Mojo Vision Smart Contact Lenses: A Heuristic Evaluation, Business Prospects, and Financial Implications as a Ubicomp System
The convergence of technology and human biology has reached a significant milestone with the emergence of Mojo Vision’s smart contact lenses. These lenses represent an innovative leap towards integrating computation seamlessly into our daily lives, exemplifying the concept of ubiquitous computing (ubicomp). Ubicomp aims to develop a seamless weave between technology and the daily life of a user. This pitch through a heuristic evaluation navigates the usability, efficacy, financial implications while providing insights into the business potential of the product in concern.
ORIGIN AND OBJECTIVE
Mojo Vision, established in 2015 (by Steve Sinclair and Drew Perkins), pursued the ambitious goal of enhancing the human visual experience through their development of the world’s inaugural smart contact lens which facilitates augmented reality while maintaining the objective of bettering how we see with technology. The engineers, neuroscientists, and designers have embarked on their journey, aspiring to achieve the same goal of intertwining the digital and physical worlds in a cohesive, balanced integration. They set themselves on a collective mission to create a product that was discrete, comfortable, and safe for daily use, while offering significant AR capabilities thus revolutionizing the way people interact with their environment..
Vision and Mission. The primary objective of Mojo Vision’s smart contact lenses is to provide users with a heads-up display that offers real-time information in an unobtrusive fashion.
By enabling augmented realities, this technology aims to benefit people in diverse ways like helping them (1) navigate, (2) communicate, and (3) potentially manage their health. (4) It represents a shift from bulky AR headsets to an inconspicuous form factor that integrates with the user’s natural vision.
Mojo Vision’s mission is to “give sight to the sightless and empower people with invisible computing.” Their commitment to assisting individuals with low vision is a noble pursuit, as it has the potential to significantly improve the quality of life for a substantial portion of the population.
DESIGN SPECIFICATION AND SAFETY CONCERNS
The design of Mojo Vision’s smart contact lenses is groundbreaking, in fact the announcement video where the CEO of the company wears a working prototype seems like it is straight out of a science-fiction movie. The lenses incorporate a microdisplay, sensors, and wireless communication components. They overlay digital information onto the wearer’s field of vision without obstructing their view. Mojo is still in early development phases and hence gives and is battling a number of safety concerns which include potential eye strain, privacy issues, and the need for proper disinfection protocols to prevent infections. Wearing a battery operated product ( the company working to find alternatives like body electricity and action potential).
FDA approval. In 2020, Mojo Vision announced that it had received the ‘Breakthrough Device Designation’ from the FDA, which signifies the technology’s potential to address significant unmet medical needs. This milestone indicates that the lenses are not just a consumer gadget but could also have a significant impact on healthcare. While the lenses are not yet available for consumer purchase, popular reviews have generally praised the concept and potential use cases, such as assisting those with low vision and providing instant access to information.
POSSIBLE USE CASES
Mojo Vision smart contact lenses have a wide range of potential use cases, including:
- Providing hands-free access to information and notifications
- Controlling smart devices in the home or workplace
- Enhancing gaming and entertainment experiences
- Assisting people with disabilities
- Providing real-time feedback to athletes and coaches
- Improving safety in hazardous environments
- Enhancing the productivity of professionals in various fields by offering on-demand data and visual aids.
FINANCIAL POTENTIAL AND IMPLICATIONS
- Market Potential and Growth Prospects: Mojo Vision’s smart contact lenses have the potential to tap into several markets, including healthcare, entertainment, and professional applications. With AR and specially designed optical lenses and software integrations, products like Mojo can be beneficial for people with optical conditions like astigmatism and can potentially bring more people into the active workforce (both blue; hard labour, and white; pilots, collar jobs). The global AR and VR market is expected to grow significantly, and Mojo Vision can position itself to capture a substantial share of this growth.
- R&D Investment: Developing smart contact lenses with augmented reality capabilities requires substantial investment in research and development. Ensuring the safety, comfort, and usability of the product is an ongoing process. The company must allocate resources for continuous improvement.
- Manufacturing and Supply Chain: Establishing a reliable manufacturing process and a robust supply chain is crucial. Ensuring the lenses’ consistency, quality, and scalability will be key to meeting market demand and managing costs.
