- What is the potential market size of FoldiMate and robotic laundry folders?
- Who are the customers that will likely purchase a FoldiMate?
- How do we deal with future competition?
I’ll try to address these points as you evaluate the opportunity to join us as an investor.
Starting with Six Million US Families
Based on surveys we ran among 350,000 fans who registered on the pre-order waitlist, we learned that our likely customer is a one in a household with a large enough home (over 1,000 sq/ft) and with an income of over $100k/year. There are more than 30M US households that match this criterion.
Initially, we will focus our efforts on families who have at least one child of age 6 and above. The burden of having to fold weekly laundry with kids makes the chore more substantial. There are 6M US families that match this criterion.
We also see that those who show interest in FoldiMate are more likely to hate folding and think of sharing this chore with others in the household, including the kids. FoldiMate not only makes it faster, but also fun so that everyone will want to use it.
That’s why 690K US shared laundry locations are an attractive B2B vertical to service as well. This way, anyone could pay a few dollars and FoldiMate their laundry.
A new product category
iRobot sold a million Roomba units within three years of its debut back in 2002. If you compare this (once new) product category to laundry folding in fact RobotVacs is a sub-category of vacuum cleaners, whereas FoldiMate defines an entirely new product category that doesn’t have any viable automated alternative to date.
With a $2B market cap, you could say it is thanks to iRobot’s first-mover advantage and for establishing a strong brand, which we hope to reproduce with FoldiMate.
His tenacity in pushing the industry forward is reminiscent of the perseverance of Cochran in the nineteenth century, who set out to free women from the bondage of dirty dishes by proclaiming, “If nobody else is going to invent a dish washing machine, I’ll do it myself!”Laundry robots could get foothold in the home for automation,
Staying ahead of the competition
We hear of big brands who are already working on concepts of laundry folders, Haier, for example. It’s a race to overcome the challenges of robotic folding which revolves around intellectual property and keeping the solution practical.
Compared to Laundroid, we have spent considerably less budget and time on R&D. As far as we know we are the only ones who have conducted an early field pilot – folding thousands of people’s laundry items.
Keeping the robotic algorithms encrypted and capitalizing on collected data from future units will help us stay ahead of the game and force the large players to try and find ways around our IP and achievements (or give us an offer we can’t refuse 😄).
Right now the consumer robotics industry is estimated to be a $5.5 billion industry and is expected to have explosive growth in the next five years.Seeking Alpha, March 11 2019
We plan to capitalize on this explosive trend!
Now you see why we’re so passionate and optimistic about the future, invest in FoldiMate while you still can.
Your Folding Mate,
Founder & CEO
P.S. I’d love to receive your feedback and answer more questions. Post it in the comments section below, or better yet, join me for a 30 min webinar.