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Big-Idea-Finals-2017-Scubotics

Scubotic, a startup, is pitching an underwater communication device designed for divers and dive shops. The product aims to improve safety and efficiency in the diving industry by providing real-time communication between divers and dive shop owners. Scubotic is seeking $2 million in funding, with 35% equity offered in the first round and an additional 10% equity offered in the second round.The founder, Jake, discussed the problem of communication in the diving industry, where divers have missed important messages or information due to lack of communication. Scubotic's device addresses this issue by providing real-time communication through a wireless underwater communication system. The device is small and easy to use, with a simple interface that allows divers to send messages and receive information without needing to return to the surface.Jake outlined the business plan for Scubotic, including marketing strategies and pricing. The company plans to target the recreational diving market first, before expanding to commercial diving and other industries. The device is expected to retail for $1,500, with a wholesale price of $1,000. Scubotic is seeking funding to cover manufacturing costs, marketing expenses, and regulatory compliance.During the pitch, investors asked questions about the cost of the device, the materials used in its construction, and the environmental impact of the product. Jake addressed these concerns by explaining the materials used and the design of the device to minimize environmental harm. He also discussed the warranty offered on the device and the company's plans for extended warranties in the future.After considering the pitch, the investors will deliberate and decide whether to invest in Scubotic.
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