GENERAL QUESTIONS/
FAQs:
What is EZP and how
does it work?
EZP stands for easy parking and is
an electronic parking ticket collection system. Like EZ-Pass, drivers establish
an account, prepay tickets and attach a small electronic sensor to their vehicle.
Tickets are automatically deducted from the prepaid account as an EZP customer
uses parking spots. The sensor gets activated with the help of GPS/satellite
signals and sensors at muni meters once the car is parked. The sensor gets
deactivated and sends the charges to the account when the car leaves the
parking spot.
Note: customers are responsible for following traffic and parking rules and
regulations around the time limit for different parking spots.
What is the problem
that EZP intends to address?
The inconvenience involved in
parking a car. Parking is an ordeal and involves multiple steps such as
figuring out if the spot is legal to park at (it usually means getting out of
the car and finding the sign to read), physically walking to a muni meter to
get a ticket, going back to the car to leave the ticket in the window,
repeating the process to extend duration of the ticket if desired, etc. Our
purpose is to provide a seamless solution for this task which doesn’t require
many or any actions from the customer.
What are some of the
utilities and benefits of EZP?
EZP has a number of benefits
listed below…
·
Provides Convenience
o
Saves customers the inconvenience of going to a
meter, getting a physical ticket, leaving it in the car (remembering to leave it
in the car), etc., especially when the weather is not cooperative and if people
are in a rush which is the case most of the time in NYC.
o
Provides information about available parking
spots in the area through the mobile app.
o
Doesn’t require the customer to pay for a
certain amount of time and then have to increase/ reset if the customer wishes
to use the spot for longer. It charges the customer account for whatever amount
of time they are parked in the spot.
·
Adds clarity
and transparency into parking rules and regulations
o
Tells the customer if it is allowed or not to
park in the spot at which they intend to park.
o
Provides other specific rules that apply around
parking in the spot such as hours and or days of the week it is legal to park
there. Most of the time traffic signs are hidden behind trees, polls, etc. so
this will help customers avoid mistakes such as miss seeing the sign.
·
Saves
trees
o
Helps save the environment by eliminating the
need for physical paper parking tickets.
Why should this
product be produced now?
We believe there is a need for
this product now for the following reasons:
·
Way of living in today’s world is about
convenience and efficiency. It is a trend to pay for efficiency and convenience
so customer will be willing to buy this product.
·
We have the technology.
·
It is environmentally friendly which are the
types of solutions more and more people prefer in today’s world and society.
*What is the market size for this product?
Based on our research, the total
addressable market (TAM) for our product is 1.94 million which is the number of
registered cars in NYC (Source: DMV data_2012). The segmented addressable
market (SAM) is 81,875 which is parking spots available in NYC (Source:
streetblog.org) Our share of the market is estimated at 40% with the two of our
competitors (Pay by Phone and PanGo) having 20% each. The remaining 20% of the
market is assumed to be the people who will not use these parking services.
*What are some of the EZP competitors and EZP’s competitive
advantages?
The two companies we consider to be EZP’s competitors are
PanGo and Pay by phone.
What is the
recommended business model for EZP?
The recommended business model for
EZP is the Open Business Model because it enables collaboration with outside
partners. We will be creating and capturing value systematically with outside
partners by working with third party vendors such as an engineering firm to
integrate the existing Muni meters with EZP, software development firm to build
the app, and government to gain approval for the required system and
integrations. EZP will be making revenue from the investments of the advanced
or prepaid money their customers provide.
*What are some of the risk and how do you plan on
avoiding/minimizing them?
Who is the EZP team?
Founders and Management:
·
Anthony Ciaffone (……….)
·
Derrik Narayanajaya (……….)
·
Jerry Cifarelli (……….)
·
Masood Rahman (……….)
·
Palwasha Siddiqi (Marketing and advertising
Advisor)
·
Robert Santos (Strategy
Board of Directors/Advisors:
·
NYC Mayor
·
Department of Transportation
·
EPA
What are EPZ’s
financials and ask from the inv estors?
We are requesting $1MM for 20%
stake in business – evaluation of $5MM. We will be allocating the funding as
follows:
|
Value
|
20%
Ask
|
|
500000
|
100000
|
|
Allocation
|
||
|
Marketing
|
R&D
|
Growth/Infrastructure
|
|
200000
|
200000
|
600000
|
*Needs
more work
