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Innovation project


Innovation project PROJECT: The purpose of this project is to learn how to develop a product concept based on customer development model. All projects must be in an industry that has broad appeal, such as consumer products, energy, education, health, transportation, retailing, retail banking, mass media or telecommunications. Markets with few customers are not appropriate for this project . Select a business or industry undergoing change in a market or country – for example television, cell phones, music, manufacturing, customized medicine, biotechnology, education, energy, automobiles. You will identify opportunities to explore in these markets, and turn these opportunities into product concepts and viable and scalable business models in a startup. OUTLINE: Part A. Executive Summary Part B. Trend Analysis and Overall Product Idea Part C. Competitive Market Analysis Part D. Business Model Canvas (a) what were the initial hypotheses for 9 blocks (b) how did you test the initial hypotheses (who did you talk with?) (c) revised hypotheses from the initial testing (d) how did you test the revised hypotheses (who did you talk with?) (e) finalized 9 block ideas for the business model canvas Part E. Customer Acquisition strategies and Revenue Stream (monetization model) Part F. Implications Example : Pill Pack Launched in 2014 take on other retail drugstores like RiteAid and Walgreens. has raised a $50 million growth round in Series C financing to start building retail pharmacies PillPack is an online pharmacy that will ship personalized rolls of pre-sorted prescriptions, vitamins, and over-the-counter drugs to consumers. The startup is using robots to sort pills into personalized packets, saving money on human labor. manage refills for customers by proactively coordinating with physicians and insurance providers has shipped more than 1 million dose packs since the company’s launch in February 2014. Operating in 47 states PillPack’s sweet spot focuses on providing prescriptions for consumers who take the same medicines regularly. Instead of sorting multiple types of pills into physical pill boxes, PillPack does the work for you. Each packet of pills is labeled with the type of pills you are taking in a given day. The company’s technology will also evaluate and inform users on the potential risks of combining certain medications and dosages. “It takes all the worries that I may have away,” says Pittinger-Dunham. Benedetti says: “It’s peace of mind for everyone involved.” FIRST WORK : Submission of the overall project idea, Jan. 28th. (3 pages excluding Appendix, 12 fonts, 1 ½ spaces, APA style, Times News Roman) Evaluation = organized thoughts, clear picture of the industry, flow and reasoning, professional writing and presentation. In this submission, focus will be on – which industry you want to work on – Justification for it (Why do you think this is a viable market, going through any changes?, examples and anecdotes for the change, any other reason you chose this industry for – personal reasons?)- basically show me why it is interesting to study this market (you can include pictures, graphs, figures, tables- put in Appendix) – Overall product idea (what is your proposal?) Our idea about this project is to develop translate earphone, when u wearing it, no matter which country’s person u talking to, or what language he said, it all can be receive and translate for u. which are help in education, medical, transportation, etc, anything! It can just look like a Bluetooth earphone. Convince. Useful.


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