Ownedby

Financial benefit remains the primary driver behind crime incidents (those targeted at appliances & devices). A benefit realised through the ability to sell an item to a consumer who has no means to know if its indeed being sold by the owner, and whether its not linked to a reported crime incident. We live in a world where we can Google it, Uber around, Shazam almost any song; we should be able to check who it’s owned by. 

Behavioural change is key behind disabling the financial incentive of crime incidents. Both consumers and perpetrators can still claim "I didn't know it was stolen" when these items trade within the secondhand goods market. Through Ownedby, buyers can communicate directly with the owner, and owners notified if the unique ID of their item appears in a search.

Majority of crime incidents locally are targeted at an appliance or device, this is based on approximately 1,3m of the 2,07m reported crime incidents in South Africa, a situation that is not significantly different when compared to the rest of the continent. Each of these affecting a human life. The secondhand market is an open ended ecosystem that enables the ease of trade of any item, mostly via the internet through online classifieds such as OLX, Gumtree, Facebook Marketplace. In surveying this market we found the following key observations:

Owners: Primary victims of crime incidents, living in communities where the crime industry continues to thrive
Financial Services: Household insurance does not have detailed knowledge of what is insured, they ask customers to provide an estimate of the value of goods to be insured, which is how insurance fraud occurs with ease
Secondhand Market: Most transactions occur through consumers who have no means of knowing more about the items they seek to buy.
Law Enforcement: Incomplete information provided by victims when reporting crime incidents, such as the identity of items stolen, means local law enforcement have no means of matching items found during investigations to reported cases.

Owners: Will be able to create unique digital profiles for their appliances and devices, link these to themselves, and assigning statuses (Digitags). All such statuses will be published with every search done on a unique identity of an item, as assigned by the owner, freely accessible for search by anyone trying to buy or sell
Financial Service Providers: Household and business insurers will know what they insure in detail, enabling them to evaluate how much of their book is under or over insured. Improving their efforts against fraudulent claims. Ownedby serves as a gateway into the secondhand goods market, enabling products such as insurance offerings, tailored personal loans to enable the buying of much needed items (e.g. an SME needing a secondhand laptop or cellphone). Transactions within this market are not over the counter, thus which is the challenge. 
Secondhand Market: Better information for buying and selling decisions
Law Enforcement: Ability to identify items linked to reported cases, making for better policing

We have been approved for access to the database of unique identities of devices with IMEI numbers globally. We are presently working on manufacturers of appliances so we can access their databases of appliances.

The secondhand goods market makes its challenging for providers of financial services to reach its consumers. The buying and selling of items occurs outside of the traditional over the counter point of sales (typical of first hand purchases). Our search engine gives online presence to appliances and devices, through which such products can be offered, directly to owners. Even when these items exchange hands further, financial services offerings can follow the appliance from owner to owner, serving as a tool for new business and retaining existing.

Find-My-Samsung/iPhone: Enable users Android and iOS devices to locate devices based on the GPS location alternatively the location of the Wifi signal. If the GPS locator is disabled or the user wipes the device, these do not work. 

Ownedby relies on the appliance or devices unique identity and online presence. Currently if you dial *#06# on any cellphone, and then search for that unique ID on Google, the search results return empty. The ability to check this on every transaction informs consumers within the secondhand market, who buy from strangers selling items with no proof of ownership.

This current behavioural trend is what enables the ease of sale of any and all items regardless of whether its by the owner, nor whether its linked to a crime incident.

GSMA is the global point of registry for all devices with a SIM slot, assigning a unique IMEI number to each device, which enables connection to cellphone networks. This is currently available to select users (mainly cellphone network providers). As Ownedby, we have changed the use case of this data, enhancing it by linking it to owners, and using this as a basis of digital identity of what is otherwise hardware (home, office or portable).They have approved our use case, which is the basis we are using in onboarding manufacturers of appliances. 

Our vision is to give every device (new and old) online identity that is searchable by anyone. We prioritise the protection of owner personal information, but publish each status assigned to each. Through this, owners can let the world know whether they are willing sellers or whether the items are linked to reported crime incidents. 

Ownedby acts as a unique gateway into the secondhand market, giving partners the opportunity to follow and reach a targeted appliance or device, ensuring financial services products can reach consumers within this market.

Local crime statistics show the continuous growth of the crime industry, although interventions such as law enforcement, private security services, alarm and camera monitoring systems. Regardless of the economic drivers that lead a perpetrator to commit a crime, a human life is always affected. The common objective behind each incident is financial benefit. Such is realised through the sale of such items, such sales occur through (1) online classified platforms, (2) secondhand pawnshops, (3) regular man-to-man street sales. Based on interviews with local law enforcement officers, a significant majority of reported incidents do not have a record of identity for the items lost/stolen. This creates an inherent limitation to investigation efforts. When visiting online classified platforms such as Facebook Marketplace, OLX and Gumtree, ads posted for devices such as iPhones with locked iCloud accounts are easily found. Also advertised on such platforms are service offerings to jailbreak such locked iCloud (iOS) and Google accounts (Android) for a minimal fee. 

