Team:GreatBay SZ/Entrepreneurship
Overview
BIOT is the first application of biotechnology on the nternet of Things (IoT). Besides the technology research and development in the lab, we also hope to truly land the technology through commercialization.
What past and present problems can be solved with this technology?What past and present problems can be solved with this technology?
For the vast majority of Internet of Things (IoT) applications, conventional batteries and electrical cables are a necessity for power supply. Whether the installation is deep inside a large scale commercial freezer or up on top of a massive wind turbine, batteries and cables have long been the primary source of power due to their high efficiency and low cost. However, we must recognize that the ability to deploy IoT sensors in traditionally inaccessible locations like desolate villages or challenging mountains is one of the significant fortes of IoT devices. Thus relying on batteries and electrical cable for power brings its own set of challenges.
Firstly, electrical cables and batteries restrict the possible locations that IoT devices can be potentially implemented. This is because cable wires and short-lived batteries would be neither convenient nor useable in many remote or extreme areas.
Secondly, batteries' intensive use will lead to environmental concerns as they contain chemicals that can cause ecotoxicity, water and air pollution, photochemical smog pollution, and much more.
Thirdly, the use of electrical cables and batteries limits the minimum size that a device can be designed and manufactured. It prevented IoT sensors, which should be ideal in size that is as small as possible, to be compressed because even the smallest button battery requires a specific volume within a device.
The last and the most crucial problem of batteries and power cables is that both of them came from non-renewable energy sources, which is a threat as they took an extensive period to recover when depleted. What's even worse is that the burning and usage of non-renewable fuel for energy deteriorate the global environment by escalating climate change and global warming. Despite feeling these difficulties and imperfectness of conventional batteries and power cables, companies still choose batteries because there is no better alternative power source that could achieve all the desired characteristics at once in a single power supply device.
Why do the similar products in the market require new technologies?
Since 1882 when Thomas Edison established the first power station in Manhattan, electricity became one of the most critical resources in humans’ daily life. However, increased efficiency, conservation efforts, and alternative power sources have eroded the traditional electricity industry’s demand growth from about 7 percent annually (1949 to 1973) to about 2.5 percent (1974 to 2013) (Young). In order to survive, the traditional electricity industry adopts the IoT (Internet of Things) to progress the industry’s development. Internet of Things (IoT) applications offer a range of possibilities for how electric utilities can move forward. IoT can improve the efficiency and performance of the power grid in three phases: first, by gathering data from sensors to improve the resilience of the grid; then through enablement, where utilities use that data to manage resources actively; and finally, optimization, where all stakeholders can make informed decisions about power usage and generation. Through these three phases, IoT technology and the conventional electricity generating station supplement each other, offering some indications of how utilities can not only survive but thrive in this new competitive environment (Young).
Except for the conventional way of generating power, the latest way of electric power generating is to use renewable energy. Renewable energy resources commonly used for applications include solar, wind, and biomass (HAYTER).
| Renewable energy resources | Description |
|---|---|
| Solar electric PV | PV arrays convert sunlight to electricity. Systems are made up of modules assembled into arrays that can be mounted on or near a building or other structure. A power inverter converts the direct current (DC) generated by the system into grid-quality alternating current (AC) electricity (HAYTER). |
| Solar Thermal | Solar water heating can be a cost-competitive way to generate hot water or air and eliminate both the cost of electricity or fossil fuel and the associated environmental impacts. Solar Hot Water Systems. Solar hot water systems use a collector to absorb and transfer heat from the sun to water, stored in a tank until needed (HAYTER). |
| Wind | Wind resource is classified according to its potential to produce electricity annually. Most wind turbines are designed for an operating life of up to 20 years and require little maintenance during this period. Wind turbines require land area, so on-site wind power generation usually occurs for projects having space for installing the turbines. |
| Biomass | Biomass can be converted into electric power through several methods. The most common is direct combustion of biomass material, such as agricultural waste or woody materials. Other options include gasification, pyrolysis, and anaerobic digestion. Gasification produces a synthesis gas with usable energy content by heating the biomass with less oxygen than needed for complete combustion (Whole Building Design Guide). |
According to the research and analysis above, we can confirm that the market of IoT electric generating technologies still has plenty of developing space and competing for the environment for our product.
