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    Date submitted
  • 08-Nov-2017

YoEats Technologies Inc

Abstract

The customer sits down and scans in. They're recognized and appear on the servers tablet POS. They receive a personalized menu on their phones. The interaction is more personal and order are sent straight from the tablet to the kitchen and to the phones of the customer. Customers are free to split, rate, and pay. They'll leave earlier having had a better experience and spent a few more dollars. Faster turnover, increased satisfaction and cover prices, happier employees and customers. YoEats is the future of full-service dining.

Additional Questions

Who is your customer?

We have two distinct customer bases of which there are underlying segments. The first customer base is comprised of restaurants. At this point, we are targeting high-volume full-service restaurants in college town. The other customer base is comprised of the patrons in these cities. We are targeting the 18-25 year old segment as they are frequently dining out and splitting bills. They have also become accustomed to paying instantly in every other aspect of life.

What problem does this idea/product solve or what market need does it serve?

1. Hassle of split bills and payment transactions 2. Not understanding customer base 3. Poor feedback loop regarding food 4. Impersonal suggestions, tough for people with allergies and dietary restrictions to dine out.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

1. Mobile split and pay capabilities The check will be available on the patron's phone in real time. This will create success as the patrons can split their bill accurately, the house can turn the table faster, and the server can make more sales as opposed to wasting time splitting bills. 2. Robust customer analytics Which segment spends the most money? The most money per minute? What are they ordering? Who's spending the least? What are they ordering? Use this data to help craft the menu and specials in order to drive sales, raise revenues, and keep your highest spenders coming back for more. 3. Itemized menu ratings and feedback There is no current way for customers to voice their opinions. Yelp gives an overall rating but there are too many variables as everyone had a different server, a different order, and a different circumstance, yet they are all rolled into one rating per person and then one aggregate rating for the entire menu. Between selecting the check and submitting payment, YoEats users simply tap 1-5 stars in order to give itemized ratings on their food, and then another 1-5 rating on their service. Here we create true, actionable insight for owners and managers to understand the reception of their menu items. 4. Personalized menus Everyone these days has an allergy or dietary restriction... we deliver menus suitable for all of these patrons. What's more, with each patron rating each item, we use these data points to deliver the optimal menu for every patron who scans in--restrictions or not. With these menus, we believe to can help every single patron receive the best possible experience and ultimately raise the level of enjoyment of everyone who visits the restaurants with our technology.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We have sufficient skills to build the product and sell it. We have utilized connections in the restaurant space and on our campus to ensure the word is out for patrons. We have been accepted for free legal services, as well as strategic business advice. I have created a diverse board of advisors who has experience in the startup space, tech space, and with investors. Our advantage over others in the market is that we have very low up-front costs and are one only a handful offering mobile payment. We believe that ours is superior because we are targeting cities where people are young and splitting bills frequently. Others are targeting cities too big for the initial launch (PaidEasy) and the wrong segment--people who really aren't looking to split the bill or who aren't accustomed to paying from their phones (Opentable). We believe we are targeting and right cities and the right people and that will help to drive our success. We also provide data about customers and menus that the aforementioned simply do not.