Myfoodtoken

In Nigeria today, there is an inflation problem that has seen the price of food increase over 30% between January to February 2024. This, problem came about due to dollar shortages from the country's foreign debts. Also, food prices increase because some farmers cannot go to their farms due to farmer-herder crisis in rural areas.

Nigeria has a thriving youth population of which hundreds of thousands migrate to urban areas every year. Abuja the nation's capital is choice destination for Nigerian youths migrating to urban areas for work due to its security architecture. Although Abuja is a choice destination for work, living expense is unaffordable due to high prices from demand. 

This brings us back to food price inflation which is the problem we are tackling with Myfoodtoken. These young workers earn about $80 on average, and they have to pay accommodation (in distant suburbs), transportation and lunch daily from this money. Due to their rigid working hours, they never have the time to cook nutritious meals and usually resort to meals from roadside food vendors, which are not even available in most areas in the city. 

These roadside meals can pose health challenges to the consumers due to the nature of their preparation, ingredients and sharp practices to break even. Also, the prices of these roadside meals are still suffering from inflation and are also becoming unaffordable to our target market.

Asides all these problems stated above, we still have various groups of ''small scale'' farmers in Abuja's neighbouring states who find it impossible to sell their products and many of their produce go to waste because they cannot find right markets due to monopoly of industrialized farmers who supply Abuja City markets. 

Myfoodtoken is a service that offers subscriptions for weekly to monthly meal plans to people. That is, our users can subscribe by paying a fee of $6 to receive five (5) daily meals a week, delivery inclusive. A user may also choose to subscribe for monthly plans or special plans. 

A potential customer simply fills an online or offline registration form make payment for subscription and we handle everything from cooking to last mile delivery of the food. We enjoy/apply economies of scale in order to achieve the best food and delivery fees for our customers. 

Our users sign our forms to the agreement that food will only be delivered to their exact chosen location when we have gotten up to ten (10) subscribers in that particular location, otherwise, the user has to pick up the food at the nearest delivery point themselves.

Myfoodtoken service is available offline, on web and mobile app. Our web and mobile app platforms allow users to register, pay and store their meal tokens. Our meal Token is simply your subscription fee converted into a digital Token using decentralized ledger technology (blockchain).

Our web and mobile platforms allow users to exchange tokens with each other. Our platform is NOT a crypto exchange, hence, only Myfoodtokens (MFT) can be exchanged between users. Also, our Tokens (MFT) cannot be exchanged to cash on Myfoodtoken App. Our web and mobile platforms allow users to purchase items with their (MFTs) only. We only list necessary survival items categorized into accommodation, clothing and groceries in the app.

Young adults between ages 19yo to 33yo with more focus on 21yo to 27yo. These classes of population are either working to save up for university, are in the university, performing Nigeria's mandatory one year youth service or just graduated and taking up a white-collar job. At this stage of life, most of them have not started a family yet, because they have not attained the stability they need or want in order to start a family.

In Nigeria, the average monthly income for this class of people is $80, although some others such as bolt/uber drivers can earn up to $300 a month or more. For this salary/income, they are usually overworked, and most times they don't have time to prepare nutritious meals. Inflation has also made it more difficult for most of them to afford healthy and nutritious meals that they deserve daily.

The average price for a decent well-prepared meal at a fast-food joint in Nigeria is $2. Through economies of scale and applying technology, we are able to offer customers a better meal for just $1. Although our target population typically do not patronize these decent fast foods due to the ''high price'', they usually go for more ''affordable'' roadside junk food which is unhealthy and lacking daily recommended nutrition. These roadside meals cost between 50 Cents to $1.

Myfoodtoken is perfect fit for our target population because we deliver their needed daily meals to their preferred locations which is usually around the city metropolis where majority of them work. Our Target population being tech savvy, can also enjoy trading their products or used items in exchange for Myfoodtokens. 

We only allow necessary items for human survival on Myfoodtoken app listings platform and this can serve as a source of income for someone who produces and sells such items on Myfoodtoken app to earn tokens which they can in turn use to enjoy other approved listed services on the app.

I and my team are Nigerians who have lived most our lives here in Nigeria. I am the oldest member of our team at 33 years old, so we can say that we have firsthand experience of what our target market face daily. 

We are piloting our business with a target market from Abuja Nigeria which is a city that I grew up in and know all its areas on first hand basis along with my team.

