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January 4, 2017
Dear Mr. Govan:
Enclosed please find the Basic Information Package we have prepared for “MKG
TAX REFUND CASH ADVANCE SHORT TERM REPAYMENT OPTION
LENDER”. You now have a handy reference tool in which the most positive aspects of
your idea are outlined, similar to a resume. We hope that you are satisfied with our work
thus far.
We also hope that you decide to take the next step and attempt to submit your idea
to companies through InventHelp®. Accordingly, if you proceed with our submission
services within 30 days, we will offer a discount of $500. Your InventHelp® representative
will discuss this offer further with you.
Thank you for allowing us the opportunity to work with you, and we wish you the
best of luck in pursuing your idea in the future.
BASIC INFORMATION PACKAGE
An Information Summary
Prepared for
Mr. Marshawn Govan
Invention: “MKG TAX REFUND CASH ADVANCE SHORT
TERM REPAYMENT OPTION LENDER”
Confidential Client File #FRO-563
© 2017 InventHelp®
TABLE OF CONTENTS
GENERAL CONSIDERATIONS 1
INTRODUCTION: DISCLOSURE TO INVENTHELP® 1
DESCRIPTION: PRODUCT CONCEPT REVIEW 2
FUNCTION AND APPEALING FEATURES 13
HISTORICAL DEVELOPMENT 14
PRODUCTION CONSIDERATIONS 15
PRODUCIBILITY 17
COST ESTIMATES 18
INDUSTRIAL CLASSIFICATION 20
MARKET CONSIDERATIONS 23
COMPETITIVE ENVIRONMENT 23
BENEFITS, APPEALS, AND TRENDS 25
MARKET TARGETS 46
DISTRIBUTION CHANNELS 49
PROMOTIONAL CONSIDERATIONS 52
ADVERTISING 52
PUBLICITY 54
SPECIAL PROMOTIONAL PROGRAMS 55
SUMMARY 56
BIBLIOGRAPHY 59
January 4, 2017
Dear Mr. Govan:
Enclosed is the Basic Information Package report, which you have requested for
your invention, the “MKG TAX REFUND CASH ADVANCE SHORT TERM
REPAYMENT OPTION LENDER”. In this report, we have provided the service of
"packaging" your invention; that is, we have assembled basic information relevant to the
“MKG TAX REFUND CASH ADVANCE SHORT TERM REPAYMENT
OPTION LENDER” in an organized report format that can serve as a handy reference
tool.
Primarily, the Basic Information Package report is a resume of the “MKG TAX
REFUND CASH ADVANCE SHORT TERM REPAYMENT OPTION
LENDER” summarizing its positive and most appealing features, just as a resume
assembles the assets of an individual seeking a job. As you will recall from our Services
and Fees Flow Chart, InventHelp® also performs a submission service under a separate
contract. If you decide to proceed with our submission program, the Basic Information
Package report will serve as the basis for the preparation of descriptive materials which will
be presented to industry in the hope of obtaining a good faith review of the “MKG TAX
REFUND CASH ADVANCE SHORT TERM REPAYMENT OPTION
LENDER”. If you decide to promote your invention on your own, the Basic Information
Package report can be a useful reference, and it can also be used by you to stimulate interest
among potential investors.
Our submission agreement will permit us to present the “MKG TAX REFUND
CASH ADVANCE SHORT TERM REPAYMENT OPTION LENDER” to
industry and review any interest that may be expressed. We look forward to working with
you.
Research Department
InventHelp
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GENERAL CONSIDERATIONS
Introduction: Disclosure to InventHelp®
This Information Summary relates to a mobile software application concept
called “MKG TAX REFUND CASH ADVANCE SHORT TERM
REPAYMENT OPTION LENDER” which has been disclosed to InventHelp®
by Mr. Marshawn Govan of Fresno, California. This Information Summary is
based upon information and disclosure forms submitted to InventHelp® by the
originator along with notes from conversations with our InventHelp® sales
representative. We have also supplied general marketing information tailored to
“MKG TAX REFUND CASH ADVANCE SHORT TERM
REPAYMENT OPTION LENDER” and have made suggestions when
appropriate. The result is a reference tool which can be used to submit “MKG
TAX REFUND CASH ADVANCE SHORT TERM REPAYMENT
OPTION LENDER” to industry in a logical format which stresses its positive and
most appealing features.
In preparing the Basic Information Package, we utilize standard statistical
data with a heavy orientation on material prepared by the U.S. Department of
Commerce and the Bureau of the Census. We attempt to supplement this data with
more specialized information available from other basic marketing reference works,
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trade associations, trade publications, libraries, and other sources. The statistics
provided in this report should not be interpreted as projections. Statistics generally
lag two or more years behind the current year because of the time required by the
various sources to compile and summarize the figures.
The completion of the Disclosure to InventHelp® and Record of Invention
form documents the confidential disclosure of “MKG TAX REFUND CASH
ADVANCE SHORT TERM REPAYMENT OPTION LENDER” to
InventHelp® on a given date and may help establish a record of origin and disclosure
to others.
In the interest of simplifying the preparation of this Information Summary, we
have taken the liberty of changing the name submitted to “CASH ASTRO
LENDER”. This name will be used throughout the balance of this report.
Description: Product Concept Review
In this Information Summary, we will review the distinctive features of the
mobile software application concept and the needs it may fulfill. The concept of
“CASH ASTRO LENDER”, as Mr. Govan submitted it to InventHelp®, is a
proposed mobile software application (app) that is suggested to allow a customer to
more easily apply for and receive a short-term loan that would be based upon the
customer's expected Federal tax refund as collateral and repayment.
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Mr. Govan indicates the proposed “CASH ASTRO LENDER” would
be intended as a mobile application that is designed for alternative finance lenders
and their customers. The proposed mobile application is suggested to be used to
more efficiently capture customer information using a mobile phone camera to image
identity documents in order to automate the data collection process required for
providing various financial services. The inventor envisions this proposed mobile app
as offering faster business to customer data entry procedures using a robust and non-
intuitive user interface and cloud service platform. The goal would be to provide
timely customer identity verification to facilitate the providing of short-term loans with
nominal delay times.
Mr. Govan suggests the proposed “CASH ASTRO LENDER” could be
especially useful to provide a consumer a short term loan over the waiting period to
February 15, 2017, which the IRS has imposed on taxpayers seeking tax refunds
who also claim an Earned Income Tax Credit and Additional Child Tax Credit for
dependent children. This is known as the Path Act, which is intended to provide the
IRS with additional time for verifying a customer's income tax return and personal
information before refunds are released. By using the “CASH ASTRO
LENDER”, the inventor indicates that a customer could have access to a short term
loan to have cash available in the gap period caused by the nature of the Path Act.
