Customer needs / Problem detected * (no more than 500 characters)
Urbanisation is posing a significant problem to the nations of the world, not least due to the increasing demands for hydrocarbon fuels to power the enormous fleets of cars required. Mass Transit by itself is not a solution even for many large and densely populated cities.
Clearly, everyone having a car is not an outcome that will work. With projected car numbers slated to reach 4bn by 2050, we are facing unprecedented gridlock to say nothing of resource wars.
Value proposition / solution provided * (no more than 500 characters)
Texxi is a system based on the idea of a futures exchange which seeks to link supply and demand for transit between buyers (passengers) and sellers (vehicle operators). It works by allowing prospective passengers to communicate their intentions through a mobile device and allows them to use their social network profiles to better find matches to travel with. Ideas from applied math and wing design complete the matching in a patent pending process.
Business areas *
Social networks and Internet applications
Summary of the project *
Texxi aggregates individuals seeking rides to roughly the same destination via SMS or smartphone messaging and a social network / back-end database. It also allows drivers and passengers to secretly rate one another for more accurate future compatibility.
Your Market size *
Only one country
One country, but it could expand to other countries
A few select countries
A few select countries, but with capacity to expand to other
Global market
Segments / Target audience * (no more than 500 characters)
Tourists, Commuters, Corporate Commuters, Mothers with small children, the elderly, the mobility impaired, clubbers, people who wish to go out AND drink alcohol, concert-goers, festival attendees and School Children.
Each of these segments is covered by a “Mode” of Texxi, of which there are 7: www.slideshare.net/secret/4TWoRsPso04SeZ
Size of opportunity. * (no more than 500 characters)
In the EU5 countries alone, making trips with 250 cabs in the top 20 cities of the EU5, we would estimate revenue potential of over Eur100m per annum. This assumes we would run in only 4 out of 7 possible modes.
Business model * (no more than 500 characters)
Texxi is a broking service that takes a cut of the grouping revenues from the trips it organises for vehicle providers.
Typically this is 25%.
Additional material URL. *
http://bit.ly/HOPvHN
Brand positioning * (no more than 600 characters)
Texxi – The Transit Exchange for the XXI Century
Texxi The Taxi You Text
Competitor #1 URL *
http://www.avego.com
What are the differences between your project and competitor #1? * (no more than 500 characters)
We have solved the “market formation problem”
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle.
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle. This can be taxis or private cars.
We can do fully dynamic, realtime ridesharing with headways of as low as 5 minutes as opposed to day ahead or longer.
Competitor #2 URL *
http://www.zimride.com
What are the differences between your project and competitor #1? * (no more than 500 characters)
We have solved the “market formation problem”
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle.
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle. This can be taxis or private cars.
We can do fully dynamic, realtime ridesharing with headways of as low as 5 minutes as opposed to day ahead or longer.
Competitor #3 URL *
http://www.relayrides.com
What are the differences between your project and competitor #1? * (no more than 500 characters)
We have solved the “market formation problem”
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle.
We work to allow *ANY* vehicle operator to auction spare capacity in their vehicle. This can be taxis or private cars.
We can do fully dynamic, realtime ridesharing with headways of as low as 5 minutes as opposed to day ahead or longer.
Stage of development *
I only have my idea on paper
I have a demonstration (PPT clickable, mockup HTML, etc.)
I have a functional/alpha prototype (the idea is developed but it is not suitable for mass trial or launch)
I have launched a pre-comercial beta (there is an operating prototype with a limited number of customers or not yet generating income)
I have commercially launched the product (I have a significant number of customers and/or income)
Time-to-market *
It is already launched
0-6 months
6 months-1 year
1-2 years
>2 years
Is your idea / concept patented? *
There is interest but no patentable concept has been identified yet
No patenting process has been considered this time
Some patentable components have been identified, but the process is not initiated yet
The register of one or more patents have been initiated
There are one or more patents of our property linked to the idea
Patentable components
Dynamic Ridesharing using social networks and mobile communication devices that send messages, executed through a futures exchange.
Has your project or team taken part in any contest, opts to any type of award or is being accelerated by an incubator?
No
Name of the team leader *
Eric Masaba
Age *
37
City of residence *
Liverpool, UK
Telephone *
07986 594 137
Academic / work profile * (no more than 200 characters)
Aeronautical Engineering at Imperial College 1993 – 1998.
Worked at UBS (FX Dvision)
Worked at Paloma Partners -
Worked at National Grid Technology and Science Labs – 1yr
Team description *add document
Attach a document (.doc, .docx, .pdf, .odt, .rtf) with information for up to five members, including the leader of the team (Name, city of residence, e-mail, telephone, age, and a brief academic/work profile up to 200 characters). In the document, add a description of the roles that each member is playing and their knowledge and skills towards the development of your idea. The files should be less than 800 kb.
URL video *
Is your team a business? *
Yes
No
How much money has been received until now as funding? (no more than 200 characters)
GBP3.5m – GBP850,000 cash, GBP 2.65m in equity in exchange for essential services.
No Loans. Money used to monetise the invented concepts and invented brand.
What are the short-term financing needs?
GBP2,500,000
This will be used to move all IP offshore and setup the franchise licensing system as well as making 4 or 5 Texxi systems active in a locale.
Detailed P&L projections, balance sheet and cashflows are available.
What do you expect from Wayra? * (no more than 500 characters)
Ideally, Wayra could raise the profile of Texxi and what we achieved since 2004. The need is to be able to operate in new locales.
There has been a lot of resistance in the UK and USA and so we want to be able to deploy elsewhere.
How did you hear about Wayra? *
Through an acquaintance or family member
Through a business school
Via the Internet or Social Networking sites
From a press article
By means of a business network or another incubator
Through a University
From advertising (via any media)
Other
Do you have any relation with the Wayra ecosystem? *
None
promotionsI know an entrepreneur from another Wayra Academy.
I know a Wayra mentor
I know an associated wayra investor
I know the Wayra team
Someone in the team is a Telefonica employee
