EXECUTIVE SUMMARY BACKGROUND The Now Open App, Inc (“Now Open”) is a multi-restaurant rewards program that utilizes cryptocurrency as an incentive. The rewards program is designed to increase customer engagement with local independent and small chain restaurants. Our program focuses on incentivizing customers to patronize and share data with local restaurants by rewarding customers with cryptocurrency, which has a monetary value, that customers can use. Now Open is the first rewards program that allows customers to earn cryptocurrency for engaging with multiple local restaurants. We are headquartered in Atlanta, Ga. The management of Now Open consist of Imani Hinton (Co-founder/CEO) and Ajane Hinton (Co-founder/C00). Both co-founders actively participate in the management of the business. Now Open is a B2B2C company and thus, we have two target market groups: • Target Restaurant Market – Independent and Small Chain restaurants located in large metropolitan areas. • Target Front-End User Market – Millenniums (24-35 in age) that reside in large metropolitan areas with a household income of $50K - $100K a year that are local food enthusiast that like to dine out. Our services for restaurant users of our platform includes: loyalty rewards program and online food ordering. MARKET OVERVIEW According to Mordor Intelligence1 and Colloquy2, the following loyalty management sector statistics were noted: • $2.6 billion (USD) in 2018; • $9.3 billion (USD) in 2024; • 2.3 billion loyalty program members (North America); • 1.5 billion inactive loyalty program members (North America); and • $154 billion in loyalty program liabilities (unredeemed discounts). In 2016, the US Census reported over 400,000 independent and small chain restaurants3 in the US. The use of cryptocurrency in our program solves two program problems: low program engagement rates and high unredeemed discount liabilities. For loyalty program members, the use of cryptocurrency will provide three key benefits: earn points that are attached to a real dollar value and the ability to use their points at other restaurants or exchange them for cash. For restaurants, the rewards program eliminates the need for the restaurant owners to issue discounts because the cryptocurrency has a real dollar value and thus, removes the need for business owners to record a liability on their books of unredeemed discounts.