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Mr. Govan indicates the proposed “CASH ASTRO LENDER” would
be based upon the combination of two approaches to using an individual's Federal
tax refund as loan collateral as well as looking at the individual's income level and
credit score. From this data, the app would be used to assess the customer's ability to
repay a loan within given financing limits. It would also use digital technology to
create a better user experience to increase sales and profilts and reducing overhead
for the lender. Mr. Govan envisions the proposed “CASH ASTRO LENDER”
as having the potential to generate loan reviews for banks, tax businesses, financial
lenders. credit unions, and the like. It would be intended to provide timely and
convenient identity verification, and the inventor views the proposed “CASH
ASTRO LENDER” as a "green" product/service that could eliminate physical
paperwork and reduce the related processing and overhead efforts. Reproductions of
the inventor's disclosure artwork are shown below in order to provide additional
insight into the nature of this proposed mobile app invention.
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Function and Appealing Features
“CASH ASTRO LENDER” is being suggested by Mr. Govan because
he believes it would fulfill the need for a proposed mobile application that would
provide customers with a quick and simple way to have access to a tax refund loan
which could be handled entirely on a mobile device.
The appealing features of “CASH ASTRO LENDER” would be the
proposed mobile app approach to offering tax refund loan services which could
provide consumers with the cash they needed today and with a simple and easy
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mobile app loan application process that would not involve manual paperwork effort.
Instead, users of the proposed “CASH ASTRO LENDER” could use their
smartphone or tablet camera to take pictures of all the identification and verification
documents needed to process their loan application.
Historical Development
Prior to contacting InventHelp®, Mr. Govan identified a need or a problem to
be solved that prompted him into the invention process. He then conceived “CASH
ASTRO LENDER”. Subsequently, sketches/drawings and a written description
were prepared for review by InventHelp®. No attempts have been made to
manufacture or market “CASH ASTRO LENDER”.
FRO-563 - 15 -
PRODUCTION CONSIDERATIONS
InventHelp’s work is based on the premise that the originator has
predetermined that “CASH ASTRO LENDER” will work, function as designed,
serve the intended purpose, and accomplish those objectives desired. Generally, we
do not express an opinion regarding feasibility nor do we make projections regarding
the success of an idea or concept as the elements involved in marketing are many and
complex. However, in the case of “CASH ASTRO LENDER”, we note that the
proprietary environment for mobile applications and cloud service platforms have
multiple tiers. At the mobile app level are licensing requirements for the type of
source code used (XEN, etc.).
At the cloud platform level are licensing and terms of use requirements for
access to the cloud service via automatic programming interface (API) keys---
whether such a proposed mobile app leverages an existing cloud platform or a newly
developed one.
At the back-end cloud level are licensing and terms of use for scaleable cloud
server processing, communication, and storage services (EC-2, etc.) that would be
required to support the various functions of the proposed mobile application.
For example, the development of mobile application software may involve
acquiring or meeting various licensing requirements for the type of source code used
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in the app as well as potential distributor licensing requirements. This is a complex
field and would likely require a substantial amount of research and developmental
efforts in addition to that of the software development itself to ensure that all proper
licensing compliance procedures are met should the concept of the proposed
“CASH ASTRO LENDER” be developed into a functional software program.
For example, the enterprise OpenLogic recently analyzed over 450 top
applications for the iPhone, iPad and Android phones for the presence of open
source code. OpenLogic then noted the following highlights of this research:
* Open source was detected in 88 percent of Android apps and 41 percent of
iPhone/iPad apps
* Open source licenses found included GPL (General Public License),
Apache, MIT and BSD
* GPL type licenses were found in 8 percent of iPhone/iPad apps and 3
percent of Android apps
According to Steve Grandchamp, CEO of OpenLogic, "the number of
application stores, both mobile and traditional, have skyrocketed over the past few
years and our research shows that open source is being used in these apps." "Open
source licenses have requirements, but many app developers and application store
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proprietors don't have the tools or processes in place to ensure open source license
compliance."
We note that for commercial application software (those having a sales price
versus "free") it is especially important to avoid the use of GPL type licensed source
code. More information can be found on the nature of GPL at
http://en.wikipedia.org/wiki/GPL.
Similarly, the terms of agreement for API keys and cloud service support have
important implications on a mobile application business model. It would appear
that substantial additional legal and software research and development activities
would be required to move the proposed “CASH ASTRO LENDER” beyond its
current level of conceptualization.
Producibility
While “CASH ASTRO LENDER” remains in a conceptual state of
development, it appears that manufacture would encompass existing technology and
make use of relatively standard materials and manufacturing processes. The ultimate
design developed may require some variations in current production procedures but
would likely not require any new technology.
Production of a mobile app for the proposed “CASH ASTRO
LENDER” could essentially involve the seeking out of app developers and the
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creation of the suitable source code to provide the intended app functionality. Where
an app depended on access to online servers and related cloud computing resources,
those resources would also have to be located and arrangements made for resource
leasing or the development of the physical server centers and telecommunications
infrastructure to support the intended mobile software application.
Cost Estimates
A wide range of factors influence the selling price, distribution channel
markups, and unit cost of a product. The large number of variables and their
fluctuations make it exceedingly difficult (if not impossible) to accurately estimate
price, markups, and cost factors short of actual manufacture and distribution.
One common approach towards the selection of a possible selling price
considers "positioning" of the proposed product relative to other existing products
with similar attributes. Price positioning therefore is part of the overall market
position and reflects a price which could be in line with the potential perceived value
for the proposed product.
Once "price" or "perceived value" is estimated, consideration can then be
given to what type of markup structure could reasonably be used to arrive at such a
final selling price, given known or estimated markup correlations between retailers,
wholesalers or distributors, and manufacturers. We use a retrospective approach and
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work with an estimated selling price to approximate wholesaler markups and
manufacturing costs.
Manufacturers, in determining their prices, also consider such factors as fixed
costs associated with plant, equipment, and tooling; factors such as the costs of raw
materials, labor (affected by automation), assembly techniques, packaging, and
overhead; and marketing variables such as the costs of shipping and handling, sales
expenses, warranty and return factors, factors of loss, overhead, competitive pricing,
geographic and demographic location, etc.
Within the scope of this Basic Information Package report, even the best
efforts can result in deriving only rough approximations for the positioning of selling
price, corresponding distributor channel markups, and potential manufacturing
costs.
At the current level of conceptualization, it would be premature to estimate a
cost or price range for the proposed “CASH ASTRO LENDER”. App
development can be a complex process, and in the case for apps similar to the
"sharing economy model (Uber, Lyft, etc.), it should be understood that three
different sofware applications would be involved: an app for the seller of services, an
app for the buyer of services, and a dashboard application that would be used to
control the operation of the two mobile device applications. The dashboard
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application would typically operate on a cloud service platform in order to have
access to flexible computer processing and storage capacity that would be required for
the real-time nature of such a proposed mobile application. Add in flexible real-time
requirements for mobile payment handling, and other back-end cloud service support
requirements, and it becomes apparent how many cost variables could be involved
related to the use of such technologies in both software development as well as
ongoing mobile app operations.
