Photo - OpenBusiness
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OpenBusiness

Competitor intelligence based on real customer purchases

Belarus, Minsk city
Market: Consulting, Services
Stage of the project: Operating business

Date of last change: 17.04.2021
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Idea

OpenBusiness is the first transactional data-hub which partnering with multiple banks and fintechs and use the power of transactional data collaboration to help retailers and brands in efficiency business decision making. We give smart tools to unlock competitors business metrics, analyse trends in real time, evaluate uncertainty pressure on companies throught our real-time analytical platform.

Current Status

Our product is an analytical platform for retailers to analyze competitors' sales in real time based on card transactions. Our data partners are banks and fintech companies in Belarus. This is our test market. Our clients are large retail companies that are market leaders or are in the top 5 in their niche. We started sales in December 2019, now we have 2 annual contracts for 15,000 each, and we also have more than 10 annual contracts on the waiting list. By the end of the 1st half of the year, we will reach MRR $ 10,000

Market

Market size
Marketing research worldwide (TAM) - 76B
Marketing Research in the Europe (SAM) - 33.4B
Analytical platforms (SOM) - 3.9B

Customers
1/ Retailers
Big FMCG brands, foodretailers, marketplaces
Pharmacy networks, laboratories, health centres
Fashion and beauty retailers
Restaruant chains and single shops
2/ Traditional market resaerch agensys
3/ VC and M&A

Problem or Opportunity

Companies are facing increasing competition across all market segments and need to better understand their competitive landscapes. Today, they can purchase marketing services driven by search data (search engines) or behavioral data (social media), but struggle to find real-time competitive sales data (especially in specific and relevant demographics) to formulate their offline and online marketing campaigns.

Solution (product or service)

A powerful data analytics platform provides competitor intelligence based on real customer purchases. We give smart tools to unlock competitors business metrics, analyse trends in real time, evaluate COVID pressure on companies. We build unique ecosystem where traditional banks, neo-banks and fintech companies share with us billions of anonymized transactions made by card holders. We aggregate this data, analyse and push directly to client’s side through our smartdashboard. Specifically, OpenBusiness offers 12 packages (consisting of various data sets/reports across various market segments).

Competitors

In our initial market we have just a couple of direct competitors operating in the US but we provide several undoubtable advantages solving day-to-day problems for the business.

Advantages or differentiators

Apart from our competitors we can provide our clients with real-time analytics constantly updated due to our cooperation with multiple data providers. After all, to hedge the risks in time is more critical now than ever.
Also we have uniqe alhorithm which allowe us to predict business metrics of the retail companies with 5% of error. It based on multivariate extrapolation

Finance

REVENUE
2021 • Subscription model OpenBusiness offers 12 packages (consisting of various data sets/reports across various market segments)

Beyond 2021 • Subscription model (expanded to include more data sets) • Customized Marketing Services

Beyond 2022 • Additional revenue via analytical reports

Beyond 2023 • Additional revenue via openAPI for third party companies which can build its products based on our metrics

COST STRUCTURE
Data Maining (to 25%)
Data Storage (to 5%)
Product Dev (to 10%)
Sales and Business Development (to 25%)
Marketing (to 10%)
Management (to 10%)
Others

Business model

Business model - SaaS

Average bill per month - $1K
LTV - $12-18K
Convercion rate - 75%
CAC - $180

Chanells
Direct sales (tier 1)
Partners sales (consaltancies)(tier 2)
Digital chanells (tier 3)

Money will be spent on

We are looking for money to accelerate our sales in the local market, as well as to get the necessary preparation for entering the next market by the end of 2021. This training includes finding data partners in a new market as well as improving the platform

Offer for investor

Nowadays we are looking for a bridge round up to 100K.
Min check - $10.
PMV - 2.5 - 3$ (TBD)
Investment tools - SAFE (Convertable note)

We will be happy to find investors with strong financial and retail network in Europe or US market

Team or Management

Risks

The main risk is the inaccessibility of transactional data in some regions. But since we work with completely anonymous data, we believe that this does not violate the GDPR. We also have a vision of how to completely neutralize this risk in the future.

Incubation/Acceleration programs accomplishment

Starta (NYC) - Dec 2019

Won the competition and other awards

We were the finalist of New York Angels Febrary 2020 and piched for the top US business-angels

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video