The Restaurant of the Future: Bringing Dmitry Kostik's Bold Business Idea to Life

In the restaurant business, besides a good profit margin, there is a high level of risk - two-thirds of new establishments close within the first year of operation. However, the basic idea of the restaurant business, which has been in place for the past few decades, remains unchanged.

A talented businessman from Ukraine, Dmitriy Kostik, injected a fresh stream into the concept of the restaurant business. He was able to create and implement the idea of a restaurant for the new millennium, where high technologies intertwined seamlessly with a refined and efficient scheme of the catering enterprise's operations.

Origin of the Business Idea

Surprisingly, this business idea was born out of boredom. Dmitriy Kostik had established an efficient grocery business, but the predictability of the work processes bored him, prompting him to seek new directions for self-realization. One of the most promising directions chosen was the integration of touch panels into the restaurant industry. Given his team's existing experience in this area, a concept was developed and Cyprus was selected for the first Oshi restaurant to test its viability.

To implement the ideas, they had to develop proprietary technologies because the solutions available on the market (iPad and Microsoft Surface) did not meet the required specifications. They needed to increase electron mobility speed and the thickness of the glass where customers would place dishes and lean their weight. At the time of concept creation, touchscreens with glass thicker than 10mm simply did not exist. Additionally, they needed to create a touch screen that could cater to multiple users simultaneously, as existing counterparts could only recognize a maximum of 10 touches at a time. The team had to put in significant effort to develop the required technologies.

The outcome of the research was the development of a unique "smart" tabletop that not only recognizes user touch but also identifies the items placed on it, such as phones, forks, plates, etc. The innovative touch panel can also recognize people's faces and determine their gender.

Creation of the Restaurant Operation Model

It wasn't enough to devise a technical solution; they also had to create a clear operating algorithm for the restaurant to ensure successful sales. Dmitriy Kostik had to resort to unconventional methods. For instance, he monitored the behavior of Starbucks café network customers in London by installing miniature cameras opposite the establishment. While this almost led to issues with the local police, the conflict was easily resolved by treating the law enforcement officers at a nearby pub.

The information gathered from the cameras facilitated extensive research, aiding in the creation of the future restaurant's business model. Based on the video data, they defined the optimal customer communication strategy, ways to increase the average check, cost-reduction schemes, and the required staff quantity for efficient operations. Through extensive research, the first opened establishment achieved high profitability levels.

Restaurants with IRT Technologies

Currently, three restaurants have been opened using the IRT technology - in Cyprus, Abu Dhabi, and Dubai. Construction is also underway for several similar establishments in Europe, Asia, and North America.

The innovation resulted in a dining area where visitors sit at interactive tables, allowing them to place orders, interact with other patrons, make online purchases, and more. The production of "smart" tabletops is based in Kiev. Two projects utilizing IRT technologies already recouped their investments: the Cypriot one in five months and the Dubai restaurant in eleven months, despite substantial initial investments - €460,000 in the first restaurant and $970,000 in the second. Following this success, the valuation of the IRT company soared to tens of millions, all within just three years of operating in the market.

Profit Generation

The increased profit was the result of several factors:

• Ordering simplicity: In a standard restaurant, customers often have to wait for a waiter or walk up to the counter to place an order. The ability to receive drinks or dishes with just a click on the table surface increased sales by 38% compared to conventional restaurants.
• Payroll cost reduction: Delegating the majority of an attendant's work to the tabletop allowed for a decrease in the dining area staff from 8 to 2 people. This led to significant monthly salary savings for six employees without compromising service quality.
• Content delivery system: Interestingly, 52% of the restaurant's revenue comes from advertising, content sales, and more. Beverage, wine, and alcohol producers eagerly buy advertising space on the interactive tabletops. During major sporting events, ads for sports brands' products are displayed. Negotiations are ongoing for selling content related to popular online games with companies like Wargaming. These initiatives boosted the restaurants' profitability margins to 90%.

This technology showcases how a fresh perspective on a traditional business model can incorporate high technology and create a highly profitable company. By following this strategy, you too can develop your profitable business idea.

Source: http://ain.ua