Question-   Business Idea and Opportunity Analysis

Solution-

2. BUSINESS IDEA AND OPPORTUNITY ANALYSIS

2.1 IDEA GENERATION

SaneUV Sdn. Bhd. is a company that produces gadgets and tools that projects UV-ray to disinfect objects. This idea was birthed as a consequence of the COVID-19 pandemic. The main idea of starting this company is to be able to disinfect daily objects that people bring out that may potentially be exposed to the corona virus. Besides that, this idea was also generated because this pandemic has brought about an increase in anxiety, post-traumatic stress disorder and psychological distress due to the uncertainty and the fear of being exposed to the virus (Disord 2020), therefore SaneUV wants to reduce the mental distress by giving people the assurance that their belongings, after disinfection, have significantly lesser virus and bacteria on it so that they feel safer.

Another reason why this idea was generated is because according to (Leonard G 2021), it is estimated that 129 billion face masks are being disposed each month globally, this has caused major pollution issue both on land and in sea. SaneUV’s portable UV sterilizer was initially invented to decrease the wastage of disposable face mask since people can disinfect it easily and would not need to change their facemasks as frequently. This product also encourages people to use reusable mask because the process of cleaning the mask is reduced to the bare minimum.

2.2 Opportunity Analysis

“UV LED Market- Growth, Trends, Forecasts” (2020) claims that the UV LED market that was valued at USD 294.8 million in 2019 is expected to reach USD 870.7 million by the year 2025. Because of the outbreak of Covid-19, the UV LED market has witnessed a dramatic increase in demand due to its use of disinfecting surfaces and germ killing properties. Thus, it is an opportunity to create products that can fulfil the needs of the current community. This makes a good timing for SaneUV to enter the market to gain first-mover advantage because of the attractiveness of the product due to the increase of demand. 

Moreover, the outbreak of COVID-19 has brought out a trend that makes consumers pay attention to their physical and mental health more than ever. With that in mind, consumers are more willing to purchase sanitizers to not only help keep them safe from the coronavirus, but it also decreases their anxiety. This is because (Viosys 2020) states that 60 seconds of exposure to UV-C LED can sterilize 90% of corona viruses and 97% influenza-type viruses. Knowing that their belongings have been sanitized (Smith 2020). In short, this is a golden opportunity for our company to introduce our products at this timeline to raise the market demand that will most likely be a daily necessity for everyone over time.

Another opportunity for SaneUV to come up with a portable UV sanitizer is to solve the problem of pollution caused by disposable facemasks. According to (Kaur 2020), Malaysians dispose more than 10 million face masks daily. It is also mentioned that some working citizens uses more than one facemask a day for sanitary purposes (Kaur 2020). However, with the use of the UV sanitizers, consumers can sanitize their disposable facemasks to minimize throwing out their facemask in a day. Not only will this benefit the environment but it will also save consumer’s money.

 

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