According to the CDC: “each year, 1 in 6 Americans gets sick by consuming contaminated foods or beverages”, largely due to consuming badly stored food. Fresh Strips can improve food safety.
Our product is a simple plastic sticker that gets attached to food packaging. Whenever the food is exposed to excessive heat the Fresh Strip changes color irreversibly indicating the food is no longer edible. Our solution can guarantee consumers are aware of the safety of the product and ensure the safety of the food from production to consumption.
Our main competitors are 3M, BASF and Avery Dennison. However while 3M’s product costs approximately $1.65/item, ours is estimated to cost below €0.05. Another significant advantage of our technology platform can be modi ed to measure other mitigating factors to food quality such as humidity, PH, etc.
We sell our product directly to our clients (B2B). We generate revenue either by licensing our technology to food packaging companies or by selling our product to food producers (graphics business mod- el). We pay 0.01€/item for materials, 0.01€/item for production costs and make up to 0.03€/item of pro t.
Our value proposition for our clients are risk reduction of food poisoning, reduction in cold chain management costs, improved consumer engagement and brand awareness for environmental consciousness.
Fresh Strips is active in the smart packaging market that is currently estimated at $10.8bn (projected CAGR=7.5%). The market that we are serving is the food industry (pack- agers and producers). The global packaged food market is estimated at $2.43 trillion (CAGR=4.5%). In 2014, the Greek food and beverage industry achieved sales of €11.3bn.
Our vision is to attach Fresh Strips on meat, sh, dairy and frozen food packaging and expand into the medical market (vaccines, insulin vials and oxytocin). Finally, we want to create a ‘universal safety sensor’ by measuring all mitigating factors for food or medicine and combine it with QR tech in order to provide more information to consumers.