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UDAPTOR

transfer your data between services with no effort

Germany
Market: Internet and IT, Services, Another
Stage of the project: Prototype or product is ready

Date of last change: 12.11.2019
Min investment
$  75.000
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Total required
$ 150.000
Rating
equalizer из 1000
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Idea

We developed a platform that connects people and businesses in their needs regarding personal data, allowing it to flow from one vendor to another.

On one hand, it helps people to effortlessly and safely move data between online services. UDAPTOR helps people avoid the cold start problem by moving all their data from one service to another with just a few clicks.

On the other hand, UDAPTOR helps businesses to acquire customers with data that is needed to provide full-scale service from day-0. We provide business with the channel for acquiring all data in an easy way to use and integrate.

Current Status

UDAPTOR right now is a team of 5 people: Evgeny (CEO), Fernando (COO), Ankush (CTO) and 2 developers - Pablo and Rene. We built a showcase which is available online [https://udaptor.io/showcase/] - a simple web app that allows people to switch fr om Apple/Google Music to Spotify with just a few clicks (with all playlists and allowing good music recommendations). We decided to focus first on Music Streaming Industry because this data is not that sensitive and people could be more likely to share it to give us the first try, while it can still yield very tangible results. For now, we’ve integrated UDAPTOR with Apple Music, Google Play Music, and Spotify as platforms we can get and process data from. Besides music, we integrated UDAPTOR with LinkedIn, FourSquare and several services from Google.
We are currently testing a showcase on a small group of people and we conducted interviews with potential clients (startups and well-established businesses) and users (people) to better understand their pain, needs and status quo, so we could already start validating a lot of our hypothesis (described later). As for today, we've conducted around 70 interviews. We made the first steps on sales, out of ±15 leads we are working now with 5 clients towards launching a pilot soon. Recently we started our community-building activities, by launching a blog and exposing our knowledge base to people (a page wh ere anyone can find out what are the steps to request personal data from companies)

Market

Our potential client is any data-driven B2C business.

TAM = €3,18B (Estimation of lower boundary, it only includes apps and switch between direct competitors) :

# of apps downloads in 2018 = 106,000,000,0001
Assuming:
only 3% of downloads account for switching services
transaction fee = 1€

TAM = 106,000,000,000 * 3% * €1 = €3,180,000,000

Problem or Opportunity

Any user that joins a new service has to start from scratch
An empty account and no data leads to:

High churn and low-quality service – for businesses
Increased effort and bad first experience – for users

This problem is Big, Frequent and Expensive
"the average app loses 77% of its DAUs within the first 3 days after the install”
“avoidable customer churn is costing US businesses $136 billion a year”;
$136B * 77% = $104.72B - avoidable customer churn in the first 3 days, the period we are considering as churn due to the cold start problem.

Examples:
(1) Users recently switched from iTunes to Spotify, they are suffering from irrelevant recommendations
(2) Sportive people decided to use FitBit instead of Garmin, they don't want to lose their training records and their tailored training plans.

Solution (product or service)

We've built a platform that allows people to transfer their data between online services. For a user it can look like another "Sing in with..." button, or a conversation with chat-bot of the app/service - there are multiple models of deployment available. During the interaction, the user gets his/her data and send it to us. UDAPTOR converts the data in the format that the company of user's interest can utilize and sends it there: we don't store or analyze users' data.

On the other side we have UDAPTOR Smart Core - technology for Data Integration & Exchange automation. It allows companies to acquire users with their data in order to provide the best service from day-0.

Competitors

OneCub, Data Transfer Project:
(1)not developing business
(2)white-paper level

Digi.me
(1)public APIs usage -> access to very limited amount of data
(2)manual scaling -> big overhead of acquiring a new data source
(3)complex integration from the client side (e.g. following data format)

Advantages or differentiators

- Complete datasets: Data Portability right gives users access to all personal data
- Automatable process: acquiring a new client/data source is done in an automatic way
- Adjustable to changes: can already adjust to small schema changes
- Easy integration: client needs to provide only the desired data format
- 0-acquisition cost: Network2 effect will make us a must-have for any data-driven B2C

Finance

For each acquired user a business pays us a small fee: from 0.5 to 1.4 euro (depending on the plan and the value of the users' data).

Expected MRR (Regular plan, user value distributed normally)
(1) large enterprise: covering 10% of new users ~ 185,909 transactions = €176,456
(2) growing startup: covering 30% of new users ~2,721 transactions = €2,277

Business model

transaction-based B2B model with elements of dynamic pricing

Money will be spent on

3 main channels where costs will be allocated:

1 - Marketing + Sales, mostly focused on community building
2 - Product development (salaries)
3 - Legal outsourcing

Offer for investor

We are offering 10% of the company

Team or Management

Risks

We see 2 main risks for UDAPTOR:
1 - social awareness of the data
Due to multiple scandals related to the data (Brexit, Trump's elections) people started to be more suspicious about their personal data. For us, it's a challenge that we need to tackle asap, and that's why we already started with our community building actions (launching the blog, exposing the knowledge base, and getting people's trust)

2 - complexity of the problem
Our product tackles the problem which is still an open question in theoretical computer science: Data Integration and Data Exchange. These problems are very complex, but we already have a lot of experience with it, and moreover, currently, we are trying to collaborate with research groups of several universities to get even more expertise.

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