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Concept and VisionChoose 1 POV statement from Project 1 and explain the problem that your business idea aims to resolve/improve.Describe what product/service/process is currently being usedOutline the...

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Concept and Vision


  1. Choose 1 POV statement from Project 1 and explain the problem that your business idea aims to resolve/improve.
  2. Describe what product/service/process is currently being used
  3. Outline the existing product/service/process limitations
  1. Students are unable to find times to read. We plan to use this pov to solve the problem where students don't have time to read as much as they'd like to. So our primary goal is to help them achieve better time management in order for them to complete a book as time shouldn't be a constraint to reading.
  2. Various apps set reminders to finish a book. Also, there are reading checklists available and digital reading calendars online. as well as Audio books for the ease of saving time to read more.
  3. Expensive subscription prices, Not enough selection of books available to read from. Customers find difficulty to navigate through the app. Apps aredesign-wise,e not catchy or eye pleasing to customers.

Generating Ideas


  1. Apply at least four of the Tools & Techniques (listed in this handout) https://docs.google.com/document/d/1U7nYBmPyGoos9ldowBJZTrsH7aUGsBn6/editto actively generate 20+ ideas. (Brainstorming, Yes, And…, and Leveraging Constraints are all covered in class, be sure to include at least one more)
  2. In one file to upload as a PDF for this question:
  3. Present outputs from the 4 activities (as drawings, photos, maps, etc. Include as an appendix in the final report).
  4. Narrow to the 3 most innovative solutions that are also desirable, viable, and feasible.
  5. Choose 1 to prototype with a brief explanation of why your team chose to prototype this solution.
  6. Explain why your initial solution is better or different than what already exists.

Competition and Positioning

  1. Discuss your competition. What are other companies or organizations offering similar products/services/ideas? What are customers currently using to solve the problem? Who else might serve this market in the future? (potential future competition)
  2. Write a marketing positioning statement. (for Phase 1 this will be a draft, you will learn more skills to revise and refine for Phase 2).

Business model (Lean Canvas)


  1. Make one copy of the Lean Startup Canvas
  2. https://docs.google.com/document/d/1lh3X0rUttClIcYP7XBSnSfHdxkRbdAANPX7eaVkMQBs/edit Fill out the following categories:
  • Customer Segments
  • Core Problems
  • Existing solutions
  • Solutions
  • Value Proposition
  • High-level concept
  • Unfair Advantage

2. Include a brief summary of your business model


Risks/Limitations


  1. Identify and explain assumptions about what is true about the initial version of your business model by analyzing the elements listed in the business model that have to be true, or your business will fail.
  2. Categorize and prioritize assumptions based on level of risk (Desirability = #1 risk; Feasibility = #2 risk; Viability = #3 risk)
  3. Which risk is the most important to address? What type of prototype would help you to explore this risk? How are you going to use that type of prototype to gather evidence that your assumption is true or false?

Create aLo-fi Prototype to Facilitate Testing Concept


  1. Create a lo-fi prototype from the solution you selected in Step 3. Reference the list of prototypes https://docs.google.com/document/d/11WFYaopzA5TdbeG65q0_ElGWJ6JXuyKfGbJBlgZFpCI/editto choose one that is suitable for your product/service/idea.



Answered 1 days After Apr 12, 2023

Solution

Himanshu answered on Apr 14 2023
38 Votes
Running Head: PRODUCT/ BUSINESS IDEA    1
PRODUCT/ BUSINESS IDEA        2
Product/ Business Idea
Student’s Name
Institution’s Affiliation
Date
1. Idea.
Every investor wishes they had the ability to connect every element on their portfolio to one monitoring site. This is usually a bit of a challenge and that's why my idea of IntelliNet, seeks to unite all your elements and allow you to monitor their trends and execute your financial decisions on the same platform.
i) Methodology.
Goal-directed interaction methodology. This methodology seeks to understand the personas, the users and the domain and then seeks to make the users’ needs the centre of the design.
ii) Industry.
This idea shall function across disciplines. We’re are seeking to apply computing technology into the world of finance.
iii) Competition.
Olymp Trade and ExpertOption are cu
ently the biggest companies in this sector. Since their solution is also techno based, we cu
ently see them as our biggest competitors. However, we expect to gain a upper hand in all this.
iv) Plus.
Man has an endless affinity for wealth and achievement. This product feeds the investors with the assurance that they got full control over their portfolios and thus gives them confidence.
v) Delta.
On the downside however, IntelliNet is bound to face challenge when it comes to convincing the investors that this would be of help. These are people who are inherently risk averse. They need a lot for assurance and before we get that, it could be a struggle.
vi) Reasons for Decisions.
One of the things investors dream of is being to know when their elements, for instance stocks, appreciate or depreciate. But if their portfolio contains not only stocks but some cryptos, derivatives, or bonds that are not listed on the same market, it becomes hard to track everything at the same tome and often they have to keep switching tabs which could have them miss out an important window (Das & Gupta, 2019). Our decision to develop IntelliNet is based on the need to
ing everything on one screen.
vii) Logic.
This idea's logic is to help our clients maximize returns on their trading portfolios by making it possible for them to monitor their financial elements with ease. We seek to appeal to the investors’ affinity for money and the inherent need to get more satisfaction. Putting power in the hands of our clients, making them feel that they're holding the steering wheel to the market.
2) Idea.
Imagine if your dentist was in your bathroom. From the sound of it, this might sound ridiculous but what I really mean is, imagine if your tooth
ush could do simple, regular and definitely daily dental check-up for you instead of consulting with a dentist all the time. This is the idea of Smart Dent. A tooth
ush that uses AI to...
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