© 2002 IBM Corporation

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CSC323 BIT Final Year Project

Idea and Business Context

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Announcements

Submit Groups by next Wednesday6-8 membersTimes Allocation will appear on web

Tutorial/Business Meetings will commence in two weeks in the Java Suite Committee Room (Ground Floor)

Groups should meet before hand

http://www.cs.qub.ac.uk/~B.McCollum/csc323/csc323.htm

 

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Lecture Structure

Source of Ideas Example projects from previous years Business Context

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The Starting Point

Groups of educated and motivated individuals

Interest, knowledge and understanding of modern IT, business processes etc..

Frustrations and Ideas

Capture all of this within a Business Context

The next step is Idea Generation

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Creativity – Turning ideas into a project (business)

Initiate A point on which to nucleate ideas

Imagine How could this be improved?

Invent IT must be in the solution

Implement Give thought to design and ‘rollout’

Sustain

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Idea Generation

Where are the Problems / Opportunities?What are you aware of?How do you find out?

Potential Areas to Focus on e.g.Health, Economy, Environment, Education, Entertainment, Business Processes, Travel, Community, Retail, Family, Fashion and Beauty, Food, Gaming, Holmes and Housing, Security, recreation, Marketing and advertising, Non Profit Social Cause, Telecom and Mobile, Transportation, Style and Design

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Idea Generation - examples

Work experienceareas of problems, high demand, customer complaints,

frustrations and waste identified.

Patterns and Trends e.g. DemographicsFamily size, exercise habits, perceptions, aging of

population, work patterns

Money available?

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Idea Generation

Talk to people

Family / Friends / Relations / Neighbours

Many ideas come from customers - so find people with a need or a problem.

Magazines/Watch television Look to the USA for ideas emerging there. They tend to be

several years ahead of us. Sell a complete package. Pull a range or products and services

together to fully solve a specific problem.

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Key issues

Team ‘buy in’

Understanding of Team Strengths

Initial background research

Enthusiasm

Attitude and belief

Project Management

Looking for opportunities which separate your team from others

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BIT Company Examples

Stage-MICSFull e-commerce web site for the development of a ‘local

music’ community

KidzClickIT learning environment for Primary School Children

Activ-EatInteractive tool for placing orders in restaurants

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BIT Company Examples

AlumITDelivery of a full ecommerce Alumni service targeted at the

UK University Sector

Digi-DressA closing Kiosk incorporating a whole body digital scanner

to allow for visualisation of various combinations of chosen catalogue clothes

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BIT Company Examples

Palm questThe development of a hand held device for use within the

survey industry.

Preliminary aimed at the Housing association market used during the process of tenant surveys

Secure ITDevelopment of products to improve security and road safely

for road users within UK

Product ‘eyeTsecure’ is an iris scanning device placed in a vehicles to ensure you are the owner and are fit to drive.

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MedNETDevelopment of a customer relationship management

communication tool designed to improve the relationship between GP’s and patient

Ephora‘Equilibrium’ is a product for the purpose of fitting a horse with

an appropriate saddle

BIT Company Examples

© 2002 IBM Corporation

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BIT Final Year Project

Business Context

timetabling expertise with managed implementation training and consultancy © 2004 eventMAP Limited

Key Issues

1. Value Proposition2. Target Market3. Revenue Model4. Unique selling proposition5. Competitive Analysis7. Market Size8. Market Growth9. Market Share10. Lifestyle or High Potential, Sole Proprietorship or Corporation) 11. Start-up Costs12. Investment needs13. Exit Strategy 14. Return on Investment

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Business Context – Early Questions

WhatProduct, Service

WhyWhy Now, Why You?

WhereMarket, section of market

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Business Context – Early Questions

Who

will use, will you need to partner?

Who will you approach for funding?

How

How will this function?

How will this fit in with other systems?

How do the finances stack up?

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Business Context – Early Issues

SWOT Analysis

Competitor Analysis

Potential success strategies

Justifications of Assumptions made

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Business Ideas Form

Download and submit. Title Aims Description Business Needs Addressed Deliverables Hardware/Software requirements

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Assessing the Idea

Market Research – The next Step Desk / Secondary Research

Market Research Reports , Statistical Publications

Trade Magazines, Press Cuttings, Internet

Resources- your Local Enterprise Agency;

- Your Invest Northern Ireland regional office;- Your local library or Belfast Central Library; - European and Business Information Centre, Upper Galwally.

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Assessing the Idea

Primary Research- Face to face interviews- Telephone interviews - Postal questionnaires - Discussion or 'focus' groups- Attending Conferences- Samplings.

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Answers Required

what is the overall size of the market? are there any trends which are noticeable? e.g. are sales

increasing or decreasing? who buys this product or service? who uses this product or service? who actually makes the decision to buy? when and how do people buy? where do they buy?

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Answers Required

what essential features must the product or service have? why do people buy? what benefits are people buying? are there any standards or regulations my product or service

must observe? who are my competitors? what are their strengths and weaknesses? what price should I charge? what terms and conditions do buyers expect?

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Initial Answers

Essential Idea ‘flows’ from initial research

Clear evidence would be shown in Interim/final report of marketing effort made.

This should be revisited at all stages of the project

We will discuss these issues at next week business meetings / tutorials

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Business Model is the mechanism by which a business intends to generate

revenue and profits.

It is a summary of how a company plans to serve its customers.

It involves both strategy and implementation.

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Business Model It is the totality of:

How it will select its customers How it defines and differentiates its product offerings How it creates service for its customers How it acquires and keeps customers How it goes to the market (promotion strategy and

distribution strategy) How it defines the tasks to be performed How it configures its resources How it captures profit

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Business Model Generally, the business models of service firms are more

complex than those of manufacturers and resellers

Shop Keeper Model

Bait and Hook Modelcell phones (bait) and air time (hook); computer printers (bait) and ink cartridge refills (hook); cameras (bait) and prints (hook).

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Types of Model

Pyramid Scheme Model

Monopolistic Model

‘Cutting out the middle man’ Model

Auction Model

Loyalty Model

Hybrid Model’s times are changing and companies must continuously

rethink their business Models.

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Business Model

Various Aspects- Marketing Model- Financial Model- Technology Model- Sales Model- Implementation Model- Management Model

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Business Model

Marketing Model- Preliminary to develop idea- Get target Market’s attention- Marketing mix

Web page, publication, direct, email

Financial Model- All aspects of your business represented financially

Technology Model- Technology background- Development methodology

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Business Model

Sales ModelSales Life CycleWho is involved

After Sales Model- What can the customer expect

Software releases,Feedback

Review process

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Business Model

Implementation Model- Involvement with Client- What can they expect when?

Company Management Model- Internal workings- Responsibly matrix

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Company Growth

Needs to be Projected What is the Methodology to Achieve this Early proof of concept, Partnering, channels, franchising,

sell out? What is the exit strategy and when? What is realistic and how often is this reviewed?