(We originally posted this on June 16, 2020. You can read more of our original ideas in our archive.)
Problem: Though a bit taboo, the industry of personalized sex toys has not entered the digital or tech revolution. Thus, all toys are generic and non-personalized.
Solution: Imagine having a smartphone that didn’t adapt to you, your needs, or your habits. Instead, you’re expected to purchase it out of the box and use it as is. This, overwhelmingly, is how the sex toy industry functions today and has created a growing SexTech industry. Just in the last 4 years, the global SexTech industry has grown from $20 billion to $30 billion and is growing (I encourage you to follow my friend's blog “SexTech with Val” for more interesting statistics and trends). As taboo as the industry may be socially, it is as profitable if not more profitable than other “necessary” industries like food and drink, transportation, and more.
The business would design AI sex toys that would rival those that already exist in the marketplace. For instance, the company would integrate IoT into devices such as vibrators to adapt based on signals from the user about whether an experience was pleasurable or not. This (and other IoT Sex technology) would be always learning from the user to create better, more pleasurable experiences.
Currently the leaders in this industry include Lora DiCarlo (raised $3M+ in 2019), Dame Products, Unbound (raised $3M+), and more. Of course, the difficulty of such a business is marketing a topic that is socially tabooed. Nonetheless, the business would focus on creating personalized technologies: a no-brainer in nearly every technology-enabled industry today. As best described by Bryony Cole,
“What does the best tech do? The best tech enhances our lives, extends our capacity to experience. It allows us to take action. The future of sex has nothing to do with technology and everything to do with us. If we don’t get it right in normalising the conversation about sexuality, we won’t be anywhere.”
Monetization: Selling the technology to enable AI hardware or selling custom-created IoT toys.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)