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courses:cs30a7400:2014:group2 [2014/11/12 22:03]
f0395747 [Material used by group]
courses:cs30a7400:2014:group2 [2014/12/01 02:31] (current)
k6043 [Monday Dec 2th]
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 The notion that this would be an innovative product in Finland should be a big seller. "Time is money" as often stated. The ability to save time while commuting would interest many investors as saving time is many atimes akin to saving money, or at least prevent unnecessary ​ and avoidable expenses that might result from time delay. The notion that this would be an innovative product in Finland should be a big seller. "Time is money" as often stated. The ability to save time while commuting would interest many investors as saving time is many atimes akin to saving money, or at least prevent unnecessary ​ and avoidable expenses that might result from time delay.
-==== Monday Dec 2th ====+==== 30.11.2014 ​==== 
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 +**Feedback from Presentation** 
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 +  * There is not enough market research done while generating the business idea. It was discovered that HERE maps (by Nokia) and Google Maps (by Google) provide real-time traffic information. 
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 +  * The business model is flawed due to the issue mentioned above. It is expected that users would be adopt a new application/​service when they already use those that satisfies their needs. However, there is a possibility that it can be well adopted if we change our business model or innovate with our product that brings new values to existing consumers of similar products. 
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 +  * Some of the figures in our risk analysis do not correlate with statistics already made on the adoption of new applications of various types. 
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 +**Lessons** 
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 +  * It is important to do extensive market research while working on idea generation. It is critical to the potential success of the business idea to have a good awareness of similar products and services that already exist in the market, what they offer and what business opportunities exists in that market. This would ensure that the business idea generated would have strong possibilities of creating a good niche in that market or (at least) have a good advantage over its potential competitors. 
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 +  * User participation plays a key role in the process of idea generation. It is important to get the opinion of potential users on various aspects of a business idea to point us the aspects that would be appealing or not. 
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 +  * It is equally important to use reliable statistics when doing risk analysis. The more reliable the data used are, the more accurate the risks involved can be analyzed. 
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 +  * It is of utmost importance to pay attention to details during product development. As the software market is becoming more saturated, it is critically important to have the full scope of how a product being developed would have a (strong) chance at making profits despite the competition available.