I have worked for 5 years now with a government law enforcement agency, and I have firsthand information on number of young civil servants within and outside my agency who need such a service as Myfoodtoken.

Myfoodtoken is a business that delivers food to users based on subscription. we have ''built'' a kitchen for that aspect and we have tested it by delivering food to pilot users. as for our app, we are 70% done with the design. 

This is why we refer to our stage as prototype and not just an idea. Our team pivoted from a different business, so we had almost all we need to start Myfoodtoken as at January 2024 when we pivoted.

We have served over 100 customers as of now and growing.

Our financial barriers now involve purchasing more equipment that come we scaling the business into thousands of customers.

We As for technical, we hope to receive support in developing our Tokens to the best standards and creating smart contracts that work with the app we are building now.

We have our legal and cultural aspects taken care of by the team. As for market barriers, we will appreciate marketing classes or advanced digital marketing support.

The above are reason why we are applying to solve, so that we can scale our business and launch our app while at it.

1.We offer subscription-based meal plans to our members and I can state that we are the first to offer this service in this part of the world.

2. We tokenize the value of our customers subscription into digital tokens in a user app, this aspect makes us innovative, and I have not seen it been done so in any part of the world.

3. We allow our users to trade in items for sale in exchange for our digital tokens. This creates an opportunity that others in this space can harness for income, even though we don't allow exchange of goods for cash but for tokens only. 

Myfoodtoken provides subscription-based meal plans to young adults. These meal plans are tokenized for security and stored in an e-wallet on Myfoodtoken app. In providing this service, we are ensuring proper nutrition to a class of the population that is vulnerable to hunger which in turn leads to various social vices displayed by these young adults due to frustration. 

We are also ensuring food security for our customers and protection from food price inflation. We are a social enterprise; hence our profit goes into developing our immediate community which are our customers. We invest most of our profit in food storage and agriculture. Also, our app has a listings platform where we list only items necessary for survival such as accommodation, clothing and groceries. Users may choose to purchase items at an affordable rate on the app using their food tokens.

The immediate outcome from our activities is that our users can save up to 50% of their feeding budget which eases livelihood for them in general. As for long term outcomes, we are building a community through our offerings and look to solidify the community by developing an affordable housing estate. This housing development will rule out up to 98% of costs incurred on delivering food and will also exponentially increase our revenue which will be invested in more food security, social amenities and more housing.

Food Security: We are ensuring food security by getting our customers to pay ahead (subscribe) for their meals and then we in turn create food banks to ensure our customers are fed when they need to be. We measure this through pricing because once a customer pays for food today, food prices may increase, but the portion and quality of food our customer get will remain the same or rather improve.

Social Cohesion: We are building a community by offering this service to a group of people because food connects people, and it is essential for human survival. We measure this by the number of people that agree to take up our sustainable living arrangement in order to reduce/eliminate delivery costs. Also, by the costs we save from delivery and revenue that comes in.

Employment Opportunities: The amount of decent work we are able to provide first for our immediate community members and others in performing or objectives and goals.

Our core technology is our mobile app which helps us to handle the data required to manage our business effectively. Also, Blockchain helps us secure our tokens and grow our businesses trust among our customers and potential customers.

Full time staff: 8

Part Time staff: 3

We have been working on this solution personally, as a team and an organization for seven (7) weeks now.

We believe in efficiency for optimal output without discrimination. We deal with food and this is regulated by National Agency for Food and Drug Administration and Control (NAFDAC) and they have medical requirements for those working directly with food.

 Asides that, we believe in efficiency and optimal output, therefore we work with literally anyone that fits our goals and objectives. This is our policy, without discrimination. we ensure this through joint decision making as a team based on our goals and objectives.

We source all our raw materials locally; we have a minimal food menu that our subscribers understand is necessary in order to provide meals at such unbeatable prices without compromising nutrition. 

We provide our customers with 4 options of meals which are rice, beans, yam and Cassava flour (garri) prepared all meal options are prepared with vegetables in form of stews, sauces or combos. These meals are staple foods in Nigeria to their availability.

We manage our users and their requests through our mobile app.

Our funding comes from subscription fees that our customers pay. we plan to be a go to for bulk coked food, so we can cater to events and also will seek for contracts from government for large feeding programs. 

Our mobile app listings platform is also another avenue for revenue, we can pay suppliers in tokens and resell products or increase the value of our tokens.