Innovative Eyewear Inc. with the mission of “ Upgrade Your Eyewear®” aspires to be the eyewear upgrade of choice for the mass market.  The company designs, markets, and distributes prescription and non-prescription smart glasses directly to consumers through its own website (lucyd.com), on the Amazon platform, and via the growing number of retailers in its network. The audio smart glasses, offered in 12 frame styles, customizable with 56 lens types, enable wearers to stay connected to the digital world hands-free; wearers can listen to music, take and make calls, use voice assistants to perform many common smartphone tasks, and through the company’s proprietary software application, Vyrb, the wearers' experience is further enhanced as they can now hear and reply to social media posts and feeds on their platforms of choice. The company currently holds 44 patents, granted and pending. 

The company lays at the intersection of three interplaying markets as smart eyewear has become a part of a fast-growing, technology-enhanced ecosystem, consisting of traditional eyewear, electronic in-ear devices (“hearables”) and digital assistants. The traditional eyewear sector is defensive yet fragmented and steadily growing, backed by secular tailwinds of an aging population and increasing screen times that negatively impact vision.  Both the hearable and digital assistant markets are growing at a faster pace on the drivers to stay connected digitally.   

Yet products served by these markets have structural issues in their use cases when being used in conjunction with smartphones.  Innovative Eyewear audio smart glasses are designed uniquely to solve the distraction problem; with the audio smart glasses, wearers can take their eyes off their phone screens and avoid being distracted by their surroundings.  Headphones and earbuds (wearables) where wearers typically use for listening to music, receiving phone calls with their smartphone usage can also deprive wearers from full audible situational awareness.   Audio smart glasses can solve this problem and keep the wearers stay connected to the digital world without distractions.  

Besides the aforementioned functionality that offers a solution to the most common problem, the design and the price points of Lucyd smart glasses are comparable to most fashion designer eyeglasses brands.  As a brand, despite a short time since inception, Luycd has amassed 7,000 customers and 160,000 followers on social media, 50,000 email subscribers and over 4,000 crowdfund investors. Like most of the successful direct-to-consumers (DTC) brands, Lucyd leverages the direct customer relationship to guide and inform its product designs and business planning.   Feedback from customer surveys has successfully identified tentative winners in upcoming product lineups, and helped avoid overstocking slower selling styles.    

Innovative Eyewear stands out from the crowd. Contrasted with augmented reality (AR) glasses, where the market is still in its infancy and largely targets the enterprise market today, and has so far failed to deliver its promise in the consumer market given the bulky designs, high costs and limited use cases, Innovative Eyewear's Lucyd audio smart glasses belong to a fundamentally different class of products and are poised for accelerated adoption, and wallet share gain from traditional glasses and hearables.  Compared to similar classes of audio smart eyewear without AR functions, Innovative Eyewear's Lucyd glasses weigh less, have longer battery life, are offered at a more attractive price point, allow for prescription lenses, and are more versatile in general. 

Innovative Eyewear's Lucyd deploys an asset light approach compared to some of the direct-to-consumer traditional eyewear models which focuses on expanding brick and mortar store fleets.  Instead, by leveraging a multi-channel model via its own ecommerce site, on the Amazon platform and via a network of retailers, Innovative Eyewear's Lucyd balances having full custody of customer experience and maximizing distributions. To stay true to the capital light approach, product manufacturing is outsourced to China while all designing is done in the U.S to adhere to the highest quality standards. 

Staying at the forefront of innovation and design enhancement, the company will continue to launch new products/accessories and features to enrich the customer experience. In 1H 2022, Innovative Eyewear launched the Lucyd Lyte cordless charging dock.  For the rest of 2022, it expects to roll out additional sport frames and lens packs, with the most anticipated launch being the quadrosonic (4-speaker) Lyte models which are developed on request of leading optical companies. Also, Vyrb 2.0 with monetization and ad-buying modules will be commercially released later this year.  

After successfully laying down the foundation of its brand and product portfolio, ramping distributions through expanding retailer networks will be a key focus in its growth strategy in the next few years. Currently, the retailer network roster features Dicks Sporting Goods, Bestbuy and Brookstone etc.    Innovative Eyewear has co-marketing programs with retail partners to educate and promote the brand and products. Early this year, it launched in-store digital try-on kiosks to key retailers. 

Lucyd didn't invent smart eyewear but they are taking it mainstream for the first time with beautifully designed, lightweight designer smart glasses to fit any prescription, all with a price point which is about the same as regular designer glasses.