Industrial Classification
There are firms that may be capable of manufacturing “CASH ASTRO
LENDER”. InventHelp® uses the traditional Standard Industrial Classification
(SIC) system developed by the U.S. Department of Commerce to structure their
databases of manufacturers. Under the SIC system, each manufacturing category is
assigned a numerical classification code. In preparing this Basic Information
Package report, we designate manufacturers in a general category using a four-digit
SIC code. The following represents the number of manufacturers classified in the
broad category corresponding to “CASH ASTRO LENDER”:
- 1,020 Manufacturers of Magnetic and Optical Recording Media (SIC 3695)
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Only a small percentage of these manufacturers may be appropriate
candidates for the submission of “CASH ASTRO LENDER”. We use this SIC
code to attempt to match your invention to companies registered in our Data BankTM
or with companies from general industry sources. In some cases, a more defined
keyword will be used to narrow the broad SIC category down to a more specific area
of interest. We attempt to match the SIC code or keywords assigned to your
invention with corresponding areas of interest of companies in our Data BankTM.
We also search for companies with matching or similar SIC codes from our database
or general business sources. In addition, you may have knowledge of companies
which you believe may be interested in your invention. We encourage your
participation in the submission process and will attempt to submit your invention
summary to companies you have designated. Generally we strive to send submission
materials to up to 100 companies.
In 1997, the U.S. Department of Commerce implemented a new
classification system, the North American Industrial Classification System
(NAICS), to replace its Standard Industrial Classification (SIC) system that had
been in use for more than 60 years and was last revised in 1987. NAICS
(pronounced “nakes”) was developed in conjunction with Canada and Mexico to
more easily interpret and compare economic data among these allied trading
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partners. Although NAICS represents a more comprehensive way for the
Department of Commerce to report economic statistics, both systems continue to be
used.
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MARKET CONSIDERATIONS
Competitive Environment
When considering the introduction of a new product to the marketplace, one
of the factors that should be considered is the competitive environment. Efforts
should be made to learn what existing competitors are offering to their customers and
the customers' wants and needs. A new product introduction can be an improved or
modified version of an existing product or it can be a totally new product innovation.
In either case, the competitive environment should be studied to determine the
existence of similar or identical products.
The inventor has disclosed a belief that this product concept is original; we
have relied on this information when preparing this report. We conduct a necessarily
limited check of the marketplace for competitive products. An in-depth investigation
is not possible as there is no definite way to assure that an idea or product has not
been tried or thought of in the past or is not now in use somewhere in our country or
elsewhere. In addition, the competitive environment changes daily. Old products
disappear; new ones appear. Seasonal trends also influence the availability of
products. While a check of the marketplace may turn up nothing today, a similar
product may already be produced and on its way to a distributor. A new product
may even be on the drawing board in preparation of actual manufacture, and of
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course there would be no way for us to know of its existence. A competitive product
may also be available within a specific geographical market area or available only on
a limited basis as part of a test marketing program, so it is possible that neither the
inventor nor InventHelp® would be able to locate competitive products.
In preparing our Basic Information Package reports, we generally review
catalogs for the existence of similar products. In conducting such a spot-check for
“CASH ASTRO LENDER”, we did find the iTaxAdvance.com web site that
offers tax refund loans in an Internet web site form. The web site claims to provide
the users of this online financial service a loan within 1 hour. We also located the
"Money Mart Mobile App", which offers payday short term loans and other
financial services in a mobile app format. Please refer to the photocopy materials
that accompany this report for more information on these available mobile app and
online loan services solutions.
The existence of competition is not necessarily bad. In fact, competition is the
lifeblood of our free enterprise system and provides the stimulus needed to encourage
manufacturers and inventors to develop innovative and improved products.
Competition produces a succession of product attributes that may draw consumer
demand. Then several competitors will most likely soon offer the attribute until it
loses its advantage. This suggests that in order for a company to maintain its
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leadership in the innovation of new attributes, it must learn to offer product
innovations routinely. Competition can also lead to the lowering of prices, which
would be beneficial to purchasers. Competition can also foster the development of
new technology.
In addition, the fact that similar products exist may be an indication that they
are fulfilling existing needs. Unless the market is completely saturated, there may be
room for several similar items. The attempted introduction of another similar item
may meet competition. However, one advantage of being second or later into the
marketplace is that previous manufacturers may have already contributed significantly
to pre-selling the need for the product in question.
Benefits, Appeals, and Trends
Many factors influence the acceptance of a product in the marketplace. Two
of the major factors relate to the needs a product fulfills (the benefits) and a desire to
own that product (the appeal and/or a combination of these factors). Also important
are the trends pertaining to the invention. Within this section of our Information
Summary, we will consider the various benefits, appeals and trends which relate to
“CASH ASTRO LENDER”.
The economic crisis of the past few years has created a new breed of debtor.
These people have sometimes been dubbed “fallen angels”, people who used to pay
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their bills on time but lost their jobs or experienced other financial hardships that
made them fall behind in their payments.
For example, in the troubled Eurozone, we have seen grandparents fall behind
on their grocery cards, having lived their whole lives as reliable bill-payers. These
debtors behave differently, and they are challenging collectors to behave differently as
well. Before 2008, it took around 6 years for a seriously overdue consumer to get
back to good payment behavior. For the new breed of debtor, that time is more likely
to be 8 or 9 months. Why the difference? Because the new breed do not accept that
financial hardship is their fate.
They are highly motivated to “get good again,” and that starts with getting re-
employed. It is important to understand this improved motivational factor on behalf
of consumers affects the hardship procedures employed in collections. Some lenders
would charge off a debt at 6 months, but with this new breed of motivated consumer,
writing them off as a bad debtor means you will lose them as a customer. The
alternative? Hanging in there a little longer may be worth it when they get a new job
and can start repaying their debts.
However, the new breed of debtor can also be more difficult to work with.
Why? It doesn’t yet know how to be a debtor. It has never had to pay off a large,
overdue debt. Needless to say, it doesn’t want to get calls or letters from collections
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agencies, but rather than face the music, they may be even more inclined to ignore
collectors out of frustration or embarrassment.
This is why less-intrusive contact methods, such as using mobile
communications, as well as self-service online payment plans, are such a good idea.
Unlike the past generation of debt-savvy delinquents, these new debtors need a gentle
touch.
Further, banks aren’t the only firms that have to find new ways to deal with
this type of customer: insurance firms, telecommunications providers, retailers, and
even government agencies, to say nothing of the third-party collection agencies
servicing these debts, have to adapt and learn to communicate effectively with this
new species.
Essentially, creditors must get a customer’s attention before other creditors
vying for a piece of the debtor’s pay check enter the fray. In countries shaken by
financial crisis, even where consumer debt and delinquency levels are declining, many
consumers are still struggling to pay all their bills. In such an environment, using
every possible channel to connect with the customer is crucial. The ubiquity of
mobile phones offers a great opportunity for more effective collection practices. Many
people have their phones with them nearly round-the-clock, increasing the likelihood
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of contact. That is where the concept of the “CASH ASTRO LENDER” could
come in.
