Project for the subject
INNOVATION & ENTREPRENEURSHIP
(UTA012)
Submitted by
BIG FIVE
UDAI SINGH JADAUN
SAKSHAM SINGH
AARAV RAJ GILL
RITIK RAJ
RISHIBHA JAIN
Group No.: 2EE1_1
Project Title:
AUROFI
Course Instructor(s)
LECTURE FACULTY: DR. GURVINDER KAUR
LAB FACULTY: DR. PARAG NIJHAWAN
1
VENTURE LAB,
THAPAR INSTITUTE OF ENGINEERING AND TECHNOLOGY, PATIALA
Session: July-December,2022
(Date of submission: 20/12/22)
CONTENTS
Title Page No
Certificate 4
Acknowledgement 5
Chapter 1: Introduction
1.1 Opportunity Identification 6
1.2 Solution proposed 6
1.3 Uniqueness of the solution 6
1.4 What problem of the market segment is solved by your solution 6
1.5 Identification of users and customers 7
1.6 How will the target users be benefited by the solution 7
1.7 How will users discover and adopt their solution 8
1.8 How the market segment will get affected by their solution 8
Chapter 2: Customer Validation Survey
2.1 Sample form used for customer survey 9
2.2 Size of the customer survey and its documentary proof 13
2.3 Results of the survey (question wise) 13
2.4 Detailed Analysis of the survey 20
2.5 Conclusion of the survey 20
Chapter 3: Financial Model
3.1 Cost Structure 21
2
3.2 Revenue Structure 21
3.3 Profit & Loss Statement 22
3.4 Cash Flow Statements 23
Chapter 4: Reflections 24
Annexures
1. Opportunity Canvas 25
2. Business Canvas 26
3
CERTIFICATE
This is to certify that the project report on, “AUROFI (GROUP NO:2EE1_1)” being submitted by
Mr. Ritik Raj, Mr. Udai Singh Jadaun, Ms. Rishibha Jain, Mr. Aarav Raj Gill and Mr. Saksham
Singh to the Venture Lab, Thapar Institute of Engineering and Technology, Patiala for the
fulfillment of the course requirement of INNOVATION & ENTREPRENEURSHIP (UTA025) is a
bonafide record of work carried out by us in conformity with the rules and regulations of the
institute.
The results presented in this report have not been submitted, in part or full, to any
other University or Institute for the award of any degree or diploma.
Udai Singh Jadaun 10210415
Saksham Singh 102154002
Dated:20/11/2022
Aarav Raj Gill 102154001
Ritik Raj 102104010
Rishibha Jain 102104021
4
CKNOWLEDGEMENT
The success and final outcome of this project required a lot of guidance and assistance from
many people. We would like to thank our course instructor Dr. Gurvinder Kaur under whose
guidance we could complete our project on time. We are extremely privileged to have him
by our side all along the completion of the project. All we have done has been possible only
due to his supervision and assistance. We also want to thank each and every person with
whose help we were able to complete this project.
Udai Singh Jadaun 102104015
Saksham Singh 102154002
Dated:20/11/2022 Aarav Raj Gill 102154001
Ritik Raj 102104010
Rishibha Jain 102104021
5
1. Introduction
1.1 Opportunity Identification
After the analysis of the survey, the problems faced by the prospective users and
customers today can be concluded as:
1. 63% of Indian consumers spend money on multiple products that only partially
resolves their issue and are facing quality and reliability issues.
2. People face issues like the voice drops, connection breaks, inconsistent speed, no
availability of network, web page load time issues and so on.
1.2 Solution proposed
After doing a lot of research and crowd sourcing, we have come to a conclusion that
these ideas will benefit the customers today can be concluded as:
1. Close the Gap: Our product makes consumer lives easier, and no other product on
the market offers the same features
2. Target Audience: Target audience includes people from all domains, i.e.
corporations, teaching, healthcare, transportation, etc.
3. Cost Savings: Initial installation cost might be a bit high but it offers significant
savings in the long run.
4. Easy to Use: Simple design that gives customers the targeted information they need
1.3 Uniqueness of the Solution
o Only product specifically dedicated to this niche market.
o First beautifully designed product that's both stylish and functional.
o Conducted testing with different universities which is still in progress. LIFI
Testing at Research & Development unit at University of Edinburgh has made
significant breakthroughs in the LIFI realm.
o Designed with the help and input of experts in the field.
1.4 What problem of the market segment is solved by your solution
1.Gaining the trust of the customer through monthly verification
2. Customer related to any query
3. By receiving feedback and constantly tracking product performance.
4. 24\7 support chat option
5. Providing automated service to the customer.
6. Interacting with the customer only on the basis of transactional basis.
6
1.5 Identification of users and customers
1. Community Residents
2. Corporates
3. Government
4. Educational Institutes
1.6 How will the target users be benefited by the solution
1) LIFI in the home will enable simple, secure, reliable and robust wireless communications.
