About Smart Home Care
Smart Home Care is an AI-driven platform revolutionizing home renovations. By utilizing cutting-edge AI technology, homeowners can receive prompt answers to their renovation inquiries. Our standout feature is the image recognition and computer vision technology, allowing users to snap photos of any issues and receive suggestions for upgrades and improvements. Additionally, our platform connects users with pre-screened experts for personalized advice …
PROBLEMS TO BE ADDRESSED
Despite the growth of the home renovation industry in Canada, there are still challenges that persist.
Lack of knowledge
For many homeowners, the lack of proper understanding about the cost, budget, and timeline of the renovation project remains a significant problem.
Lack of trust and transparency in the home improvement industry
Transparency into renovation projects is also a challenge for many homeowners with two in three (64%) of Canadians say that they do not trust their contractor (Paul Begin, 2018).
Dependence on word-of-mouth recommendations to find reliable contractors.
In Canada, due to a lack of industry regulation and standardization, many homeowners turn to word-of-mouth recommendations from friends and family who have had successful experiences with contractors.
PROPOSED SOLUTION
Business Idea
Smart Home Care is an Artificial Intelligence (“AI”) powered platform designed to provide a comprehensive solution to all home renovation needs.
The platform will allow homeowners to post any questions they may have regarding their home renovation projects and receive immediate answers from our advanced AI system. The AI system will provide general answers based on the latest industry standards, best practices, and extensive research.
MARKET ANALYSIS
Canada is poised to welcome around half a million new immigrants annually for the next ten years. By 2035, the Canadian population could hit 43 million, a 13% increase in current population of 38.3 million. This rapid growth in population will not be met by the low growth in housing starts and will result in increasing challenges to housing. This will impact consumer behavior, shifting towards renovating existing homes rather than upgrading to larger ones to accommodate family expansion. The impact of higher interest rates is already evident in the housing market, with buyers who secured low rates steering clear of upgrading to avoid taking on higher interest payments.
Step Inside Our Homes: A Visual Tour
