Pace University's Entrepreneurship Lab
Novaux is creating a virtual currency POS system that will improve current point of sale software and the technology associated with it. the idea behind Novaux's product was born out of the complaints of small business owners dealing with the expensive and steep learning curves associated with traditional POS systems with virtual currency implementation. Our goal is to create new POS systems that will reduce the learning curve while still being creating value for small businesses. The product will initially target the food and beverage industry with the goal of eventually expanding into other markets. Software will be distributed through the app stores, with point of sale systems and technical support sold as a compliment to that software.
The business model is "freemium" based with fees recurring monthly or annually for premium and developer features- the latter at a discount to the former. Advanced features including business analytics tools and dedicated customer support are available to customers willing to pay a slight premium for them. Novaux's goal is to create an easier and more efficient check out process for restaurants at an affordable price. The overall emphasis is ease of use and efficiency: the point of sale system will monitor the establishment's finances and track how well the business is doing.
The software and point of sale system will be tested in third party restaurants. We have partnered with over 15 restaurants to perform beta testing. Feedback will be collected from waiters, kitchen operators, and managers on the overall ability and usefulness of Novaux's software and point of sale system. Changes will be made to the software and point of sale system based on the feedback received with the goal of improving user friendliness and overall efficiency in a real food and beverage establishment.
Novaux will begin its marketing push in New York City, a market with 22,000 food and beverage establishments that are potential customers. A sizeable team of traveling salesmen will be hired to pitch the software and point of sale systems to businesses throughout the city. Compensation for these salespeople will be commission based.
Our goal is to have the software available in the general market five months after the company is founded. Novaux has set goals of 5,000 subscribers by the end of the first year with and 15,000 by the end of the second. Conservative estimates of $300 per subscriber will put our revenue at $750,000 in revenue for the first year and $4,500,000 the second year if these targets Software development for Novaux will require a team of 4 mobile developers, 2 designers, and 2 website developers. The initial length of time to create the applications is estimated at 4 months with at a cost of $120,000 in for salaries, rent, and other startup expenses. Initial funding will come from the company's founders with additional investment sought from venture capital angel investors, and/or private funding.
My name is Javier Dutan, I am a Senior in the Lubin School of Business at Pace University. My major is Management with a concentration in Entrepreneurship with an expected graduation date of May 2014. I have experience in many different fields ranging from Photography, Web Design, Marketing, and Financial Analytics.
I have worked in startups such as Applico Inc. that is now the market leader in its mobile development field. I have worked in financial analytics with Cians Analytics and have learned a great deal of business to business communication as well as managing a team overseas. My marketing experience with business to consumer has come from working with Apple and its award winning marketing team. My ambition to target an obstacle in the restaurant industry stems from my experience with restaurants. I grew up with restaurants as part of my childhood. I have seen my parent's small restaurant slowly evolve through market changes, expansion, and innovation. I inherited my parents drive to succeed and as a result I would like to create my own success through an entrepreneurial endeavor.