Periodic Reporting for period 1 - Joey (Democratizing humanoid robots in customer service)
Reporting period: 2019-02-01 to 2019-05-31
With an increasing competition from e-commerce, physical stores require new strategies to attract customers and increase sales. Consumers are no longer engaged by products or services, but rather by new experiences. Humanoid robots provide a wow factor to stores, increasing foothold, attracting consumers, and increasing sales by 15%. However, existing assistant humanoid robots on the market are not affordable for SMEs. Even for big companies, existing robots are expensive, non-customizable and the customer support provided is slow and inefficient.
Jinn-Bot has developed Joey, the European humanoid service robot that democratizes the access to assistant robots based on cutting-edge technologies (advanced AI and machine learning developments), a disruptive business model (offering affordable prices via renting, leasing or purchasing), and an innovative decentralized production process through 3D-printing partners (micro-factories).
A feasibility study is needed to confirm that there is a real market opportunity whilst the conditions for the commercialisation are beneficial.
Jinn-Bot has developed Joey, the European humanoid service robot that democratizes the access to assistant robots based on cutting-edge technologies (advanced AI and machine learning developments), a disruptive business model (offering affordable prices via renting, leasing or purchasing), and an innovative decentralized production process through 3D-printing partners (micro-factories).
A feasibility study is needed to confirm that there is a real market opportunity whilst the conditions for the commercialisation are beneficial.
Creation of a work plan of technical activities needed to complete the innovation, focusing on 4 main goals: optimizing the electric engines, improving the gripper performance, increasing the autonomy (energy efficiency, third parties-independent, self-awareness) and improving the features (AI functionalities, movements, plugins).
The humanoid robot market is expected to grow from $320.3 million in 2017 to $3.9 billion by 2023, at a CAGR of 52.1% between the forecast period. By 2023, it is expected an increasing use of humanoid robots for retail stores, travel and hospitality businesses, as well as for education purposes, to better personalize customer support.
The freedom-to-operate demonstrates that Jinn-Bot is not-infringing patents or pending patent applications of others. Jinn-Bot has decided to protect its software through copyright.
The competitor analysis demonstrates that Jinn-Bot is developing a new approach to the market, focusing on groups that are currently unattended. The business plan demonstrates that the business idea is profitable and it has a positive impact.
The humanoid robot market is expected to grow from $320.3 million in 2017 to $3.9 billion by 2023, at a CAGR of 52.1% between the forecast period. By 2023, it is expected an increasing use of humanoid robots for retail stores, travel and hospitality businesses, as well as for education purposes, to better personalize customer support.
The freedom-to-operate demonstrates that Jinn-Bot is not-infringing patents or pending patent applications of others. Jinn-Bot has decided to protect its software through copyright.
The competitor analysis demonstrates that Jinn-Bot is developing a new approach to the market, focusing on groups that are currently unattended. The business plan demonstrates that the business idea is profitable and it has a positive impact.
Joey´s market introduction will open a new market niche by making humanoid assistant robots accessible to SMEs through democratic prices, access over ownership and a close and quick customer support. The company is expected to generate €14.05M in sales between 2021 and 2025, and a cumulated net profit of €6.89M.