Consumers in debt and always looking for ways to cover the next bill due in
order to avoid even more late fees have long depended on payday loans to tide them
over until the next paycheck arrives. But there is also that once-a-year refund that
many consumers depend upon from the IRS. While Congress passed laws that
speeded up the refund process several years ago, that was done mostly at the expense
of the IRS, and the agency's inability to verify a consumer's W-2, tax return, 1099's,
etc. This led to higer levels of false tax return filings by identity theives scamming the
IRS out of hundreds of millions of dollars each year. Ultimately, something had to be
done, which resulted in the passing of the Path Act. The Path ACT requires the
IRS to withhold tax refunds for citizens claiming them on their tax returns who also
claim an earned income credit for having a dependent child and a low income
threshold. But why wait extra weeks for a taxpayer who is otherwise honest and
hardworking? With the proposed “CASH ASTRO LENDER”, a consumer
with immediate cash needs could apply for a short-term loan to have cash almost
immediately without having to endure the hardships that may otherwise be caused by
the mandated Path Act delays.
To make such a loan application process even easier, Mr. Govan suggests the
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“CASH ASTRO LENDER” as a mobile app approach to applying for a tax
refund loan. With the “CASH ASTRO LENDER”, there would be no manual
paperwork. Instead, the user could either fill-in the application entries with an
onscreen keyboard or even voice responses to application questions. To provide
identity verification, the consumer applying for a “CASH ASTRO LENDER”
short term loan could simply take pictures of his/her driver's license or state identity
card, W-2 or 1099 forms, paycheck stubs, etc. Such means of mobile device usage
could make the process of applying for an “CASH ASTRO LENDER” tax
refund loan simple and quick to perform.
The “CASH ASTRO LENDER” could aslo offer cash debit cards as the
means of providing liquidity to its customers, while also including a referral program
to steer the customer to tax preparation services, banks, or other financial institutions.
In this context Mr. Govan views the proposed “CASH ASTRO LENDER” as a
win-win solution for lenders and consumers alike.
In regard to the proposed “CASH ASTRO LENDER”, the following
information is a preliminary compilation of various secondary research sources that
have been gathered to reveal the general trends in the mobile software market.
Most analysts and commentators agree that 2014 was the year the use of
mobile devices reached a tipping point. With over 1 billion mobile smartphones in
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circulation, 2014 marked the first year that mobile Internet usage surpassed desktop
use in the U.S. This trend is expected to continue as users spend more time on
mobile apps than on the Web. Mobile traffic climbed to record levels last year, with
users checking their mobile devices an average of 150 times a day. Mobile commerce
grew dramatically, much faster than desktop e-commerce, and is projected to reach
$293 billion in the U.S. by 2018. And just as important, a growing number of
consumers are experiencing a " mobile mind shift" to an expectation of real-time,
location-driven, context-specific user experience and engagement.
This trend is evident in social media, where advertisers realize the potential to
be able to precisely target the specific needs of many different consumer market
niches. This is where the combination of user profiles and other personal
information garnered from mobile apps drive the big data analytics for targeted
advertising.
Businesses across various industries have altered their marketing focus from
traditional mass marketing to targeted marketing to increase response rates and drive
sales. Customers have control of their corporate relationships through social media,
and as a result, companies are now driven to find ways to enable customer
engagement on a customized basis. Consequently, social media has rapidly emerged
as an ideal marketing tool.
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Recent analysis from Frost & Sullivan, “From Mass Marketing to Social
Marketing”, finds that social media is helping businesses transform their
unidirectional marketing approach to a bi-directional customer engagement model.
Social media has become a viable targeted-marketing channel, enabling businesses to
gather customers’ self-reported personal information and use the data in personalized
campaigns and offers.
"Businesses are no longer satisfied with simply being present on popular social
media sites and are now striving to gain an edge through social media marketing,"
said Frost & Sullivan Contact Centers Industry Analyst Brendan Read. "Therefore,
they are evolving their social marketing focus from brand awareness to customer
engagement and lead generation. This is exemplified by the widespread use of hash-
tags and popular social site logos in every medium".
With the proliferation of social sites tailored to niche interests, customers
expect a high degree of content relevancy, authenticity, and quality from companies
that market to them. However, many firms do not budget adequate resources to
execute suitable social media marketing programs. Some attempt to cut corners by
limiting the number of sites they monitor and avoiding newer sites despite the evident
relevancy they may have to their customers.
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Although a business may successfully obtain a large user base and strong
social community activity, this does not necessarily translate to sales. Despite
establishing customer loyalty and satisfaction, these results cannot be directly
correlated to their social media investments. A resolution to this issue can be
addressed by connecting social media with the appropriate sales channels, which will
in turn allow businesses to define, bolster, and track return on investment.
"In addition, with social media presenting a large, fast-changing stream of
unstructured data, companies must employ analytics to pick up the most pertinent
posts that can be used to shape and refine marketing programs," advised Read. "As
short social conversations may not tell the entire story, analytics can be deployed to
source other relevant social and off-line data."
It is no surprise, then, that 2014 may also have been the year that consumer
concern about mobile privacy and data security finally caught up to consumers' wide
acceptance and use of the platform. For example, Uber's recent privacy debacle is but
the latest example of companies that came under intense consumer and regulatory
scrutiny in 2014 for their privacy failings. Last year also saw an extraordinary
number of data breaches, including the disclosure by JPMorgan Chase of an issue
that may have affected up to 76 million households and 7 million small businesses,
many of whom were mobile banking customers.
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The ink is barely dry on 2015 and data privacy and security have already
jumped to the forefront of our national conversation. In the last week of January
2015, President Obama announced two proposed federal data privacy and security
bills. The week before, FTC Chairwoman Edith Ramirez warned at the Consumer
Electronics Show of the privacy and data security risks of the Internet of Things.
Mobile's inexorable march---be it through apps or the IoT---will continue to demand
more and more attention from lawmakers and regulators as privacy and security
concerns grow.
Mobile Marketing Trends
With the consumer shift to mobile, marketers had to pivot to address the
challenges of a mobile space with disparate vendor technology and sub-optimal
cookies performance. Chief among the new technologies that mobile marketers have
adopted are cross-device tracking and geo-location tracking.
Cross-device tracking has grown increasingly more valuable to advertisers as
consumers switch from device to device to view content. The goal of cross-device
tracking is to identify all the devices a consumer uses---smartphone, tablet, laptop,
desktop---and retarget ads to that user as he or she moves from device to device. This
capability is important to advertisers because, unlike on desktops, cookies do not
work on the majority of mobile apps and platforms. Tracking consumers across
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devices is also integral to understanding how consumer behavior shifts across
platforms. For example, a consumer may initially view a product on a mobile device
and then purchase that product on a desktop computer. There are two types of cross-
device tracking: deterministic and probabilistic.
Deterministic cross-device tracking is very accurate, as it requires users to sign
into their websites and apps on every device they use (Facebook and Twitter are
examples). Probabilistic cross-device tracking, on the other hand, is much less
accurate and requires a very large set of data. The vast majority of companies rely on
this type of tracking, as most companies do not require users to log in to use their
website or app.