Similar to the enterprise environment LIFI can offer data aggregation and wireless offloading.
No longer will home users need to worry about “man in the middle” attacks.
2) The inherent security advantages of using light for wireless communications allow companies
to enhance security for their wireless networks significantly. The ability to strictly define the
communication area of a LIFI access point allows precise partitioning of the office environment.
3) Due to high-speed low latency characteristics of LIFI and the ubiquitous nature of LED lights
in our transport infrastructure. LIFI is an ideal technology to complement and augment current
wireless technologies used for Autonomous transport and cars. It can also be used by Air Traffic
Control to avoid any interference in message delivery.
4) LIFI can enable reliable real time monitoring without adding to interference management
issues with RF in industrial environments.
5) LIFI could be used by pharmacists for receiving and screening electronically approved
prescriptions directly in the unit. LIFI technology will allow a light communication network,
which will remove electromagnetic interference issues from smartphones and the use of WIFI in
hospitals
7
1.7 How will the users discover and adopt their solution
1. Technology magazines
2. Social media platforms like Twitter, LinkedIn, etc.
3. Delivering products physically
4. Website
5. Via email
6. City-based on community management and marketing
7. Online advertisement
1.8 How the market segment will get affected by the solution
1. An opportunity for a new product in the LIFI range using various technologies
2. The product is very easy to use.
3. By using our next-generation technology, we help people connect with everything in a
jiffy.
4. Health concerns faced by the people due to the prevailing WIFI technology would also
get eliminated.
5. Energy efficiency will be enhanced by combining data communication and illumination.
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2. Customer Validation survey
2.1 Sample form used for customer survey
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10
11
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2.2 Size of customer survey and its documentary proof
To get a customer survey we printed hard copies of the survey form above and recorded 145
responses. All of the survey responses were filled by the end-user that is, people belonging to
different domains.
2.3 Results of the survey (question-wise)
1) According to survey, 57.9% of people were aware of ‘LIFI’ Technology and 42.1% of people had
no idea about it. Therefore, a large scale advertisement and marketing is required to make people
understand what is LIFI and AUROFI.
13
2) About 73% people find prevailing technologies user friendly as they lack proper knowledge
about LIFI. Around 11% people face large problems and the rest were not sure about it.
3) 55.9% people experience slow and interrupted Data Transmission in Home/Office on a regular
basis and 20% people face these problems seldom while 24.1% people face no or less problem
regarding Data Transmission.
14
4) Out of 145 participants, 102 participants want to switch to another mode of data transmission
as soon as possible while others were perplexed about the situation.
5) According to survey most of the people have heard about WIFI then followed by Cellular and
Bluetooth.
15
6) Around 57% people were unaware about any of the LIFI Products proposed by the prevailing
companies.
16
7) The most widely known company working on this technology is Panasonic according to the
survey
8) 45.5% of total participants agreed that regular usage of WIFI or other radio waves based data
transmission modes are harmful for living beings especially, humans..
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9) 100 out of 145 participants found the concept of LIFI fascinating.
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10) At the last, .81.4% of participants preferred switching to LIFI while 11% were still not sur e
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2.4 Detailed Analysis of the survey
1 Around 42% people were not aware of LIFI technology and hence AUROFI needs a large-
scale advertisement and marketing to make people understand the concept.
2 Out of 145 people 102 people preferred to switch to another mode of data transmission due
to interrupted experience in day-to-day life.
3 Half of the participants agreed that regular usage of WIFI and other radio waves-based
technologies are harmful for humans.
4 100 out of 145 people found the concept of LIFI fascinating.
5 Overall more than 80% of total participants preferred switching to LIFI.
2.5 Conclusion of the survey
Concluding the survey, as most of the people faced various problems regarding data
transmission, more than 80% of people preferred switching to LIFI, creating a room for new
technology and concerned products.