We have monitored the impact of driving behavioural change through the interventions introduced by Discovery Insure, who introduced the first app platform that monitors a drivers driving habits (e.g. speeding, harsh breaking) in order to reduce claims related to accidents.Focusing on understanding the driving habits of consumers enabled them to better understand the risk they insure. 

We believe that behavioural change is key in addressing societal problems. 

Our solution is a digital solution that can reach the West African economy. Similar to our roll out strategy locally (in South Africa), we prioritise targeting communities most affected by crime related incidents (the type targeted at appliances and devices). This is done through a variety of channels, including social media campaigns, community based activations, and reaching the masses through community based radio stations.

Informal sector workers work hard to be able to provide for their families, such provision includes appliances and devices needed for everyday life. Such items are also needed to better execute their work and or businesses. 

It is for this very reason that the value of these items exceeds the price paid for acquiring these items. Informal sector workers also deserve to consume within the secondhand market without fear of participating in the buying and selling of what could be stolen goods.

West Africa based financial services providers, can thus use Ownedby, as a channel to reach such consumers within the secondhand goods market.

Our platform entails a web and app based interface, that enables user to interact with and through their verified and linked appliances and devices. Both interfaces have been designed with the consumer in mind, focused on optimising their user journey. 

We prioritise the integrity and protection of user data, thus have incorporated best tools and development practices. Once both user (i.e. owner) and the appliance or device are registered and verified, these are linked permanently. The only mechanism for breaking this link, is a change in ownership, authorised by the owner through a simple OTP verification system adopted. 

Our system enables any and all financial services products offered to our users, to be tailored based on the items they own (condition and age), to ensure that our users, receive the best offerings through our channel. This does away with the old calling approach used to sell products to clients. This approach lacks relies on guesstimates of value of items to insured, to be provided by potential insurers. We provide insight to what is owned by a client, and ensure that both client (our user) and financial services provider can follow the virtual footprint of owned and insured items.

Our solution APIs are available for integration with strategic partners, such as financial services providers and cellphone network providers. Locally we are in discussion with FNB and Discovery Insure, to integrate our API into their app and web platforms, so they can better understand what they insure, and also to access potential clients who buy and sell secondhand items daily. We also enable consumers in the secondhand market to do QuickChecks on our platform, using the specific and unique identity of appliances and devices, which reveals specific information about the item, and the status as assigned by the owner. This search activates notifications directed at the owner, and a chat gateway between the owner and the consumer seeking ownership confirmation.

Our platform requires basic literacy with respect to capturing their personal information, and the unique identity of their items. We subsequently verify captures information against existing databases (such as Home Affairs etc).Our platform is not a social networking platform with daily chats that require constant connectivity. Our notifications to owners are sent only when their items appear on a QuickCheck elsewhere, and our chat gateway between a buyer and ideally the seller/owner is activated when the unique identity of their linked appliance or device appears on a QuickCheck.

We have developed a working prototype that has been distributed to closed testing only. 

Registered users target - Our user target, to be reached by the end of the first 12 months, is 50,000 users with an average of 4x appliances and devices verified and linked to their profiles. We plan to expand this to a user base of 500,000 registered users with an average of 4x appliances and devices verified and linked to their profiles. 

Depth of Database - Appliances and devices vary across manufacturers and product types, thus we have been international in growing our database of appliances and devices, to enable verification of user inputs when users search for their items, to claim ownership. 

By year 5, we plan to accompany each sale made within the secondhand market by enabling consumers (Ownedby registered users and visitors) to check for the digits assigned by owners to items they wish to buy. The ease of use of our platform compliments the existing user journey followed by a consumer seeking a secondhand item. 

Our goal is to drive behavioural change within the secondhand goods market. By giving digital identity to appliances and devices that is linked to and controlled by owners.

Through Ownedby, owners will have a voice that reaches beyond their geographical limitations. Secondhand goods are sold mainly through 3 channels, online classifieds, pawn shops and ma-to-man sales. Consumers within this market can authenticate each purchase made. 

Our primary goal for the first 12 months is growing our database of appliances and devices (new and old). To achieve this, we have approached manufacturers and distributors, including GSMA who have approved our use case to use their database of unique IMEI's which identify each and every device that uses a SIM card. On our soft launch, users will be able to search and find the digital identity of their devices and claim ownership and assign statuses (digitags) to each item.

We have already started discussions with insurers, showcasing our value proposition. We believe from Yr 2 to 3, these are partnerships we can conclude. This enabling sharing and integration of our API's affording us the opportunity to prove our targeted impact, by providing better data insights as to the risk insured, and being a gateway into the secondhand market

We require financial backing to cover related costs of sustained operations, such as fees related to the use of the GSMA database. Building out some of the technical features requires development labour hours. 

Establishing partnerships with manufacturers at pre-launch phase is challenging, but we have managed to establish communication lines.

