We position our product on the construction market. Potential of 43,717 companies in Belgium with an average of 2.8 workers* and we know that the company has 10 to 15 tools per worker. That makes between 1.2 and 1.8 million tools to follow.
The business model is a SaaS (Software as a Service subscription) model with a monthly price per object tagged between €1 - €3. Our tag that combines the 2 communication technologies is sold for €30 each, which is comparable to the tags of the competitors (except of Viloc which is more expensive).
Our focus will primarily be on SMEs between 10 and 100 workers who often have no solution for managing small equipment and who still make their inventory on paper.*Source: https://www.nkvk.be/wp-content/uploads/2018/08/the_belgian_construction_industry_2017.pdf
Companies active in the construction sector have often already invested in billing software, project management, personnel and vehicle tracking and are looking for a tool to track equipment.
Manufacturers understand this and invest heavily in management tools to be able to sell more of their product with advanced services.
But there is also a concern for loss where the manufacturers do not offer a solution. In Belgium, more than 51 million euros (value of stolen tools) is stolen from construction sites (according the figures of the Confederation of Construction).
We respond to the need with our HeronTrack solution.
Nowadays, solutions are offered by tool manufacturers such as Hilti and Bosch with Bluetooth and QR code communication, but only fulfill a part of the needs (it is not possible to find all tools at Hilti, so a part is not covered) and once stolen, Hilti has no solution.
Other companies such as Viloc offer RF and LoRa based solutions to secure their tool fleet, but this solution is too expensive to place on all tools, including other asset tracking solutions from Geo tracer ... that use active RFID with receivers that are linked to the tracking module in the vehicles and that only work with their module. For example, it is necessary if those solutions are to be taken that the existing installation must be replaced.
This has a major financial and operational impact.
We offer a more flexible solution (no need to replace existing equipment, and we integrate the Bluetooth from Hilti and Bosch), which combines the best of both worlds: Bluetooth Low Energy (BLE) and LoRa (Long Range) for a solution that meets the requirements to all equipment or tools and which is economically more favorable.
The hardware store requires a direct sales strategy (such as Hilti with their sales team), but since one can buy BLE tags on Amazon, an online strategy is clearly foreseeable.