Embedded Files
Business Model Canvas
Business Model Canvas
https://realtimeboard.com/app/board/o9J_kyoaepQ=/
The business model canvas is useful to identify the sustainability of the project, what steps are required to change in product and work done and more.
The website above is used to document the business model canvas and allow easier updates and modification to fit the project. The final version may be vastly different from the first one.
There is a change of business model canvas, from purely focusing on a back corrector brace to a multi-functional smart brace that allows users to choose features that they want to implement into the braces. By giving the users the options to choose, they are not limited to a vision the team wants to impose and they have more freedom to personalise their wearables, making the product more marketable to a more general audience. This incentivises the users to wear the product not because it is solely a back correcting device, but because it has more than just one feature implemented.
Presenting
Presenting
Pitching is important for the product to reach marketable levels and slides were created to present the viability, feasibility and sustainability of the project. Data and testimonies from previous interviews and research were compiled within the slides and opened up more opportunities.
The project was presented in these events:
- Rocket Pitch Festival 2018 within Singapore Polytechnic
- Design Odyssey Exhibition 2018 at SUTD
- Mid-Review Presentation 2019
- SP Engineering Show 2019
Criticism and feedback aids in fleshing out the business idea. The pitching presentation helped in focusing the targeted audience.
There are different slides for different purposes. The slides do not contain all of the information that is supposed to be given as the speakers are the ones providing the important information. Below are the slides used:
Design Odyssey Exhibition (4min):
https://docs.google.com/presentation/d/13e7REdGzvuk22Qbwv6s2SW0OM37IcxDx7UkykytZ6Ho/edit?usp=sharing
Mid-Review Presentation (10min):
https://docs.google.com/presentation/d/18-N01FfC_V135uiHdg4yRF7jsEAOvhWqHlqYg5AsPss/edit?usp=sharing
Roadshows
Roadshows
SP Engineering Show 2019
The team put up a booth to showcase our product to investors as well as lecturers. From this event the team received some feedback. The feedback indicated that it was well received and the viewers wanted the product to become an actual product. There was also feedback on how the product could be improved, some of these were implemented in the product while others were not able to be done and are documented under the future improvements.
A poster was created for preparation for the SP Engineering Show 2019 and the Multi-Disciplinary Project Roadshow, where QR codes bring the onlookers information of the report into segmented parts.
The updated poster design can be seen here:
https://docs.google.com/presentation/d/1hn5ijg-Q3KNBAuzBjATubl4O4JXdeQTxc4SBM21Wf10/edit?usp=sharing
Statistics
Statistics
Predictions and statistics are important to showcase the viability of the product. The graph below showcases the expected exponential growth over the span of 5 years, with the start of the third year opening the product overseas. The background costs is expected to be about minimum $352 per unit, inclusive of material cost, assembly, shipping, etc. After consultations with people who specialises in predicting the costs and earnings of the project, the graph is at a realistic growth rate.
The required amount to invest in is $65k, and after 5 years it is proposed to pay back $100k, 1.53 times the invested amount back to the investors. With that in mind, the amount left will be $282k in 5 years, $4.7k profit a month on average considering the numbers to be more pessimistic. This amount is used to pay for the workers and owner, and considering part time jobs, it is possible to survive for 5 years with the product. This is not considering the selling price to increase since the product introduces a newer market.
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