Photo - SQIN
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SQIN

AI/ML-based personalized health (skin) tracking app

Germany
Market: Internet and IT, Information and media, Medicine, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 06.06.2021
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Idea

Every skin is unique and is the most important barrier for your health. Therefore it is important to protect and support it. However, most people don’t even know what they need for healthy skin.
To solve that problem, we created a personalized AI skin advisor app, supporting our users over lifetime. The SQIN app helps them to find and define the best routines, habits, products and services.
Additionally, we enable our users to get 24/7 professional live feedback for urgent skin health issues, instead of waiting for a dermatologist appointment for months.

Current Status

Our MVP included 120.000 Users. We proved our model with great Retentions (D7 20%) and outstanding conversions (e.g.65% recurring paying customers).

From that learning we added a strong e-Health funnel now, to guarantee a sustainable growth and currently testing it with 1000 users)
We already see great. retention from that: D1 49% and know creating our AI.

Market

TAM: Global beauty & personal care market in 2019. And also the global health market in 2019. Marketisize: 639 bln US $;

SAM: US and EU e-commerce beauty market.

US and EU digital health market in 2019. Marketsize: 105 bln US $;

SOM: Beauty and health app segment US and EU:

In 2019, there was a digitization rate in the fitness/health tracking app segment of 3.3% of the total market. Projecting these metrics to the beauty industry would already mean a potential of $US 3,47 billion for the beauty app world in 2019.

Market size: $US 3,57 billion

At the moment, our app is available in the DACH region. Anyway, in the near future we are planning to enter other markets – especially US and Asia. Our app is designed to address people worldwide.

We are basically addressing everyone who wants to take care of their skin/health. Our main focus is on women, people with skin challenges/problems and cosmetic power users.
When it comes to performance marketing, our main target groups are:
1) teenagers and young adults between 16 and 21 years who are struggling with pubertal skin blemishes
2) career starters between 21 and 27 years who who are thinking about their future and also want to educate themselves in the field of skin care
3) mid-life women from 27 to 38 years who mainly care about anti-aging and a stressful daily life with little time for skin care
4) people with mental health problems resulting from skin problems who want to tackle these issues

Problem or Opportunity

Every skin is unique and is the most important barrier for your health. Therefore it is important to protect and support it. Most people don't even know what they need for healthy skin. Because of that, our personal AI skin advisor helps them to find and define the best routines, habits, products and services.

Additionally, we enable our users to get 24/7 professional live feedback for urgent skin health issues, instead of waiting for a dermatologist appointment for months. Once customers go to a dermatologist or cosmetician they have retention (offline case) around 85%- we want to create an environment that combines these personal feeling with your digital companion.

Solution (product or service)

Keep care of your skin and health is a process. Most people need the help pof an expert to improve their skills and states. Therefore we create a personalized companion, helping you to reach your skin goals (fighting acne, lower wrinkles, purer skin). Your daily practicing plan is based on interest, your skin conditions and personalized goals. Our users are connected to dermatologists that professionally analyse their skin – without long waiting times, but digital. Also, we offer personalized treatment recommendations based on the users' current skin condition (analysed through AI skin scan). Further, our users are provided with interactive personalized educational contents.

Competitors

Modiface (B2B focus, no community and not independent), revieve (B2B focus, no community and over time tracking), Skin guide (Just a website skin scan, no specific user data, no community, not independent ), Perfect Corp (Mainly focused on community and decorative cosmetics with try ons and not on „beauty fitness program“ based on e-health), Curology (Produkt e-Commerce with own products and direkt product recommendation through dermatologist; Curology doesn’t use Machine Learning, just website questionnaire and direkt interaction with dermatologist, and is limited by the derma market [especially acne])

Advantages or differentiators

Our main innovation is our user centric B2C mobile platform with advanced machine learning.
Besides that, there is no skin health tracking mobile app until now.

Most market players from technology point of view offer services for B2B - brands, to support their e-Commerce Selling. But Brandpartners are partners for us.
Other market players focus on medical cases, do not have good retentions. our community aspect makes us different and retentionable.

Business model

SQIN is a free application for iOS and Android. To use the full range of our services, a subscription is needed. (main revenue stream)
Additionally we are working on an affiliate system with brand partners on an e-commerce case. Customers also pay an additional fee for full dermatologist funny.

B2C sales: Facebook, Instagram, Google AdWords based on performance marketing and self-created content --> CPA usually between 0.50€ and 1.50€

B2B sales: for beauty brands mainly through beauty conferences and events, Linkedin direct approach and own network --> no direct acquisition costs due to network effects

Money will be spent on

Scaling and Growth (Marketing and entering of new markets)
ressources -> team & experts

Team or Management

Incubation/Acceleration programs accomplishment

- part of the following acceleration programs:

German Accelerator NY,
Google for Startups Europe Class,
Google for Startups Female Founders Immersion,
Facebook Accelerator (all 2020);
APX Accelerator (2021)

Won the competition and other awards

- award winning team & product:

Google Play Best of 2020 – Personal Growth (Germany),
START Summiteer 2021 category winner Consumer Goods,
Co-Founder: Forbes 30 Under 30
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