Geolocation platforms track user location data collected on mobile devices to
create user profiles and connect relevant advertisers to identified consumers. In the
past year, there has been a proliferation of location-based services (LBS) leveraging
geolocation tracking and data. Geolocation or location-based services provide
tremendous benefits to consumers in the form of navigation (e.g., GoogleMaps),
local search (e.g., Yelp), and check-in (e.g., Foursquare). Sixty-five percent of
businesses are projected to use LBS and geolocation tracking by 2016. But the same
principle that makes geolocation services so appealing, the ability to provide
consumers with real-time information tailored to their location, also raises significant
FRO-563 - 35 -
privacy concerns, as companies can collect and compile, without consumer
knowledge or consent, detailed records and consumer profiles on the places one
works, eats, and visits; the events consumers attend; the people one socializes with;
and more.
Mobile Payments
Mobile pay, also referred to as mobile money, mobile money transfer, and
mobile wallet, generally refers to payment services operated under financial
regulation and performed from or via a mobile device. While mobile pay is not new,
it has existed for over a decade, the industry saw a boom in publicity in 2014 as
Apple rolled out its new mobile payment service, Apple Pay, which allows for
payment with just the swipe of the wrist in conjunction with its Apple Watch. Other
mobile pay providers include Google Wallet, Softcard (formerly ISIS), Venmo, and
PayPal, among others. The mobile pay market is projected to reach 2 billion
transactions by the end of 2017.
Most current smartphone wallet apps with a tap-to-pay feature require a
phone with a near field communication (NFC) chip to work. NFC chips allow
customers to simply hold their mobile device in front of a scanner to make purchases.
The technology evolved from radio frequency identification (RFID) technology,
which is what enables devices such as security scan cards and E-ZPass tollbooths.
FRO-563 - 36 -
The benefit of NFC, however, is that it is limited to communication within 4 inches.
Many experts see this small radius as a major security benefit, which explains its
popularity as a secure alternative to credit cards. Both Apple Pay and Google Wallet
use NFC chip technology, and the technology is likely to become more commonplace
in the industry.
Mobile Data Privacy
A flurry of regulatory and legislative activity surrounded mobile privacy in
2014. The FTC continued to ramp up its efforts to monitor, regulate, and provide
best-practice guidance in the mobile app space. In keeping with its position that
geolocation data is sensitive information deserving a greater level of privacy
protection, the FTC pursued enforcement actions against Snapchat, Fandango, and
Credit Karma, among others, for failure to inform consumers that their geolocation
data would be collected and stored by the apps. These actions followed a number of
reports the FTC has issued in recent years on mobile privacy and data security,
including What's the Deal? An FTC Study on Mobile Shopping Apps (2014);
Protecting Consumer Privacy in an Era of Rapid Change (2012); Marketing Your
Mobile App: Get It Right from the Start (2013); Mobile App Developers: Start
with Security (2013); and Mobile Privacy Disclosures: Building Trust Through
Transparency (2013). Self-regulatory groups have also been active in the mobile
FRO-563 - 37 -
space, with the Digital Advertising Association (DAA) releasing self-regulatory
mobile guidelines.
The year 2014 also saw the introduction of a federal bill that would regulate
the tracking of geolocation data, Senate Bill 2171, the Location Privacy Protection
Act of 2014 (LPPA). This bill would, among other things, require consumer
consent before companies could track geolocation data and require companies
collecting the location data of 1,000 or more devices to post online the kinds of data
they collect, how they share and use it, and how people can opt out of data collection.
The FTC testified in favor of the LPPA before the Senate Judiciary Committee last
June.
Congress's growing focus on geolocation data was recently made evident in
2014 when the sponsor of the LPPA, Senator Al Franken, engaged in a very public
exchange with Uber CEO Michael Kalanick. Senator Franken wrote a letter to
Kalanick, requesting very specific information on the company's privacy policies and
practices. Uber responded to Franken's questions, but Franken was not satisfied with
Uber's response and stated that "[i]t still remains unclear how Uber defines
legitimate business purposes for accessing, retaining, and sharing customer data."
Senator Franken vowed to "continue pressing for answers to these questions."
Senator Franken similarly questioned the rideshare app Lyft about its privacy policies
FRO-563 - 38 -
and over allegations that Lyft executives accessed the trip log of at least one journalist
for no apparent business reason, without receiving consent.
Mobile Data Security
On the data security front, the FTC brought or settled seven enforcement
actions in 2014, including those involving Snapchat, HTC, and TRENDNet,
relevant to mobile and the IoT.
Snapchat, the developer of a popular photo messaging app, reached a
settlement with the FTC in 2014 over both data privacy and security allegations.
The FTC complaint alleged that Snapchat had deceived consumers about the
amount of personal data it collected and security measures taken to secure that data.
The data privacy allegations claimed that Snapchat misrepresented the ephemeral
nature of the Snapchat app, which Snapchat advertised would allow users to send
photos that "disappear forever" 10 seconds after they are received. The FTC alleged
many ways a user could save a photo message permanently, including by taking a
screenshot of the message, using third-party apps to circumvent the Snapchat timer,
and accessing unencrypted Snapchat video snaps in a location outside the app's
"sandbox." The data security allegations claimed that Snapchat failed to employ
"reasonable security measures" to protect personal information transmitted in its
"Find Friends" feature that made vulnerable 4.6 million user names and phone
FRO-563 - 39 -
numbers during a security breach. Under the terms of the settlement agreement,
Snapchat is prohibited from misrepresenting the extent to which it protects the
privacy, security, or confidentiality of users' information, and is required to implement
a comprehensive data privacy program that will be monitored by an independent
privacy professional for the next 20 years.
In 2014, mobile device manufacturer HTC settled charges brought by the
FTC that alleged the company failed to take reasonable steps to secure the software
it developed for its smartphones and tablet computers. Among other things, the
complaint alleged that HTC America failed to provide its engineering staff with
adequate security training, failed to review or test the software on its mobile devices
for potential security vulnerabilities, failed to follow well-known and commonly
accepted secure coding practices, and failed to establish a process for receiving and
addressing vulnerability reports from third parties. HTC settled these charges by
agreeing to establish a comprehensive data security program, undergo independent
security assessments for 20 years, and develop and release software patches to fix
security vulnerabilities found in millions of HTC devices.
TRENDnet, a company that markets video cameras designed to allow
consumers to monitor their homes remotely, reached a settlement with the FTC in
2014 over the first IoT complaint brought by the agency. The FTC alleged that
FRO-563 - 40 -
TRENDnet marketed its SecurView cameras as "secure," when, in fact, the cameras
had faulty software that left them open to online viewing---and possibly listening---by
anyone with the cameras' IP address. The complaint alleged that, from at least April
2011, TRENDnet failed to use "reasonable security to design and test its software,"
which included a setting for the cameras' password requirement. This led hundreds
of consumers' private camera feeds to be made public on the Internet in January
2012. Under TRENDnet's settlement with the FTC, the company is prohibited
from misrepresenting the security of its cameras or the security, privacy,
confidentiality, or integrity of the information that its cameras or other devices
transmit. It is also prohibited from misrepresenting the extent to which a consumer
can control the security of information its devices store.
