Golden Ridge - The product is an app for a wealthy clientele. The app is a hybrid, as we combine the best functions from Instagram, Twitter, Facebook and LinkedIn in one app. We also offer customers a 24/7 concierge service and a store with selected luxury products as well as online auctions.
We already have an angel investor who has invested $ 200,000 for the development of the app. We also have a finished prototype and are always ready to start with the final development of the app. We need another $150,000 to cover the remaining development costs and to advertise the market entry.
Our target customer group are rich and young people between 18-35 years old who are located all over the world. There are 19.61 million millionaires worldwide, 2.157 million of them in our core target group. The number of millionaires worldwide has almost doubled in the last 10 years. Therefore we serve a steadily growing market.
Problem or Opportunity
It is difficult for the target group to network with one another internationally, as the large social networks are overloaded with users. They also experience a lot of hatred and envy from all sides. We are therefore currently developing an international social media app in order to be able to offer our target group a platform for private and professional exchange. Our target group is a young and rich clientele, between 18 and 35 years of age. There is no internationally closed network in the form of an app for the target group of customers. Therefore we offer a closed network in which our customers can interact, shielded from the public. Another problem is the complicated booking processes for e.g. yachts or private jets in everyday life. With our 24/7 concierge service, we take this burden off our customers. Even for rich people, it is difficult to get certain luxury goods, such as rare watches or German luxury cars. With our store we solve the problem as we offer these luxury goods and transport to the customer.
We currently have two competitors. The first competition is ONN Network. This has been around for 3 years and has 3000 subscribers. The biggest difference between the ONN Network and us is that the ONN Network does not have a closed app and non-subscribers can also see the app. Another competitor is TCHIIN. They have copied the source code from the ONN network and are currently in a legal dispute. It cannot be assumed that TCHIIN will continue to exist in the future.
Advantages or differentiators
A big differentiator is that we offer a closed network that is not visible to the public. Other distinguishing features are networking opportunities in the private and professional sense. In addition to photos, customers can also post texts, surveys and events in our app. Since we are headquartered in Germany, we can offer German luxury products in the store. Both competitors do not have a store. We also offer auctions that neither of our competitors can offer. Another distinguishing feature are our specially organized events that we are planning for our customers in the near future.
The main source of income is the subscription process. The monthly subscription cost is $ 999. We generate further income by mediating between our customers and B2B partners in the store and concierge. The prices for the mediation are negotiated individually.
We expect 3000 subscribers in the first 3 years. In the first year we expect an annual profit (minus taxes) of € 3,872,362.29, with already 1000 subscribers. In the second year we expect an annual profit (minus taxes) of 7,766,237.77 € with approx. 2000 subscribers. In the third year we expect an annual profit (minus taxes) of € 10,576,252.77 with approx. 3000 subscribers.
Interest rate, %
Marketing runs purely through social media marketing and word of mouth communication.
Solution (product or service)
In the social media area, customers can network both privately and professionally. There you have the opportunity to post pictures, write texts, create surveys and plan events. In the concierge area, you can use a quick function to choose between 5 booking options, which we can easily do for the customer. The 5 booking options are: book a yacht, rent a car, book a trip, book a restaurant and rent a private jet. The store has a range of luxury cars, luxury watches and rare shoes. At the customer's request, we can take over the entire purchasing process. There are also auctions for luxury goods in the store, which will take place once a month.
A possible risk is on the one hand the time advantage of the competition as well as new competitors that could possibly be added. Another risk is entering the market, as we cannot guarantee that the market will accept our product.
Incubation/Acceleration programs accomplishment
We have not yet participated in any incubator or accelerator program.