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Assessment - Idea Selection and Business Pitch

Learning Outcomes
• Define and apply key concepts of innovation in commercial, digital, service, and social contexts
• Investigate cases of disruptive innovation in different business and social contexts by applying lean entrepreneurship principles
• Demonstrate an understanding of and apply the stages of the innovation process, including learn how to forecast the success and market diffusion of your innovation using business model design logic
• Identify and discuss the technical, financial and organisational constraints to innovation in markets that occur in real-life through the use of teamwork and brainstorming.

Introduction

Selection of any business idea requires consideration of various aspects that can directly or indirectly affect that business (Schaltegger, Lüdeke-Freund, & Hansen, 2012). It is highly essential to consider that a proper evaluation of all the aspects of the business be conducted prior to proceeding with the business plan (Katzenbach, & Smith, 2015). With respect to the current context, the business idea of "Pet Locator Mobile App - With GPS And Real Time Search Systems" have been taken under consideration as a suitable and prospective business in the modern world as many times the pet owners lose their pets when the pets leave the house unattended and are unable to ever get them back (Grosbard, 2019). Therefore, introduction of a business of this kind would be highly profitable for the business owners as well as the pet owners. The following elaborates the business plan for the current business idea.

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Question 1. Idea Evaluation (Develop an evaluation framework to compare the ideas developed individually in Assessment 2)

Answer: Idea Evaluation

While considering the varied business ideas, several areas were evaluated to determine the most suitable are for the venture. The major three ideas that have been initially considered prior to finalizing the current business idea of pet locator mobile app, were "A Virtual Reality Device That Helps Kids Master Fears" and "Solar Electric Energy That Use Solar Energy for Generate Electricity Power". The idea of the solar electric energy generator was excluded as the production of the devices would be highly expensive and the demands for such devices are highly limited in the modern times, despite the rise in the awareness of significance of renewable energies over the non-renewable energies (Budischak, Sewell, Thomson, Mach, Veron, & Kempton, 2013; Twidell, & Weir, 2015). On the other hand, the idea of the virtual reality device that would help the children in overcoming their fears appears to be innovative, however, not many parents are open about their children's weaknesses and therefore, the possibility of the profitability that can be derived from this business idea, also appeared to be less appealing. Upon consideration of the various aspects that are associated with the three business ideas, it has been decided that the venture would proceed with the business idea of pet locator mobile application, as it is cost effective yet profitable. The evaluation that has been conducted for the three businesses, based on a framework are as follows. 

Question 2. Idea Selection (Describe and justify how the best idea was selected)

Answer: Selection of Idea

It is evident from the evaluation of the three business ideas that the idea of pet locator mobile app offers the highest attributes of the three ideas and therefore, the venture shall proceed with the same idea as this idea is more reliable than the other two. Hence, the current business plan is based on the business idea of "Pet Locator Mobile App - With GPS And Real Time Search Systems" as the same is not only cost and price efficient but also comprises of very limited physical resources as half of the product is based on software. Furthermore, it is evident that the business idea is more profitable as it requires utilization of limited resources, thereby making more desirable of a business venture.

The business plan that is being considered for the pet locator mobile app shall comprise oftwo parts. One part is the device, that is, the collar that shall be worn by the pets. This collar shall comprise of a micro camera that can be remotely activated using the mobile application and the same would have the capacity to provide a wide view of the surrounding where the pet is located. The collar would also have a small GPS tracking device, embedded along side of the camera, which would facilitate the search of the pet wearing the collar, through the mobile application and the GPS mapping system. The GPS tracker shall also send alerts if the pet crosses a certain preset perimeter. This implies that the other component of the business plan is the mobile application itself, that would serve the multiple feature of GPS real time tracker as well as camera view from the camera in the collar. The development of both these components is cost effective as these do not require much resources. As a result of the same, the products can be priced efficiently. The purchase of the product would enclose a lifetime service for the mobile tracking system, thereby further minimizing the price as there are certain other pet locators in the market that charge a monthly or annual fee for providing the GPS tracking system (Roberts, 2019). Furthermore, they do not provide any kind of camera on the collar to aid in accessing the surrounding environment of the pet. Therefore, it is expected that the current business idea would be more profitable than the other two that have been initially considered.