In many ways, 2014 has set the stage for 2015 and beyond. Here are the
trends from 2014 that will be likely to continue into 2015, at least for the near term:
Mobile Back-End Cloud Services
By 2016, 40 percent of mobile application development projects will leverage
cloud backend services, causing development leaders to lose control of the pace and
path of cloud adoption within their enterprises, predicts Gartner, Inc. Cloud mobile
back-end services provide a specialized form of platform as a service (PaaS) to
support mobile application development. These cloud services---referred to by some
FRO-563 - 41 -
in the market as “mobile back-end as a service”--provide the back-end capabilities
commonly required by mobile applications, such as user management, storage, push
notifications, and social network integration. In addition, some cloud mobile back-
end services allow developers to deploy server-side code.
"Cloud mobile back-end services stand to become a key component of the
application development ecosystem," said Gordon Van Huizen, research director at
Gartner. "As a result, a given organization may begin using them without first
developing the requisite understanding of the issues and risks associated with
employing cloud services for application infrastructure. What's needed, then, is
something of a crash course in the fundamental concerns of deploying application
functionality in the cloud."
A primary goal of mobile back-end services is to make the use of cloud
capabilities, such as storage, as natural to the mobile application developer as
possible. The programmer develops mobile applications using familiar storage
programming mechanisms, and the cloud service acts as a black box that stores and
retrieves the data as necessary. But as the use of cloud services by mobile applications
grows, the challenge of governing the security and use of sensitive corporate data also
grows. Left ungoverned, this results in the hidden movement of potentially sensitive
data to the cloud, and the possibility of inadequate security. Governing such
FRO-563 - 42 -
interactions between mobile applications, enterprise systems, and the cloud may
require additional security and governance capabilities beyond those found in a
particular mobile application development platform (MADP).
"Governance technology can only be effective, though, if it is used," said Van
Huizen. "Clear policies must be established and communicated to developers prior to
the use of cloud mobile back-end services by applications that may access corporate
or customer data."
In addition, a significant amount of enterprise application development takes
place outside the scope of IT in the form of business unit application development,
end-user application development, and development outsourced by business units to
third parties. Historically, most mobile application development not performed by IT
has been outsourced. This is beginning to change with the emergence of visual app
builders and other forms of rapid mobile application development tools. With the
increased demand for mobile applications, non-IT developers will increasingly look
for ways to provide mobile applications that satisfy their business requirements, and
they will begin building their own mobile applications.
"This presents a risk much greater than in the past," said Van Huizen. "The
advent of more sophisticated rapid mobile application development environments, the
availability of cloud services and increased access to enterprise systems will expand
FRO-563 - 43 -
the potential for non-IT developers to build applications that commingle sensitive
corporate data with cloud-based services and storage. It is, therefore, necessary to
extend awareness of the issues to the broader organization, as well as the
organization's policies for cloud services, so that mobile applications built outside IT
are subject to the same oversight and governance as those built within IT."
More Highly Targeted Location-Based Ads
Advertisers' increased use of cross-device tracking and geolocation tracking
will allow mobile advertisers to create more highly targeted and highly personalized
campaigns and deliver them to consumers across all forms of technology. Facebook
will be a platform to watch, as the largest social media company made changes to its
terms of service at the beginning of this year concerning the tracking and collection of
the geolocation data of its users. The purpose of this change is twofold: (1) to deliver
more targeted advertisements to users, and (2) to allow for its new, optional Nearby
Friends feature, which notifies in real time users of friends who are in the vicinity of
the user. Facebook will use this capability to send targeted ads to consumers on
mobile devices more than ever before.
Mobile Pay's Increased Growth and Security Focus
The mobile pay ecosystem is expected to grow in popularity in 2015, as
consumers grow to trust the technology. Building on the success of major tech giants
FRO-563 - 44 -
like Google and Apple, banks are also expected to launch their own mobile wallets.
As the industry grows, experts predict that targeted attacks on mobile payment
technologies can be expected.
Data Security
Speaking of which, data security will be a key concern for mobile app
developers and marketers. As the number of mobile device users continues to
increase unabatedly, there is a significant risk that millions of mobile users' personal
information could be exposed to potential data breaches. This is of particular
concern with respect to personal banking and health and financial platforms that are
becoming increasingly mobile. Many experts highlight the security concerns with
mobile payments and personal health information as these platforms become more
popular. Emerging mobile payment methods like Apple Pay and others have
incorporated various innovative security features in their use of NFC technology.
Among other things, the credit card number, even in encrypted form, is not stored on
the iPhone or on Apple's servers, nor is any credit card data transmitted to the
merchant or stored on the merchant's servers. Rather, a token is used in its place that
has no intrinsic value and would be useless to hackers. In general, mobile app
developers will now more than ever need to be more vigilant to build in from the
beginning reasonable data security measures tailored to the type of consumer
FRO-563 - 45 -
information they are collecting and storing and ensure compliance with relevant rules
and regulations when dealing with financial, health, and other sensitive information.
Individuals and IT departments will also likely become increasingly proactive in
mobile data security. As a result, we should see areas like enterprise mobile
management, mobile malware detection, mobile data security apps, and mobile app
auditing become more prevalent in this space.
Continued and Increased FTC Privacy by Design Scrutiny
The FTC has brought 50 data security actions in the past decade. With that
track record, and consumers and marketers increasingly flocking to mobile, the
FTC's attention to mobile apps is certain to grow in 2015, especially with the
proliferation of the IoT and wearables. In her opening remarks at the Consumer
Electronics Show on January 6, 2015, FTC Chair Edith Ramirez identified the
three main areas of concern that the IoT presents: (1) ubiquitous data collection, (2)
unexpected uses of consumer data, and (3) increased data security risks. In response
to these risks, Ramirez outlined three key steps that companies should take to
enhance consumer privacy and security in IoT devices: (1) adopt "security by
design," (2) engage in data minimization, and (3) increase transparency and provide
consumers with notice and choice for unexpected data uses.
FRO-563 - 46 -
The FTC's IoT privacy and security concerns mirror the agency's stance on
mobile privacy generally and specifically when it comes to companies that do not
heed its advice (i.e., Snapchat). For emerging tech companies leveraging mobile apps
for consumers, the FTC will have little patience with privacy missteps this year after
sending clear signals in several settlements in 2014 that mobile developers and
marketers need to take privacy seriously. The FTC may send a similar message this
year to IoT developers in the form of enforcement actions.
Market Targets
One of the most important factors to consider in the new product development
process is the size of the potential market. For purposes of this report, a "market" is
defined as the "set of potential purchasers" of a new product. While few products
have universal appeal, it is possible to generally define a broad market to give an
indication of its size. Since most products are targeted to specific groups of
consumers with specialized interests, it is often possible to segment the market into
submarkets. Each submarket differs in its requirements, buying habits, or other
critical characteristics.
It is not our intention in this section to imply that all or even any of the
markets identified would represent actual purchasers of “CASH ASTRO
LENDER”. Our purpose is simply to identify those groups which we view as being
FRO-563 - 47 -
appropriate potential market targets for the invention in the event that it is
manufactured and marketed.
The Primary Market would consist of mobile device users. According to the
market research firm comScore, for the 3-month average period ending in March
2012, there were 234 million Americans age 13 and older who used mobile devices.
comScore's study surveyed more than 30,000 U.S. mobile subscribers and found
Samsung to be the top handset manufacturer overall with 26.0 percent market share.