What makes Lucyd Eyewear unique? For starters, Lucyd frames let you answer and decline calls, listen to music and speak with digital assistants like Siri® and Google Voice® with quick and simple touch controls. You can record memos, send cash, get directions or call an Uber with the touch buttons, or completely hands-free with voice commands. Combined with a long battery life and easy charging, they are designed to bring incredible functionality to your vision needs.

Lucyd holds robust proprietary intellectual property. with 44 granted and pending patents. They also provide a companion social media App for eyewear called Vyrb™, where you can send and receive tweets through your glasses.

We believe that the human voice has gone missing lately. Similar to Clubhouse and Discord, we are bringing it into the online era with Vyrb™, a full social media platform focused on audio.

CORE FEATURES IN DEVELOPMENT

Verbal Posting
Speak your mind to the Vyrb™ network and your favorite platforms, including speech-to-text posting to Facebook®. Post hands-free with Lucyd Lyte.

Hear Your Feed
Enjoy an audible feed of voice blogs, podcasts, posts and music from your followed accounts.

A New Way To Socialize
Create, edit and send dynamic audio messages in real time, with fluid transcriptions. easy editing controls and emoji-like sound “FX”.

Social Audio Landscape
Sample Market Participants:

Priced the same as regular designer eyewear and comfortable for all-day wear (weighing about 1 oz), Lucyd is the smart eyewear that finally is at the intersection of form and function. With all day battery life and a cordless battery charger for your nightstand, convenience and ease of use is a priority.

Smart watches were once considered a fringe product; now they are the future of watches. Lucyd believes the future of eyewear is smart eyewear.

A Unique Niche in a $28 Billion Market

The market for eyewear in the United States was estimated to be $28 billion in 2021. Innovative Eyewear has chosen to pursue a unique niche within that market which it believes could grow to 1-2% of the entire market.

Innovative Eyewear audio smart glasses are designed uniquely to solve the distraction problem of most wearables and smartphone usage in the market; with the audio smart glasses, wearers can take their eyes off their phone screens and avoid being distracted from their surroundings. Headphones and earbuds (wearables) where wearers typically use for listening to music, receiving phone calls with their smartphone usage can also deprive wearers from full audible situational awareness. Audio smart glasses can solve this problem and keep the wearers stay connected to the digital world without distractions.

Besides the aforementioned functionalities that offer a solution to the most common problem, the design and the price points of Innovative Eyewear smart glasses are comparable to most fashion designer eyeglasses brands. As a brand, despite a short time since inception, it has amassed 7,000 customers and 160,000 followers on social media, 50,000 email subscribers and over 4,000 crowdfund investors.

Diversity in Distribution Channels

Innovative Eyewear has chosen a different route than many other companies in the eyewear space. While many are reliant on selling eyewear within optical stores and ophthalmologist offices, the Lucyd brand is available through a number of different sales channels.

After successfully laying down the foundation of its brand and product portfolio, ramping distributions through expanding retailer networks will be a key focus in its growth strategy in the next few years. Currently, the retailer network roster features Dicks Sporting Goods, Best Buy and Brookstone, along with E-commerce platforms such as Amazon. Innovative Eyewear has co-marketing programs with retail partners to educate and promote the brand and products. Early this year, it launched in-store digital try-on kiosks to key retailers.

This provides them with a significantly wider potential market as their eyewear is seen by a larger pool of potential customers, and deepens their brand by allowing them to be seen as not just an eyewear brand, but a lifestyle brand as well. Additionally, it allows them to execute on a streamlined and efficient capital-light asset model (discussed in the next section).

A capital light distribution model, also known as an asset light model, is a business model where a business owns relatively fewer assets compared to its overall value; it has fewer long-term capital-intensive assets compared to competitors.

Why would a business want fewer long-term capital assets? There are numerous reasons: it allows for greater flexibility, generates lower overhead costs, and often generates a greater return on assets compared to companies who own all of their own assets. It allows companies to focus on the operational aspects of their business and outsource those aspects which generate less value, as well as allowing for quicker scalability. And perhaps most importantly, it allows them to distribute their products into a wide array of different storefronts.

As the underperformance of "brick and mortar" companies such as Barnes and Noble and Toys "R" Us have demonstrated, the present and future of retail is often deemed to be the capital light model. Innovative Eyewear seeks to add value by capitalizing on the full breadth and scope of their potential market with this model.

When it comes to building a brand and executing on strategy, having deep expertise is critical. Innovative Eyewear's C-suite has over 80 years of experience in the eyewear industry.

Their deep industry experience puts them in an excellent position to become market leaders in the smart eyewear space.

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