Fast Parking

An AI-powered smart parking solution for Uzbekistan, providing real-time parking availability, reservations, and optimized space utilization to ease urban parking challenges.

We are currently in the development phase of our MVP (Minimum Viable Product). The app is being designed to integrate real-time parking availability data and reservation functionality. We have conducted preliminary market research and identified key customer pain points. We are also in talks with local parking operators to secure partnerships for integrating their facilities into our platform.
MVP development is 10% complete, with an expected launch within the next 3-6 months.

Urban Drivers in Tashkent
Parking operators
Local Businesses and Commercial Spaces
Government and Municipalities
Our target customers are predominantly between the ages of 18 and 50. This age group is tech-savvy, more likely to use smartphones, and actively engaged in driving and seeking convenient solutions for urban challenges.
Based on Tashkent's population of around 2.5 million(real time data 3mln), with approximately 10-15% of people being regular drivers (250,000 to 375,000 drivers), we estimate that a substantial portion of this group could benefit from a smart parking solution. Even with initial adoption rates being modest (e.g., 10-20% penetration in the first few years), this translates to 25,000-75,000 potential early users of the service.

Problem: As cities become more crowded, parking has become a major issue. Drivers spend an average of 17 hours each year searching for parking, wasting time, fuel, and increasing CO2 emissions. Current parking solutions are fragmented, unreliable, and lack real-time updates, leaving drivers frustrated and parking spaces underused. Businesses and parking operators also face difficulties in maximizing revenue due to inefficient systems.

Our company offers a smart parking solution through a mobile app called Fast Parking. This app is designed to help drivers quickly find available parking spots in urban areas, saving them time and reducing the frustration of endlessly searching for a place to park. By using real-time data, Fast Parking allows users to not only find available spots but also reserve them in advance, ensuring a smoother parking experience.

There are no direct competitors currently offering a parking solution like ours in Uzbekistan. However, in the broader transportation sector, YandexGo is a leading company that provides smart and tech-driven transportation solutions in the country. While YandexGo offers services related to ridesharing, there are no solutions specifically addressing the parking problem using AI at the moment.

As of now, parking in Uzbekistan is managed manually, with drivers having to search for free spots without the option to make reservations or use technology for assistance. This highlights the opportunity for a tech-driven solution like Fast Parking to revolutionize the parking experience in Uzbekistan.

Since this idea is brand new in Uzbekistan, the project itself is a unique opportunity and a significant advantage.

Revenue Streams:

Subscription Fees (Parking Operators):

Parking lot operators will subscribe to the Fast Parking platform to list their available parking spaces and manage bookings. A monthly or annual subscription fee will be charged based on the number of parking spots they manage through the app.
Expected Price: Subscription fees will range from $50 to $200 per month depending on the size of the parking lot and location.
Commission on Parking Reservations:

For every parking reservation made through the app, Fast Parking will charge a small commission. This can be a fixed amount per reservation or a percentage (typically 10-15%) of the reservation value.
Expected Price: The average parking spot price will vary by location, but we expect customers to pay around $1-$2 per hour for parking. Fast Parking’s commission will be around 10-15% of this amount.
Advertising and Partnerships (Local Businesses):

Fast Parking will provide advertising opportunities for local businesses, especially those in areas with high demand for parking. This can include in-app advertisements or partnerships with businesses offering discounts to users who park in nearby spaces.
Expected Price: Advertising fees will be negotiated based on the location and size of the business, but initial pricing could be around $200 per month for businesses looking to promote their services to the app's user base.
Premium User Features (For Drivers):

Users of the app will be able to access premium features, such as the ability to reserve parking in advance or access exclusive spots.
Expected Price: Premium subscriptions could cost around $3 to $5 per month, providing users with benefits such as guaranteed reservations, preferred parking spots, and reduced booking fees.
Cost Structure:

Development and Maintenance:

Initial development costs for building the Fast Parking app will include expenses for hiring developers, UX/UI designers, and testing. Ongoing maintenance costs will include updates, bug fixes, and scaling infrastructure as the user base grows.
Estimated Annual Cost: $50,000 - $75,000 for development in the initial year, with ongoing costs of $25,000 - $30,000 annually for maintenance.
Marketing and Customer Acquisition:

