our App or WeChat to scan the QR code on the kiosks and rent a portable powerbank. The renting price differs among venues. At present, we charge customer $1 for restaurants and $2 for karaokes & nightclubs in New York (Maximum $10 per day). Also, we will profit from advertising business (kiosks, social media and app) in future since we are the first company in shared powerbank industry that has a screen on the kiosks. Our operating areas now cover New York City, Boston, Los Angeles, Las Vegas, Vancouver and Sydney.

Our business is trying to solve the problem that phones are becoming necessary to everyone and people nowadays easily run out of phone battery. We will provide such kind of service that makes customers no longer get anxious about low battery phones.

We have more than 15 competitors all around the world now. Most of them are in East Asia/South East Asia since that’s the origin of this type of business and all the products are manufactured there. Except competitors in the US, all other competitors have a similar business model to ours. Some of them got huge investment such as Enmonster/Laidian/Xiaodian in China and ChargeSpot in Hongkong/Japan.

Competitors in the US are running a different kind of business model by selling charger or locating phone in a secured box to charge, which is not prevalent in leading market. Our clients can be separated into Consumers and Business entities. For consumers, we targeted on those people who would easily running out of phone battery. According to our research, most phones can only last for less than 8 hours after a one-time charge, which means most people have a demand of charger in the evening. For business entities, we targeted on those venues who want to have extra income and better customer service since we will share the revenue with our partner venues. Companies who want to advertise on our screen are our clients as well.

Our current operating status is that we have existing product and service. After 4 months’ operation from March 2019, we find the business model works pretty good in the US market and we are even more profitable than Asian companies since our breakeven time for our kiosks (2 weeks for top venues and 6 month for restaurants) is way shorter than that in Asian market. Therefore, we try to expand the business into US market as soon as possible with around $7 million investment to get more market share.