Google Android continued to grow its share in the U.S. smartphone market,
accounting for 51 percent of smartphone subscribers, while Apple captured more
than 30 percent.
More than 106 million people in the U.S. owned smartphones during the
three months ending in March 2012, up 9 percent versus December 2011. Google
Android ranked as the top smartphone platform with 51 percent market share (up
3.7 percentage points). Apple’s share of the smartphone market increased 1.1
percentage points to 30.7 percent. RIM ranked third with 12.3 percent share,
followed by Microsoft (3.9 percent) and Symbian (1.4 percent).
In March 2012, 74.3 percent of U.S. mobile subscribers used text messaging
on their mobile device. Downloaded applications were used by 50 percent of
subscribers (up 2.4 percentage points), while browsers were used by 49.3 percent
FRO-563 - 48 -
(up 1.8 percentage points). Accessing of social networking sites or blogs increased
0.8 percentage points to 36.1 percent of mobile subscribers. Game-playing was done
by 32.6 percent of the mobile audience (up 1.2 percentage points), while 25.3
percent listened to music on their phones (up 1.5 percentage points).
The Secondary Market would consist of a portion of this nation's 74,773 tax
preparation services, 24,956 check cashing services, 105,271 banks, 9,271 savings
and loan associations, and 1,619 credit card companies.
The Tertiary Market would consist of the international market.
Many products today enjoy worldwide distribution. The interdependence of
nations, growing import and export trade, and expanding common markets have all
tended to draw our world closer together in both buying habits and product
utilizations.
According to the International Trade Administration, U.S. exports of goods
and services for 2015 were $754.2 billion, which was a 2.3 percent decrease from
2014. More than 304,000 U.S. companies exported goods in 2015. Nearly 98
percent of these companies were small- or medium-sized enterprises (SMEs) with
fewer than 500 employees. One of the most popular export destinations for SMEs
is Canada, with more than 90,000 registered export sales. Additionally, 21,000
SMEs exported to South Korea, more than 14,000 exported to Columbia, and
FRO-563 - 49 -
about 93,000 exported good to the European Union. The following export product
groups represent the highest dollar value in American global shipments during 2015:
machines, engines, pumps ($205.8 billion); electronic equipment ($169.8 billion);
aircraft, spacecraft ($131.1 billion); vehicles ($127.1 billion); oil (106.1 billion);
medical, technical equipment ($83.4 billion); plastics ($60.3 billion); gems,
precious metals, coins ($58.7 billion); pharmaceuticals ($47.3 billion); and organic
chemicals ($38.8 billion).
Distribution Channels
Once the potential market targets for a new product have been identified,
consideration should be given to identifying the types of outlets where the product
could potentially be distributed to those market targets. In this section, we will
identify potential channels of distribution for “CASH ASTRO LENDER”.
However, there is absolutely no way that anyone can project with any accuracy the
number of distribution outlets which might actually handle any given product.
In obtaining the number of outlets for a particular distribution channel, we
utilize information from the Economic Census conducted by the Census Bureau, an
agency within the U.S. Department of Commerce, as our primary source.
The following channels represent a potential number of online app store
outlets where the proposed “CASH ASTRO LENDER” could be distributed to
FRO-563 - 50 -
the primary market. It is important to note that due to the extreme dynamics of the
online mobile app distribution environment, the aggregate number of app stores is in
a continual state of change.
Mobile App Distribution Operating System - Native Platforms
Name
Owner
Available Apps
Device Platform
Allows Individual Developers to Publish
Developer's Cut Per Sale
Amazon Appstore
Amazon.com 330,000 March, 2015
Fire OS, Android
Yes 70%
App Store
Apple
1,400,000 Jan, 2015
iOS
Yes
56% to 71% Varies by Country
Blackberry World
Blackberry 223,601 Oct, 2013
Blackberry Yes 70%
Google Play Google 1,500,000 Sept, 2014
Android Yes 70%
Firefox Marketplace
Mozilla Foundation
5,957 March, 2014
Firefox OS Android Windows
Yes
Unknown
Unbuntu App Store
Canonical 2,650+ Dec, 2015
Unbuntu Touch
Yes Unknown
Windows Phone Store
Microsoft 400,000+ March, 2015
Windows Phone
Yes 70%
Windows Store
Microsoft 699,000+ Sept, 2015
Windows Yes, with restriction
70%. If over $25K Sales 80%
Source:
https://en.wikipedia.org/wiki/List_of_mobile_software_distribution_platforms
FRO-563 - 51 -
Other Device Manufacturer App Stores: - 6 Chinese App Stores: - 13 Android App Stores: - 17 Other App Stores: - 46 ___________________________________________________ Source: http://www.businessofapps.com/the-ultimate-app-store-list/
FRO-563 - 52 -
PROMOTIONAL CONSIDERATIONS
Marketing a product involves more than development, pricing, and
accessibility to the targeted markets. Any company attempting to market a new
product is inevitably cast in the role of promoter. Potential customers must know that
a new product exists, what its advantages are, and where it can be purchased.
InventHelp is not the manufacturer or marketer. Many marketing
organizations maintain in-house promotional staffs, while others purchase outside
services from advertising agencies and public relations firms. In this Basic
Information Package report, InventHelp will suggest some means of promotion that
could be considered by a potentially interested manufacturer or marketing
organization.
Advertising
One of the most widely used methods of promoting sales of a new product is
advertising. Advertising can take many forms and involve varied media, including
television, radio, magazines, newspapers, and outdoor displays. In general,
advertising is a pervasive mode of communication which permits the advertiser to
repeat a message many times.
FRO-563 - 53 -
An advertising posture for “CASH ASTRO LENDER” might involve the
use of television, newspapers, and magazines (print and online consumer and trade
publications).
A television advertisement of “CASH ASTRO LENDER” could be
effective in reaching a large segment of the potential market. It would also be an
appropriate medium to demonstrate the product's unique features.
Some consumer magazines to consider for the placement of advertising for
“CASH ASTRO LENDER” include Wired (www.wired.com), Mobile
Magazine (www.mobilemag.com), Engadget, (www.engadget.com), Zinio,
(www.zinio.com), and mashable.com (online only).
Business (trade) publications to consider might include SD Times
(www.sdtimes.com), Smashing Magazine (www.smashingmagazine.com), Dr.
Dobb's Journal (www.drdobbs.com), Developer.* Magazine
(www.developerdotstar.com), Methods & Tools (www.methodsandtools.com), and
.Net Magazine (www.netmagazine.com).
Also of interest could be the more traditional trade print publications such as
Baking Management, Modern Baking, Snack Food & Wholesale Bakery, and
Baking & Snack, as well as Retail Info Systems News, Retailing Today, Retailer
News, and Visual Merchandising and Store Design.
FRO-563 - 54 -
In addition, advertising in trade magazines oriented to import/export activities
(such as Exporter, World Trade, and Commercial News USA) might be utilized.
