💼 This Smart Patch Could Save your Life (Business Feature #9)

🧠 Top of Mind Technology

• As if 3D printing wasn’t enough, an up-and-coming additive manufacturing technique called 4D printing has emerged. But what is the fourth dimension? It’s the printed object’s ability to respond to external stimuli (i.e. change color when exposed to the sun or bend a certain way under pressure).  

• The mining of critical metals such as Lithium, Cobalt, and Copper has played a critical role in the manufacturing of new technologies such as electric cars and GPU chips. While most mining efforts take place on land, one company is looking to harvest these metals from the seabed with autonomous robots.

• This feature isn’t a form of life changing tech (but maybe it is?) Checkout this pair of bouncy balls that can be used to DJ and remix your favorite music.

🍪 Business Bites

• Here at The Idea Journal, we’ve been thinking about the opportunities in the Golf space recently. Loop Golf is a company that is looking to make booking tee times easier by booking them for you.

• Want to make some extra money on the side but not sure where to start? We think this blog will be your best bet. Side Hustle Nation has thousands of side hustle ideas that you can view for free.

• If you are like us and have been watching the Artificial Intelligence demonstrations from companies like OpenAI, and are fearing that AI may be coming for your job, learn more about which jobs are actually most at risk for being replaced by AI here.

Business Feature of the Week – LogicInk

LogicInk creates wearable, tattoo-like sensors that provide meaningful bio-chemical signals to help track overall well-being.

💸The Business

LogicInk Is trying to transform how we track our biometrics to empower better wellbeing. They aim to create sensors that provide real-time feedback for better preventive care.

While they have multiple wearable sensors in development, LogicInk currently only sells a daily sun care “signal”, or sensor, that gives users insight into their daily UV exposure and limits. It is a non-invasive, temporary patch that can be worn on the back of your hand or exposed area to track how harsh the sun currently is, and also tells you how close you are to getting sunburn. Check out a cool demonstration of the product below:

 Beyond their UV wearable patch, the company is currently developing three new sensors:

1. A Hydration Signal – “Non-invasive, saliva-based colorimetric biosensor to help you stay hydrated.”

2. A genetic predisposition signal

3. A concussion screening signal

🧑‍💻The Model

A company like LogicInk that aims to create such novel technology is typically very R&D (Research and Development) heavy with high startup costs. LogicInk only sells one of its sensors – the UV/sun exposure patch. It is sold through a DTC (Direct to Consumer) model but also allows customers to subscribe and receive monthly packages of sensors/patches for a slight discount. Fortunately for LogicInk, revenue streams other than DTC can be available for companies that successfully develop new technologies, which we describe below.

💰Revenue Streams (Expected)

• DTC Sales

  • The patches currently sell in boxes of 5 for $20, or a monthly subscription for one box of 5 patches for $17.99/month.

• Licensing/Other Applications of Technologies – If the DTC market does not respond well enough, technology companies can always look to partner with businesses who could leverage the technology for other causes. LogicInk did this back in 2021, when they partnered with a company to develop a wearable COVID-19 test patch.

🔻Potential Expenses (Expected)

• R&D Costs – As we discussed, for such novel technologies, the cost of prototyping, testing, and iterating are usually high.

• Marketing – Competing with large conglomerates that dominate the sun care industry such as Johnson & Johnson and Proctor & Gamble can be tough.  

😎 Customer Appeal

• Real-Time Feedback – Getting real-time health feedback is valuable to individuals who either need that data to fight against an existing condition, or for those who are simply seeking preventive care.

👍The Good Stuff

• Non-Invasive Design – The sensor is a responsive patch, which differs from the bulky sensors or straps in the industry today.

• Choose your Path – Being in the development phase of multiple new sensors shows the company knows there are many alternative paths to follow in this new industry (ex: imagine a strip to know your Blood Alcohol and/or Blood Sugar levels)

👎The Risks

• R&D Costs – How will the company make their money back with the current price point?

• Sales Price – Is the current cost of the patches worth it for consumers? Will the prices change in the future? Right now, a 5-pack of patches for $20 seems like a lot considering they only last for one day.

• Product Market Fit – Will consumers be willing to buy these sensors instead of just taking the usual preventive measure? (i.e. wearing sunscreen and staying in the shade)

🧠 The Op Ed

This is an idea that you look at and say to yourself “Yup, this is the future.” However, if the question is whether or not LogicInk is the right company to develop and turn this technology into a large, successful company, the answer is closer to no than yes. On top of the risks we mention above, it is worth noting that the current state of the company seems a bit unknown. The company says that they are currently in development on new sensors and you can still buy UV patches from their website, but they have also published no news on the website since 2021, and most of the team members they list on the website appear to be in more of an advisory role (only a few people seem to be full-time employees per LinkedIn).

We think LogicInk should leverage the existing R&D work they have already done to partner with larger companies in the space. Or, if they have already patented parts of their tech, LogicInk can search for licensing partners and offer continued development as part of the deal.

📚For the Road

• Injectable 'Smart Tattoos' for Health Monitoring

• Did you know having tattoos can impact the ability of wearable tech like an Apple Watch to provide accurate data?

• How Accurate Are Fitness Trackers?