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Question 3. Improvements (Identify any gaps that need to be addressed before the idea is pitched to an investor)

Answer: Gap in the Idea

The business model that has been developed for the business idea of the pet locator mobile app comprises of only one gap. This was the integration of the camera. Earlier, it was decided that a macro camera the size of a button shall be incorporated in the collar. However, upon reconsideration, it has been decided that a micro camera with wide view, zooming and water proof technology shall be employed. Although this change would increase the costing and price of the product, however, since it is one time investment, the availability of maximum features would make the device more attractive and appealing for the target consumer segment. Furthermore, micro cameras are much more efficient than the button cameras (McGucken, 2011).

Question 4. Revised Business Model (Amend the business model canvas to incorporate the above revisions)

Answer: Business Model Canvas

The improved business model upon replacement of the button camera by micro camera, is as follows.

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Question 5. Cash flow projections (Prepare ‘best case' and ‘worst case' cash flow projections for the first two years. Remember to state your assumptions about the key drivers of cash flow in each scenario)

Answer: Cash Flow Projections

In an ideal situation, the company expects to sell around 500 units in the first year followed by 750 units in 2nd year (each priced at 100 $). Variable cost is estimated to be around 15% for 1st and 2nd year associated with a fixed cost of 50,000 $ along with 15 % tax rate on the whole.

For the best-case situation, the company estimates the variable cost to be around 10%, based on which the following table has been presented

For the worst-case situation, the company estimates the variable cost to be around 10%, based on which the following table has been presented

Financial Feasibility (Key Ratios: Break-even point and ROI)

The required number of units to be sold for achieving break-even point is 588 units.

The chart for the return on investment of $ 100,000

Conclusion

Based on the discussion that has been presented above, it is evident that the business idea of the pet locator mobile application is a very suitable idea to be pursued further as a business venture as there are several features and attributes that make the idea much more attractive than the rest of the two ideas that have been previously considered. The development of the current business plan has focused towards presenting the business idea to be a lucrative one as there are more benefits and advantages associated with the current business plan, as opposed to the other two ideas of solar energy generating device and the virtual reality device that helps to overcome fear.

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The Pitch

Business Pitch - Pet Locator Mobile App - With GPS And Real Time Search Systems

Question 1. Overview of the proposed venture idea and underlying business model

Answer:

Business plan for the pet locator mobile app comprise of two parts.
One part is the device, the collar that shall be worn by the pets.
Collar comprises of a micro camera
Collar has a small GPS tracking device
The other component of the business plan is the mobile application itself

Question 2. More detailed explanation of Selection of Idea

Answer:

The major three ideas that were initially considered:
A Virtual Reality Device That Helps Kids Master Fears
Solar Electric Energy That Use Solar Energy for Generate Electricity Power
Pet Locator Mobile App - With GPS And Real Time Search Systems

a. The problem Solved
Pet Locator Mobile App - a suitable and prospective business
Many times the pet owners lose their pets (Grosbard, 2019)
Introduction of pet locator highly profitable for the business owners as well as the pet owners

b. Monetisation of idea
Monetisation for business development conducted via
crowdfunding
sponsorships

c. Financial feasibility
The idea is financially feasible
there are various advantages
highly attractive to the pet owners

d. Operational feasibility
The operations highly feasible
minimal use of resources
production and maintenance of the devices and mobile app

e. Scope and Scalability of idea for commercialisation
Business idea - large scope - commercialisation
with the help of technological upgradation,
detection of lost pet made easy

Question 3. What you are seeking from the investor

Answer:

Seeking from the investor
From the investors, we seek AUD 100,000 for the establishment of the business

Question 4. What you are offering in return

Answer:

Offering in Return
In return we offer a share of the profit margin, which shall be about 1%

Creative and persuasive
The business idea is highly creative and persuasive as there are various features in a small device and mobile application, which has the capacity of providing high return on the investments, thereby making it profitable

Question 5. Cash flow projections for the first two years.

Answer:

Commercial Acumen
Commercially, the business is quite innovative and has the potential of gaining high consumer base in the market thereby being profitable

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