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Last Updated on: June 13, 2022 by Joseph Muriithi

Executive Summary

This Sample Business Plan For Innovative Traffic Lights System is for a business or company that builds innovative traffic lights systems that improves the functions of the current traffic lights. This innovative system adds the functionality of sound and alarm system to the existing light functions of a traffic light system. This innovation is designed to improve the response of drivers and pedestrians by ensuring they are aware of the traffic lights changes at all times. By creating awareness, caution will be adhered to and in return road accidents will be minimized and thus damage and loss of lives and property.

This Sample Business Plan For Innovative Traffic Lights System has been written to put forward the major strategic and implementation plans that will see the new innovation gain market in today’s traffic system. This business plan will also highlight the benefits associated to the use of this new technology. Furthermore, this business plan will help raise capital from investors amounting to $1,000,000. This capital will be used to propel production of the new technology and market it to potential traffic light consumers and cater for other business expenses.

MISSION

To build a leading traffic lights innovator that continuously designs concepts that creates a safer road environment for both drivers and pedestrians

Product & Service Summary

“TRAFFIC ALERT SOUND & ALARM SYSTEM” is an innovation that adds productivity to the functions of a traffic light. The current system of traffic lights makes use of changing lights to control traffic and movement, “TRAFFIC ALERT SOUND & ALARM SYSTEM” will add audible sound system to the traffic lights. This will make the traffic lights make a sound every time the lights changes. Sensitivity and caution by drivers and pedestrians have constantly dropped and thus not many drivers and pedestrians pay attention to the changing traffic light colors. The incorporation of an audible sound system every time the lights change will serve as a constant reminder to both drivers and pedestrians that their attention is required. This will stream-line coordinated movement and in return reduce the number of traffic accidents and damage of property and in other cases loss of lives.

Market Summary

Market analysis

The United States and the global community has an extensive network of traffic lights that could be upgraded to the “TRAFFIC ALERT SOUND & ALARM SYSTEM” traffic lights technology. The United States alone have a network of more than 20,000 traffic lights systems in place.

Market need

Lack of traffic lights adherence has led to many accidents over the past decade. This has been tied to the various distraction that results in negligence of the changing traffic lights, for instance;

  • Fatigue:  statistics by AAA show that an estimated 31% of road crashes are as a result of a drowsy driver
  • Distracted driving: Activities such as conversing with passengers and other activities within the vehicles has accounted for 10% of all fatal crashes in the United States. This study was conducted by NHTSA in 2014
  • Cellphone use: in April 2014 the national center for statistics and analysis reported that 2.3% of drivers and 35% of pedestrians were text messaging and visibly manipulating their hand-held devices while driving or crossing the roads.

These distractions have led to a various cases of fatal road accidents for instance over the period 2007-2011 on average;

  • Two people died each day in red-light running crashes in the United States in 2011. Other statistics include;
  • 751 people died each year in red-light running crashes.
  • 63 people died each month in red-light running crashes.
  • $378 million was lost in costs due to red-light running fatalities each month.

The use of “TRAFFIC ALERT SOUND & ALARM SYSTEM” traffic lights innovations will reduce the number of cases mentioned above. The innovation’s sound system will warn distracted drivers and earn their attention by playing a loud sound that mimics the changing lights.


 

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One thought on “Sample Business Plan For Innovative Traffic Lights System”

  1. I do agree with all of the ideas you have offered
    to your post. They are really convincing and will definitely work.
    Nonetheless, the posts are too brief for starters. Could you
    please prolong them a little from subsequent time?
    Thank you for the post.

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