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3. Financial Model
3.1 Cost Structure
Initial Investment
Initial Equipment INR 15,00,000 For setting up manufacturing units
License INR 65,000 Getting Industry Certified
Patent INR 1,00,000 Getting our technology patent
Alliances INR 1,00,000 Collaboration with other industrial segments
concerned with our technology
Legal Expenses INR 50,000 For Legal Documents regarding business &
industry
Office Setup INR 5,00,000 Setting up of office for employees
Research & Development INR 15,00,000 Expenditure on Research & Development
Miscellaneous INR 50,000 -
Monthly Expense
Rent INR 2,00,000 Rent of industrial & official premises
Insurance & Loan INR 1,50,000 EMIs of Business Loan & Industrial Insurance
Raw Materials INR 5,00,000 Macro/Microprocessors, sensors, LEDs & other
devices
Advertisement & INR 50,000 Marketing & Website Management
Promotion
Freight + Utilities INR 60,000 Transportation of goods & materials
Employee Benefits INR 6,00,000 Employee Salaries & Other Allowances
Miscellaneous INR 50,000 -
3.2 Revenue Structure
Self 45,00,000/- 3,75,000/- per month * 12 months
Investors 6,00,000/- 50,000/- per month * 12 months
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3.3 Profit and Loss Statement
MONTH Jan Feb Mar April May June July Aug Sept Oct Nov Dec
No. of
customers
500 700 900 1100 1500 1900 2300 2700 3200 3900 4600 5300
Cost
charged 4499 4499 4499 4499 4499 4499 4499 4499 4499 4499
per helmet 4499 4499
Subscriptio
n 799 799 799 799 799 799 799 799 799 799 799 799
Income 1,00,66,2 1,21,85,4 2,80,79,4
26,49,000 37,08,600 47,68,200 58,27,800 79,47,000 00 00 1,43,04,600 1,69,53,600 2,06,62,200 2,43,70,800 00
Cost
Rent
2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000 2,00,000
EMIs 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000 1,50,000
1,50,000
Employee 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000 6,00,000
Salary
Advertisem 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
ent
Raw 5,00,000 5,25,000 5,50,000 5,75,000 6,00,000 6,25,000 6,50,000 6,75,000 7,00,000 7,25,000 7,50,000 7,75,000
Material
Miscellane 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
ous
Total Cost 15,50,000 15,75,000 16,00,000 16,25,000 16,50,000 16,75,000 17,00,000 17,25,000 17,50,000 17,75,000 18,00,000 18,25,000
Income Tax
(Exempt)
0 0 0 0 0 0 0 0 0 0 0 0
Net Profit
(Loss) 10,99,0 21,33,6 31,68,2 42,02,8 62,97, 83,91, 1,04,8 1,25,79, 1,52,03, 1,88,87, 2,25,70, 2,62,2
00 00 00 00 000 200 5,400 600 600 200 800 5,400
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3.4 Cash Flow Statements
MONTH Jan Feb Mar April May June July Aug Sept Oct Nov Dec
Operating
Activities
Net Profit
(Loss) 10,99,000 21,33,600 31,68,200 42,02,800 62,97,000 83,91,200 1,04,85,400 1,25,79,600 1,52,03,600 1,88,87,200 2,25,70,800 2,62,25,400
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Sub: Increase
in CA
(Inventory) 0 0 0 0 0 0 0 0 0 0 0 0
Net CF from
Operating
Activities 10,99,000 21,33,600 31,68,200 42,02,800 62,97,000 83,91,200 1,04,85,400 1,25,79,600 1,52,03,600 1,88,87,200 2,25,70,800 2,62,25,400
Investment
Activities
Industrial
Machinery 5,00,000 0 0 0 5,00,000 0 0 0 5,00,000 0 0 0
Net CF from
Investing
Activities 5,99,000 0 0 0 62,92,000 0 0 0 1,47,03,600 0 0 0
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4. Reflections
The idea behind this start-up was to provide a wireless technology which holds the key to solving
challenges faced by pre-existing technologies. LIFI can transmit at multiple gigabits, is more
reliable, virtually interference free and uniquely more secure than radio technology such as WIFI
or cellular. We based our research on enhanced technology and public requirements. Working on
this start-up has allowed us to gain a lot of knowledge and accomplish a lot. It further helped us
to understand various aspects that go behind starting a start-up and the things all young
entrepreneurs might not consider initially.
The most important lesson learned by all of us is what an entrepreneur must consider at all times,
how he considers all the areas in which he may work, and what creative solutions he can develop
while keeping track of his resources. It also showed us the importance of conducting a thorough
study before starting a business, keeping in mind factors like competition, distinctiveness, and
potential growth barriers.
We gained knowledge of the methods and approaches needed to conduct surveys and gather
essential data from them. We acquired the knowledge necessary to assess a start-up idea's
viability. We also discovered the value of working as a team. Brilliant ideas come from diverse
perspectives, which further increases profit margins while also benefiting the target audience to
the fullest extent possible. We also learned the importance of teamwork. Different minds lead to
brilliant ideas that further lead to an increase in the profit margins and also provides maximum
benefit to the target audience.
We had to complete extremely varied duties. It provided us with a taste of the actual market.
We were able to overcome all of our obstacles with the assistance and
direction of our mentor DR. PARAG NIJHAWAN.
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Annexures
1. Opportunity Canvas
25
2. Business Canvas
26