- Pricing Strategy: Pricing the smart contact lenses appropriately will determine their accessibility and profitability. Mojo Vision can either go the niche and collectables way by pricing the product at a premium given it is a new technology but to hit the masses appropriately and fulfill it mission Mojo must find a balance between affordability for consumers and maintaining a profitable business model.
- Partnerships and Collaborations: Collaborations with healthcare providers, AR content developers, and technology companies can enhance the lenses’ capabilities and provide access to a broader user base. Strategic partnerships can also help in financing and distribution.
- Monetization Models: The company can explore various monetization models, such as selling the lenses directly to consumers, licensing the technology to other manufacturers, or working on a subscription model by offering paid services for premium features and content.
- Regulatory Compliance: The company must continue to work closely with regulatory authorities like the FDA to ensure compliance with safety and medical device regulations. Compliance is essential for gaining consumer trust and market acceptance.
Financial Considerations & Implications.
- Revenue Streams: Mojo Vision’s primary revenue stream will come from the sale of its smart contact lenses. Additional income may be generated through app stores, content partnerships, and healthcare-related services.
- Consumer Adoption Rate: The pace at which consumers adopt a close contact wearable like smart contact lenses will significantly impact the company’s financial performance. Marketing efforts, product quality, and pricing will all influence adoption rates. The market for existing wearables seems to grow every year with more opportunity for new form factors. Consumers seem to still be anticipating the rise of wearable technology.
- Market Saturation: The saturation point of the smart contact lens market is uncertain. As of now there are few to none competitors but the tech industry is always one hit product away from over saturated markets. We have seen that with smart watches, AR/VR goggles and foldable smartphones. Mojo Vision will need to plan for potential market saturation and diversify its product offerings or expand into new markets.
- Technological Advancements: Financial success will allow Mojo Vision to invest in further technological advancements, potentially leading to spin-off products or expanding into adjacent markets Mojo should also have a clear vision for future growth and product iterations.
- Job Creation: If Mojo Vision succeeds in scaling its operations, it has the potential to create jobs in various sectors, including research, development, manufacturing, marketing, and sales.
- Industry Growth: The success of Mojo Vision can contribute to the overall growth of the AR and VR industry, driving innovation and competition, which can benefit consumers and other businesses in the sector.
There is no denying the fact that Mojo Vision’s smart contact lenses are developing a new and innovative technology with a potential to revolutionize the way people interact with the world around them. While the company is still in its early stages of development, there’s enough promise in its work and enthusiasm, Mojo has raised over a billion dollars by now and is a future unicorn. Mojo Vision has tremendous potential to influence the technology industry and financial markets in the future.
CONCLUSION
The emergence of Mojo Vision’s smart contact lenses raises an essential question: Are we getting closer to embedded chips in the body that will enhance our abilities, such as Elon Musk’s Neuralink? While smart contact lenses represent a non-invasive and external approach, they pave the way for discussions about more invasive technologies. Ethical considerations surrounding privacy, data security, and the potential for misuse must be addressed as we explore the integration of technology with the human body.
Mojo Vision’s smart contact lenses are a groundbreaking advancement in the field of ubiquitous computing. They represent a harmonious fusion of technology and biology, offering potential benefits in various aspects of life. The company’s mission to assist those with low vision demonstrates the ethical responsibility that comes with such innovations. However, as we embrace this technology, we must be vigilant about the ethical implications and broader discussions of embedding technology within the human body, as it brings us closer to the realm of Neuralink and other similar ventures.
Works Cited
“Mojo Vision Reaches Industry Milestone With Red Micro-LED at State-of-the-Art Diameter and Pitch.” Business Wire, 28 June 2023, https://www.businesswire.com/news/home/20230628424807/en/Mojo-Vision-Reaches-Industry-Milestone-With-Red-Micro-LED-at-State-of-the-Art-Diameter-and-Pitch. Accessed 12 October 2023.
“This MicroLED Display Is Smaller Than a Bug.” IEEE Spectrum, SAMUEL K. MOORE, 03 june 2019, https://spectrum.ieee.org/this-microled-display-is-smaller-than-a-bug.