Significant marketing efforts will be required to promote the app, especially during the launch phase in Tashkent. This includes digital advertising, partnerships with local businesses, and promotional campaigns.
Estimated Annual Cost: $20,000 - $40,000 for the first 2-3 years as we build brand awareness and grow the user base.
Operational Costs:

This includes costs for customer support, server infrastructure, and other operational needs.
Estimated Annual Cost: $10,000 - $20,000.
Staff and Salaries:

A small team will be needed to manage operations, customer support, and marketing.
Estimated Annual Cost: $50,000 - $100,000 depending on the team size.
Pricing Strategy and Sales Expectations:

Price for Drivers: The app will be free to download, with users paying for reservations and premium features. For premium users, a monthly subscription of $2 - $5 will be offered, and parking reservation commissions will range from $0.10 to $0.50 per transaction.

Revenue Growth Projections (Next 5 Years):

Year 1: Focus on building the MVP and user base in Tashkent. Revenue will mainly come from early adopters and parking operators. Expect around $50,000 - $100,000 in revenue.
Year 2-3: Expansion within Tashkent and possibly into other cities in Uzbekistan. The user base will grow, and revenue from subscriptions and commissions will increase. Expect around $200,000 - $500,000 in revenue.
Year 4-5: Expansion into more cities, with a focus on increasing parking operator partnerships, premium users, and advertising revenue. Sales could range from $500,000 to $1 million, with significant growth potential as the market matures and adoption increases.
Summary:

Revenue Streams: Subscription fees from parking operators, commission from reservations, advertising revenue, and premium subscriptions for users.
Costs: Development, marketing, operations, and staff.
Sales Expectations: $50,000 - $100,000 in the first year, growing to $500,000 to $1 million by year five.

The business model for Fast Parking is a multi-sided platform that connects urban drivers with parking operators, creating value for both groups through a tech-driven solution.

Technology Development (40-50%): Funding the creation of an MVP (Minimum Viable Product) based on our Figma prototype. This includes developing the mobile application, integrating computer vision algorithms to identify available parking spots, setting up servers, and ensuring data security.

Operations and Infrastructure (20-30%): Purchasing and installing cameras and sensors in pilot zones for testing, as well as covering server maintenance and data processing costs.

Marketing and User Acquisition (20-25%): In Uzbekistan, effective marketing requires a localized approach. This includes partnerships with Telegram channels, collaboration with major shopping centers (e.g., Samarqand Darvoza), and advertising on popular services like Yandex. Additionally, a portion of the budget will go towards app localization, such as providing Uzbek language support, to better connect with the target audience.

Administrative and Legal Expenses (5-10%): Significant costs will include obtaining permits from local authorities (e.g., the traffic police for parking zone access) and legally formalizing agreements with parking lot owners. If working with international investors, funds will also be allocated for document translation and compliance.

Contingency Fund (5-10%): Reserved for unforeseen expenses during the testing and deployment phases, ensuring the flexibility to address any challenges.

We are still in the process of evaluating our company's valuation and the amount of funding we will need. However, we are open to discussing the equity share during the negotiation process based on the investment amount and terms that make sense for both parties. Our goal is to ensure that the investor's involvement adds value to the business while also securing the necessary resources to scale.

The unique aspect of our business is also one of its potential weaknesses: since the concept has not been tried in Uzbekistan before, adoption and adaptation may take time. People and businesses may be hesitant to trust a new technology, and we might face challenges in convincing both drivers and parking operators to adopt the solution.

However, we can mitigate this risk by drawing on global experience fr om countries like the USA, China, and European nations, wh ere similar parking solutions have proven successful. This gives us confidence that the concept can be adapted to the local market, even though it will require careful planning and gradual implementation.

Additionally, there are potential risks from competitors who may enter the market as the demand for smart parking solutions grows. Changes in technology or unforeseen economic crises could also impact the business, but we are prepared to stay flexible and adjust to new challenges as they arise.

I have no such, let's say experience on this programs.

Won the Design Thinking & Digital Transformation hackathon organized by the
KOICA between TUIT and Kookmin Universities. Our project was about a personalized baby food delivery service powered by generative AI.