Drive 4 Me is the marketplace that connects car owners with on-demand drivers on a PAY-PER-MINUTE basis and is available in < 20 mins.
What is the total investment that you have made?:
500000 to 1000000
What is the total investment that you need?:
10000000 to 100000000
The Deal:Equity, Loan
Strengths:Drive 4 Me has ventured into an area that is less exploited. By developing an app that will
facilitate interchangeable coverage for the driver is a step in the right direction. We aim to offer innovative solutions to challenges facing people every day. Our app will be available for download on two of the world's most popular mobile device management applications. Additionally, the product's capability to work in any car the driver is responsible for and its compatibility with major mobile carriers make it more attractive.
Weaknesses:A notable weakness, however, is its vulnerability to interference, especially in the event the car is stolen. High investment. High attrition. No control over Chauffeurs. Labour-Intensive Industry. The system requires frequent changes in technology as new and better technology comes up now and then.
Opportunities:An opportunity exists in the form of an unexploited market that offers a huge chance for successfully doing business. An unexploited market also offers a good opportunity. Promotions in the form of advertising, free trials, and public promotion will facilitate this. This product is well developed to add value to this market. By being able to offer interchangeable coverage, drivers will no longer have to worry about insurance coverage when operating a different car. This plus other product features will ensure that the brand is well-differentiated and is at a notch higher than the competitors.
Threats:There also exists the threat of new entrants into the market upon the success of the product. The brand will operate in an extremely competitive market and therefore measures need to be taken to avoid potential pitfalls. Additionally, given that the product is at the introduction stage of its life cycle, the marketing mix should be appropriately used. The product itself will have to be of good quality, work differently and offer a service that competitors are yet to do so.