Photo - NearSight
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NearSight

A mobile solution to replace old fashioned reading glasses

USA, California
Market: Another
Stage of the project: Prototype or product is ready

Date of last change: 05/30/2019
Min investment
$  50.000
Total required
$ 750.000
Rating
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Idea

People have a love-hate relationship with their reading glasses. Glasses are a hassle to carry around, are not there when you need them, and make you look old. NearSight is the solution which is always there when you need it, and looks looks cool, rather than old fashioned.

Current Status

We have our patented prototype, and are going into production engineering before manufacturing.

Our goal is to partner with a large strategic partner in countries such as China to help protect our IT.

Our next steps are to file a PCT (Patent Cooperation Treaty), then to patent NearSight in countries where it is in our best interest to protect our patent.

Market

The market for NearSight is worldwide.

* Presbyopia: Almost everyone loses the ability to see close up once they reach 44 years.
* 10% of people under 40 are farsighted (hyperopia) need reading glasses also
* Everyone who watches videos and movies on their cell phone, can enjoy an enhanced viewing experience using NearSight to have a larger view of their phone.

This is a global market that is growing as the population increases, and as the population gets older with people living longer due to modern medicine.

Total global market for prescription reading glasses in 2016:
$54.92 Billion. Expected to reach $165 Billion in 2022

Problem or Opportunity

People hate their reading glasses. They no longer sit in one place to work where they can keep a pair of readers.

Today people work and socialize remotely, on their mobile phones. Some people work entirely on their phones instead of at a desk or computer. They don't want to carry reading glasses to see their phone, read a menu or look at a product label. They also don't want to be seen using reading glasses.

Almost everyone will eventually need reading glasses after age 44. 10% of people are far sighted and need reading glasses before they are 40 years old. People also strain to watch YouTube or movies on their phone.

Dr. Brisco, our founder, has heard her patients complain about not wanting to use reading glasses for over 30 years. So she developed a solution to eliminate the need for reading glasses while on the go.

We also did a market study, and found that people were excited to use a new solution to an age old problem.

Solution (product or service)

NearSight is a mobile tech device, connected to your mobile phone, that is a convenient and cool way to see both on and off your phone without the hassle of reading glasses. NearSight allows you to see the whole screen comfortably without having to pinch and zoom or magnify the screen to the point that you don't have enough info on the screen to make sense. It allows you to see menus, prices in free space.

NearSight also enhances the viewing experience by making videos and games easier and larger to see on your phone.


Competitors

Over-the-counter and prescription reading glasses

A new crop of reading glasses display an edgier, Gen X-ish charm, but are still just reading glasses that you have to carry with you. Examples include eyebobs.com, and ThinOptics

Advantages or differentiators

NearSight is the first real alternative to old fashioned reading glasses, and the first one to specifically address the need to see on and off your phone while on the go. We are creating a new segment of the reading glasses market with a mobile solution to help people see while away from their desk.

We will be the first to market, and will brand ourselves with celebrities and aim to capture a large market share. NearSight is a patented device in the United States.

Finance

With proceeds the utilization of funds will be the following:
1. Take Prototype to commercialization
2. Extending provisional patents
3. Hire a CEO

Estimated cost to manufacture and package per unit = $20 USD. Estimated retail price = $79 USD

People need reading glasses, a $55B dollar market worldwide which is ripe for disruption. People need NearSight now!


NearSight forecasted revenue by year 5 is $100 million USD


Business model

Direct to Consumer Sales
Channel Sales vis a vis existing eyewear distributors
Retail Sales by way of partnerships

Money will be spent on

$150K Production Engineering
$300K Manufacturing product & packaging 
$200K Marketing cost to get to market 
$100K Salaries for sales, marketing, finance, partnerships

Offer for investor

We are a pre-revenue company with no consumer traction yet but have a patented product with a sizable addressable market globally. Therefore, it is difficult to value this company quantitatively.

We are pursuing 2 different paths to take the company which would require alternate models of financial commitment. Therefore we are currently flexible as it relates to financing.

Team or Management

Risks

1. Patent Protection (IP): Our patents create a sustainable advantage and creates a barrier to entry which will be a critical aspect of our advantage in partnering with a larger firm or possibly exiting via acquisition.
2. Not identifying a Strategic Investor to help navigate commercialization, supply chain and patent protection.

Incubation/Acceleration programs accomplishment

We did not participate in an incubation or acceleration program

Won the competition and other awards

Featured in an international documentary film commissioned by the Islamic Development Bank, and produced by Atomized Studios, part of the Freud Communications company in London for worldwide distribution.

Mentioned in interviews in Vogue Czechoslovakia and inFiore.net


Invention/Patent

Patent No: US 10,111,345 B2

Photos

Photo 1 - NearSight
Photo 2 - NearSight
Photo 3 - NearSight
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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
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