Design Thinking
Emphasize
To explore the IoT (Internet of Things) market's demand for power supply, we attended the 14th International IoT exhibition in Shenzhen and interviewed several Tech companies. The most significant need lies in sustainable and environmental-friendly batteries that support small, wireless devices. When we explain our product and its potential application to company representatives, some of them approved our design and its great potential. Most importantly, some companies expressed their willingness to cooperate, suggesting that they would like to test, refine, and use our product if the standards were met. Through extensive investigation, we were determined to design our product that caters to IoT markets for power supply in specific settings.
Define
We defined our target market as the following by attending conferences and interviewing with several companies' principals. First, our BIOT can supply electricity for small, low-power-consumption, and wireless devices--such as environmental sensors--in rural areas lacking grid connection. Second, it can also sustain small devices like smoke sensors used in Smart City. In this case, our BIOT products had to be stable in different settings, capable of sustaining devices over five years, and efficient enough for power generation.
Ideate
For the current stage, we have a solid ideal product form in mind. Our overall goal is to bring out a semi-enclosed small battery targeting tiny IoT devices in the environment. For that purpose, we researched Tyvek's material from DuPont, which guarantees the smooth movement of water molecules while ensuring that external forces will easily damage the primary device inside. The next step was to discuss with advisors and engineers the practicability of our design for the final battery form. Interviews and offline meetings with engineers and business partners were implemented for developing our final product.
Business Model
Key Partners
One of our major partners is the Long Sing Technology company, which is now developing a combination of batteries and capacitance as their product. They offer lots of valuable advice and insight into how to build the circuit and design the hardware. They also provide their own product for us to test our module. At the same time, labeling and packaging companies need to be on the list to focus on the technical issues.
Key activities
The first step our team plans for product promotion is to introduce the basic methodology behind our product on social media, such as the internet, platforms, and questionnaires. Besides these online events, we have also planned for offline interactive events such as summits and presentations. After the preliminary form of the product comes out, we will invite the desired customers for trials to build up trustful relationships. Upon the design of final products, we aim at fulfilling all certifications for future generalization of our product.
After that, we plan to contact more experts and factories for technical support and companies, organizations, or investors for financial support, so that we will be able to explore a complete procedure of scale production. With a mature production model, we will further establish contracts with companies, introducing our product into the IoT market while protecting the legal benefits of both sides.
Key resources
As for human resources, we will consider experts in synthetic biology and electrical engineering for the future up-gradation of the nanowire film and hardware design, respectively. Meanwhile, experts with profound experience in marketing, selling, and administration are essential. We also plan to remain in contact with Bluepha Laboratory for technical support during the phase of optimization. Infrastructure resources, including the facilities needed in the lab-developing phase and scale-producing phase, will be carefully considered. Furthermore, financial resources like investors and bank loans are necessary for our future development.
Value proposition
Our BIOT device helps complement the shortages of the current power supply methods, offering a new choice for the integration producers and companies in the perception and application layers.
Customer relationships
1. We will continuously release materials and presentations online to introduce our product to the customers, meanwhile leaving our contact information further communication and explanation are possible.
2. We will also have several interviews with the companies that show the willingness to collaborate, gain more professional advice, and gradually build credible relationships. Due to the COVID-19 pandemic this year, we choose to take an online interview and video presentation as our primary form of activity. However, we will visit the companies if necessary, ensuring the most direct and effective communication.
3. We will present ourselves as a faithful partner by making detailed plans and carefully considering the customers' benefit, leaving a positive impression.
Customer segments
Channels
There exist two contact options with our partners and customers: they can contact us through our E-mails and WeChat platform, or we can contact them through summit, assemblies, communicating with them face-to-face. We ensure that the contact is direct and effective so that both sides can benefit from it.
Revenue Stream & Cost Structure
The cost of each protein nanowire film is 0.25 yuan. Before improving the electricity-generating efficiency, the cost of producing a 1.5V, 3V, and 3.6V battery are at least 1.5 yuan, 3 yuan, and 3.75 yuan, respectively. If the efficiency is increased to 10 times as high as the prototype, the cost will drop to 0.25, 0.5, and 0.5 yuan. According to the average prices of the Lithium battery we gained, our product's prices will be 0.5, 3.5, or 4.5 yuan per battery, depending on the output voltage of each. As we envision, by the end of 2022, we will reach the breakeven and start gaining profits.
SWOT analysis
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