investment along 2023.
To ensure wecHomeAI commercial feasibility, we have identified the potential market for wecHomeAI and defined our commercial strategy and communication plan. We have also confirmed our pricing strategy, which relies on a monthly subscription of 100€ per user. We have analyzed the market to identify our competitors and their offerings. We found that most of the approaches in the market are human-based and that the only tentative to make the interior design process intelligent belongs to PrometheanAI, which does not have many of our features and neither our market advantage. Our FTO analysis did not identify any patent that would block our freedom to operate. However, we will have a continuous monitoring of IP. We also made a commercial risk analysis and mitigation plan.
To ensure wecHomeAI financial feasibility, we have analysed and forecasted our overall costs related to the production, the commercialization of wecHomeAI and built the best revenue model. We aim to sell 153600 subscriptions by the end of 2025. By the end of 2025 we foresee cumulated revenues of €184.32 million, a cumulated profit of €168.28 million and a ROI of 66.8. We aim to recover our investment along 2023.
wecHomeAI is an AI-based software package dedicated to the interior design creation. Developed as a plugin, it is an upgrade for all the common software tools, empowering interior design with AI. This way, it will get access to the online database of design styles and furniture library. The know-how on how to mix these elements into various design styles will be provided by interior designers and architects during a training session. wecHomeAI will shift manual interior design towards automatically proposed customized plans.
Our proposition is a paradigm change for the experts in charge of interior design (i.e. architects, interior designers), which will turn from creators to trainers of our AI based tool. The uniqueness of our product stands in its ability to automatically generate interior designs. By replacing human made design, we reduce the time to create interior design from 2 days to an average of 10 minutes for an apartment and enable up to 97% times faster process with 50% less costs. wecHomeAI will deliver high quality designs with basically no difference from those provided through human work.
Our business is shaped around the idea of creating and enabling visualisation of interior design for buildings from the project stage. We address two categories of customers: real estate/construction companies and architects. Thus, wecHomeAI will impact both interior design and constructions markets.
Our proposition is a paradigm change for the experts in charge of interior design (i.e. architects, interior designers), which will turn from creators to trainers of our AI based tool. The uniqueness of our product stands in its ability to automatically generate interior designs. By replacing human made design, we reduce the time to create interior design from 2 days to an average of 10 minutes for an apartment and enable up to 97% times faster process with 50% less costs. wecHomeAI will deliver high quality designs with basically no difference from those provided through human work.
Our business is shaped around the idea of creating and enabling visualisation of interior design for buildings from the project stage. We address two categories of customers: real estate/construction companies and architects. Thus, wecHomeAI will impact both interior design and constructions markets.