Consideration might also be given to placing advertisements in selected local
and regional newspapers. Advertising in newspapers such as USA Today and
newspaper-distributed Sunday magazines such as Parade and USA Weekend would
offer national exposure.
Publicity
A company and its products can come to the attention of consumers by being
newsworthy. This type of promotion lends higher credibility than promotion which
comes from a product's seller. In addition, publicity can reach some potential buyers
who otherwise avoid sales professionals and advertisements.
Although a new product could attract the attention of the press on its own
newsworthiness, those entrusted with marketing “CASH ASTRO LENDER”
could produce press releases to facilitate coverage in newspapers, in magazines, on
television or radio news, or online. Any news stories that result from this type of
promotion may attract far more attention than a paid advertisement covering the same
amount of space or airtime.
FRO-563 - 55 -
Special Promotional Programs
In addition to the modes of promotion already suggested, a manufacturer or
marketer may elect to promote a new product by displaying it at trade shows.
Specifically, “CASH ASTRO LENDER” could be displayed at electronics
shows and new product trade shows.
FRO-563 - 56 -
SUMMARY
InventHelp® performs its services in two stages. In the first stage, we begin
the packaging of your idea, invention, or product by assembling basic information
about “CASH ASTRO LENDER” in a professional and attractive form. This
report completes our Basic Information Package service to you.
You now have several alternatives to consider. One option would be to stop at
this stage and do nothing further with “CASH ASTRO LENDER”. However,
you would not be taking any steps to attempt to gain interest in your idea.
Another option would be to use your report to try to stimulate interest in or as
a basis to further promote or develop “CASH ASTRO LENDER”. While
having information about your idea in an organized report is helpful, we find that
most inventors who approach us recognize that they do not have the time, expertise,
or inclination to work on their ideas on their own.
A third option would be for you to move on to the second stage of submitting
“CASH ASTRO LENDER” to industry through InventHelp®. If you purchase
InventHelp’s Submission Services, we can attempt to submit your idea to industry in
the hope of obtaining a good faith review. We believe the submission of a new
product idea to industry is best performed by an experienced company, and this is
the role that InventHelp® can perform for you.
FRO-563 - 57 -
How InventHelp® can assist you further:
• Professional Presentation: We are an experienced company that will
create a professional presentation for your invention based on the information you
provide to us. Information from your Basic Information Package will be used as a
reference tool in the final packaging of “CASH ASTRO LENDER” for
submission to industry during this phase of our services.
• Patent Application: If you are interested in filing a patent
application with the United States Patent and Trademark Office and you do not
want to locate a patent attorney on your own, you may request that InventHelp®
refer you to a patent attorney to whom we refer our clients’ patent work. Because
of the volume of work that we refer to patent attorneys, they are able to offer these
patent services to our clients at a low cost and a flat fee.
• Submission to Companies: InventHelp® has many unique
approaches in trying to submit our clients’ ideas to industry. These include the use
of the InventHelp® Data Bank and other industry databases, our INPEX®
Invention Trade Show, publicity efforts, virtual invention presentations and other
creative methods.
• Licensing: Our sister company, Intromark, Inc., is a licensing
company that employs a number of licensing representatives. If a company
expresses substantial interest in a client’s invention, then an Intromark
FRO-563 - 58 -
representative will follow up with the company to attempt to license the invention on
the inventor’s behalf.
Whichever option you choose, your Basic Information Package will serve as a
convenient reference tool for your invention. Thank you for selecting InventHelp®
to provide this service for you. We hope you are satisfied with our work and will now
proceed to our second stage, the InventHelp® Submission Service. If you are
interested in having our company submit your idea to industry, we suggest you
consider the following InventHelp® services:
• Submission Agreement • Virtual Invention Browsing Experience (VIBE) • Prototype Model • INPEX Booth • Patent Application Services based upon your patent attorney’s recommendation We look forward to working with you in submitting “CASH ASTRO LENDER” to industry.
FRO-563 - 59 -
BIBLIOGRAPHY
Statistical Abstract of the United States: 2012 (131th Edition). U.S. Department of Commerce, Economics and Statistics Administration, U.S. Census Bureau, 2011. Statistical Abstract of the United States: 2011 (130th Edition). U.S. Department of Commerce, Economics and Statistics Administration, U.S. Census Bureau, January 2011. Statistical Abstract of the United States: 2010 (129th Edition). U.S. Department of Commerce, Economics and Statistics Administration, U.S. Census Bureau, 2009. "Flagship CEA Study Reveals Ownership of Smartphones Surpasses Basic Cell Phones for the First Time," Consumer Electronics Association Press Release, May 1, 2014. http://www.ce.org. "Nearly 8 in 10 Americans Have Access to High-Speed Internet," States News Service, November 13, 2014. "Parks Associates Issues New Research on Apps, IoT, Cloud Media, Security & Energy Management," Wireless News, January 19, 2015. "Koeppel Direct Takes a Look at the Millennial Generation and Its Media Usage in the U.S.," Wireless News, October 19, 2014. "OpenLogic: Code Scan Shows Open Source License Compliance Among Mobile Apps. Entertainment Close-up, August 29, 2012. "OpenLogic Releases Survey: Heavy Open Source Usage in Mobile Apps," Wireless News, September 21, 2010. "Welcome to the Android Open Source Project!" http://source.android.com. "40% of Mobile Application Development Projects to Leverage Cloud Mobile Back-End Services by 2016 According to Gartner," SAN/LAN, April 1, 2013.
FRO-563 - 60 -
"United States : Social Media Has Evolved into an Essential Mainstream Marketing Tool, Finds Frost & Sullivan," Mena Report, June 27, 2014. http://en.wikipedia.org. "API Aggregation: Why It Matters And Eight Different Models," Programmable Web: News, Mashups, API Management, December 13, 2013. "HubSpot API Overview," http://developers.hubspot.com. "Gartner Says Mobility is Reshaping Consumer Gadget Spending and Behavior," Gartner Newsroom, Press Release, March 14, 2013. "Programmer Picks: 6 Tools For Rapid Mobile Development No-Code, Low-Code, And Cloud-Based Offerings Give Developers Even More Options For Rapid Prototyping And Deployment Of Mobile Apps," InfoWorld, January 3, 2013. http://en.wikipedia.org. "2014 Mobile Privacy and Security Trends and What to Look for in 2015," Mondaq Business Briefing, February 2, 2015. http://www.businessofapps.com. "How Mobile Technologies Are Changing Debt Collection And Transforming Businesses, IT Portal," December 17, 2013. http://www.itproportal.com. https://www.irs.gov.
A Word about Statistics
In preparing your Basic Information Package report, we utilize
secondary market research, especially that provided by the Census
Bureau, U.S. Department of Commerce. We attempt to supplement
governmental data with more specialized information available from trade
associations and their publications, magazine articles, or other sources.
Generally, the governmental data is two or more years old at the time of
its release by the government. Information from censuses conducted by
the government every five years cannot be updated until these censuses
are taken again and the new statistics are compiled and released.
Data obtained from trade associations is generally more current.
In some cases, InventHelp® has included older sources because of the
detail provided. InventHelp® will use the source and supplement it with
more current information.