Capital raising through opportunities such as this, affords us the opportunity to continue developing. Our market adoption strategy does have financial requirements as our efforts are aimed at community level impact. 

We have sourced some of the required seed funding to reach this stage of our project. We continue to do so whilst bettering our product offering and establish market awareness and adoption.

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4 people in total

Our team is diverse, in backgrounds, experience and skillsets. Below is the current team profile:

Philasande Bongo – Founder and Team Lead, in charge of innovation, business and product development, and partnerships. With more than 12 years prior experience within financial services (Debt and equity structuring, capital raising) and business development focused on the South African SME sector.

Marthinus (Marno) Rautenbach - Responsible for platform development. A qualified developer with 7 years experience (JavaScript, Oracle Fusion, Flutter, .NET Core, Google-Firebase, Python, PHP, ). Currently working part-time

Busisiwe Tsiki -  Responsible for business development and strategy. A former banker who has extensive experience in corporate treasury, funding and liquidity management attained through over 12 years in various senior roles within the FirstRand Group. Currently dedicated full time

Tebogo Madileng - responsible for marketing and brand strategy, planning and implementation. Previously Head of Multimedia and Digital Marketing at Elvey Security Tech, and Creative Director at Alphadot X Media. He has led UI and UX design for Ownedby, on a part time basis to date.

We have recently been approved by GSMA, and are reviewing the contract they have provided us with. This will avail to us API's to the GSMA database.

Through this partnership, we will be able to validate user inputs for errors, and retrieve device specific information. It is on this basis that a verified device is linked to a verified owner.

Owners (of appliances and devices) - Web and App interface, free to access and download, register and list items owned, and assign statuses (digitags). These items will subsequently appear on our QuickChecks via each items unique identity (e.g. IMEI), and this shall also retrieve the digitags as assigned by the owner. A premium subscription offering will include notifications to the owner, advising them of where and when a search was done, and a chat gateway to communicate directly with the person (a consumer) who completed the search.

Financial services providers (Insurers and personal loan providers) - licensing fees to access full listed of insured items (to effectively know-what-you-insure). Royalty fees for new business written (a new insurance premium, or a personal loan taken to buy a secondhand item off our platform) as a gateway into the secondhand goods market.

We will also be to sell partner data and voice calling product offerings directly to clients who have acquired a secondhand mobile device.

With each QuickCheck (a search) done through our platform, we will be able to place ads with each search and earn advertising revenue.

We are currently raising seed stage investment capital, to primarily cover operating expenses for a period of at least 12 months. This period is required to achieve market awareness and adoption, through which we can grow our user base. Our current strategy is to attract impact capital in the form of grants or convertible debt. 

Once we have entered into partnership agreements with at least two insurers, we will launch our Series A round of fund raising. 

Our earmarked revenue sources include:

Subscription revenue - for premium features as outlined above

Licensing fees and royalties

Advertising revenue

We have raised seed stage funding from the following:

Technology Innovation Agency (TIA) - A local government technology arm targeted at grassroots innovations. $15,000

The Innovation Hub - Non financial support in the form of strategy and legal mentorship, and office space for a period of 12 months. Estimated value $7,000

National Youth Development Agency (NYDA) - Financial support in the form of a grant for equipment, software and marketing material. Pending approval, value $6,000

Gauteng Enterprise Propeller (GEP) - Financial support for operating expenses for a period of 12 months. Pending approval. $32,500

We seek to $120,000 to afford us a runway fo 18 months. This will enable us to grow our database of appliances and devices, and drive market awareness and adoption. As we are at seed stage, the type of funding sought is grant type, alternatively convertible into equity.

Behavioural change is key in driving change within the secondhand goods market, through this, we will be able to discourage to sale of stolen items to unknowing consumers. 

Our estimated required funding for the remainder of 2020 is $24,000. This includes expected expenditure for GSMA related costs, and the usage of Google Maps API's. So far in 2020, we have used approximately $15,500.

Crime statistics in West Africa show similar characteristics (in certain incident types) to South African crime statistics. We believe through behavioural change, crime incidents targeted at appliances and devices can be combated, across the mentioned regions. 

Crime incidents affect human lives, including the lives of those who make a living within the informal sector. The secondhand goods market provides an easy to use and access gateway for stolen items being sold to unknowing consumers.

Our ecosystem of impact include the following:

Owners: Primary victims of crime incidents, living in communities where the crime industry continues to thrive

Insurers: Household insurance does not have detailed knowledge of what is insured, they ask customers to provide an estimate of the value of goods to be insured, which is how insurance fraud occurs with ease
Secondhand Market: Most transactions occur through consumers who have no means of knowing more about the items they seek to buy.

Law Enforcement: Incomplete information provided by victims when reporting crime incidents, such as the identity of items stolen, means local law enforcement have no means of matching items found during investigations to reported cases.

Organisations for access to funding

Financial services providers (insurers and personal loan providers)

Local law enforcement (Within each region we operate in)