What is the idea? The startup idea is to create an app, which will produce music, that will help users to improve their performance.The basic concept behind the app will be to make use of music to trigger the relevant brainwave patterns that will aid in improved performance. The startup will target all users ranging from students to athletes to artists and help them in improving their performance.
Brainwave patterns can be divided into the following types.
- Alpha: Focused. Relates to, Relaxed, effortless alertness, light trance, super learning.
- Gamma: Active. Relates to, Formation of ideas, language, memory processing, various types of learning.
- Beta: Awake. This is related to normal waking consciousness.
- Theta: Light sleep. Dreamful sleep.
- Delta: Deep Dreamless sleep, Loss of body awareness.
Oliver Sacks, M.D., professor of neurology at Columbia University said, "Nothing activates the brain so extensively as the music." The app will either use Binaural or Auditory beat stimulation to create music, which will trigger brainwave patterns similar to the high performers in their stage of best performance. Market Definition
Sharpbrains.com conducted a study on digital brain health market, and some of its findings are:
- Over 2 billion people worldwide suffer from brain related health and productivity challenges. This results in global economic burden of more than USD 2 trillion;
- 48% of those who have used any brain-training product stated that they have seen positive results and only 9% feel they didn't, while 43% remained neutral. This shows an increased level of acceptance in the technology among the users
- The global market for brain health applications of software & biometrics was only USD 210 million in 2005, which increased to USD 1 billion in 2012 and is expected to reach USD 6 billion by 2020. "Staying mentally sharp" outranks social security and physical health as top priority and concern among adults over the age of 50;
The report goes on to find that by 2020, digital brain health solutions will go mainstream among both consumers and health care providers, and big data and cloud-based applications will enable truly personalized brain health solutions. Competitor Analysis
Using brainwave patterns to enhance performance and cure mental diseases is an emerging segment and has seen various players. Companies are targeting various kinds of customers. Brain.fm offers music solutions to trigger brainwave patterns to cure attention deficit disorder and also provides solutions for sleep and relaxation. Versus, which is a wearable EEG headset and app that together create a tool for training the brain. Pain Point & Target Audience
The targeted customer market for this business is the "users looking to enhance brain performance." We have always wondered that why do two people with the same training and education perform differently. Now science has found that high performers always perform at a neurological level, which is higher than the others. Researchers have tracked brainwave patterns of high performers and have found a correlation between their brainwave patterns. Value Proposition
This startup aims to improve the performance of the users using music. The app will offer various products for the different type of users. For example, it will create products for students for retaining knowledge, for athletes for improved performance, for artists to be at their creative best. None of the companies are currently working on the similar product. This will be done by mapping the brainwave patterns of top performers in the field with the music, which will be used for triggering similar brainwave patterns in the minds of users. Business Model
The business model involves two revenue streams:
Way to market
- One is the subscription-based app. The users will select the relevant plan and use the music for better performance; and
- The other will be from the sales of headsets for getting best possible results out of the music for the application. The startup can also provide customized consultation and sessions to users for a fee.
The first step is to map the brainwave patterns of high performers. The startup will have to do this by identifying high performers in various fields including education, sports, and creative fields; and map their brainwave patterns when they are at the peak of their performance. Milestones
The biggest milestone that the startup needs to achieve is the creation of data bank of various brainwave patterns observed in high performers and then creating music for the same. One of the biggest challenges would be to keep creating music for the application to trigger similar patterns. Investment Needed For Prototype
Considering the above costs, the startup would need at least USD 200K, which could be raised from angel investors or incubators in your countries. There should be no office rentals or salary payout; the entire budget should be apportioned for developing a prototype of the product. Team Capability
You would need to have neuroscientist, an artificial intelligence expert and a musician in your team to create the best product. Investors / Expert Take
This is a very niche business. It requires patience in creating the product first and then you can go to investors for raising funds. Natko Beck, MD, CEO and Founder of CoreInterface.org, and a veteran from this field says, “Neurofeedback tools will replace the primitive techniques of training, it will change the way we learn and unlearn.” Natko Beck and his team have developed a product using the same technology but with a different usage. His product, HitTheGold.com helps archers in reaching an optimal state of mind. It allows archers to practice, improve, record and analyze their mental performance in archery from the comfort of their home or anywhere they desire. Hit the Gold” uses Neurofeedback to train the user's brain, the users gain more control over their state of mind. Think of it as a brain gym, while practicing with the program they will be able to track the progress and notice that it is easier for them to reach the optimal state of mind to enhance performance. As stated in the section on ‘market definition,' this market segment is expected to reach USD 6 billion in 2020. Therefore, it would garner a lot of interest from investors. Neurotrack, which has developed an online cognitive assessment test, recently raised USD 6.5 million. In case you are looking forward to scaling up this idea, we at yostartups.com
will be more than happy to assist you in jumpstarting your startup journey. Please do write to us for more information.