Thursday 10th November:
I have just come out of our second presentation and it went very well. We were talking about our business proposition in the context of our business, competition, market and research and development.
We were very happy with how the presentation went and the feedback we got on our idea and technical delivery as that is what we are currently focusing on. We presented to Marcus Helfert and he said our idea was ‘Too-good’ which were very impressed with.
We are currently exploring the different technical deliveries we could go with one of which is that we could eliminate the database we are saying we would provide as the security would be too high etc. and it would be an easier concept to actually just have something like an e-signature to verify that the person is in fact themselves.
Our initial delivery is due on Monday for our final year project. It outlines our original thoughts and information we have gathered to date such as finances to date and our market research. We are working hard to get it finished and ensure we have everything we need in the report to show off our idea and the potential of this particular idea.
We hope to make progress on the technical delivery and speak to our other customer the nightclubs next week too.
We are now looking further into our financial Projections following a lecture with Tony O’Brien we have been given a more detailed insight into the business and technical needs of our overall application.
We are undergoing cash flow forecasts, profit and loss accounts and balance sheets. Which will hopefully give us an indication of when we will begin to make profits and be able to pay back the loans we plan to take out originally to employ our developers and get the application publicised. We have come to some assumptions into details such as accountants and developers. We hope to only need 1 developer and get a starting of graduate accountant to save funds.
We have also been further looking into our Market Analysis and due to the previously mentioned survey I spoke of in my last blog we can give exactly how many people will utilise and pay for our application. To have this information is of huge advantage to us as a pose to where we are currently feeling like we are making a lot of guesses and estimates in relation to costs, expenses and profits within our first 3 years. To be able to back up our market analysis with the information we have gotten of these 350+ people is priceless research.
We have been looking into secondary research online to see who ae available market and target market are and who will be able to target long term.
We have our first proper presentation next week on the 14th November and we are busy preparing our Technical delivery/ Timelines and workload distributions.
One issue we actually came across was our competitor in that there is no similar application on the market to date apart from the traditional way of using identification. This is our only competition at the moment we felt we could mention and also to keep developing in the case that there is a similar product released in the future we are top of the market and will stay there.
Following our presentation a couple of weeks ago we felt we needed to undergo our primary market research. Primarily our main issue was to find our if there is a gap In the market for our application and who would be interested in doing this.
Taking into consideration we have no funds to market this idea, we created a survey on survey monkey and began sharing it on all of our social media platforms. By asking friends and relatives to do the survey for feedback. Within a few hours we had 200+ surveys complete. Within 24 hours we had 350 with 90% of these people saying they think our survey is a good idea and would be interested in paying for this facility. The feedback we got from the survey was triple what we had originally expected and at zero cost.
This has given us a head start and greater insight to what our market will pay as one of the main questions and issues around the creation and publication of any application of software is financial issues. Here we can ensure there is a constant cash flow. With other funds such as investors and our partners of nightclubs we hope to break even a lot erlier than many other application ideas.
The survey itself was only 7 questions and offered the illustration of the results in charts for easy legislation and input into our business plan.
We have also come up with an idea of screen shooting the feedback we were getting online. Such as ‘great app, would definitely use it’ within our presentation as something extra that may grab the attention of the buyers.
Along with this we are going to do a video timeline of the progress we are making on the application and the hurdles and highs of that process.
We have just came out of our first presentation of our business idea to Marcus Helfert. Having presented our idea and received feedback we still feel our project idea has a lot of potential and if we can fill the issues there may be the security of the data we would hope our idea would be a success. We also got the opportunity to see other ideas and groups and make comments on them.
The lecturer posed issues such as that it would not be paid for and that users would not pay a fee for a service that would be free? Although, As our idea is targeted at a market age of 18+ the other members of the class were able to back this up and say they would certainly pay a small fee of aprox 10euro so they would not have to bring out their passports/age cards etc to a nightclub on a daily/weekly basis. Another point we made on this was that students are currently paying 15-30 euro for an age card to top them bringing out their age card. Which is still easily lost.
The issue for us here is that if you are not a young student for instance it is hard to understand how big of an issue this is and we have now shown this i feel.
We also were given advice that nightclubs would know about the rules and regulations in relation to presenting ID at a nightclub door. Therefore our next step would be to get in touch with our market ie talk to nightclubs and ask them what they think and if under the nightclub regulations that they would be able to use this application instead of a hardcopy of the ID.
I feel in conclusion to the presentation and our first time voicing our idea to others it went well and i hope that we can continue to get good feedback and cover up the holes that may have underlying issues.
On Thursday we will make our first presentation of what we have come up with for our final year project. We have been thinking of ideas and brainstorming ideas since August. We came up with approx 10 ideas and them we pitched them to friends family and a couple of lecturers. We narrowed them down and eventually got to settle with one idea.
On 27th of September we spoke to Cathel Gurrin and asked him for his feedback which we found hugely helpful and he had a lot of tips and ideas to help us. The idea we felt was our strongest was our favourite idea and we were happy with the points he made about it.
From this we changed some aspects of our idea and made a meeting with another lecturer Monica Ward.
On 10th of October we met up with Monica, she saw some flaws in our idea which we are not grateful for because we can fix them before presenting it to the class and Helfert on Thursday. She recommended the use of QR codes as a security mechanism to give certification of accessing your information when you give the scan of the QR code.
Our idea name we are thinking of is IDme.
The idea is that we are digitalising ID to a QR code. This came from the fact that students are carrying out hard copies of IDs on a regular basis and it is unsecure as these are government documents. These are expensive and tedious to replace.
We propose that when a user registers with us they upload their ID and are given a QR code. At the nightclub door it is scanned and from the QR code your identification pops up and can be easily accessed and face recognition done by the bouncer on the door.
For the nightclub we can offer a lot of data on who is entering the club and what times etc. This is why the clubs should buy it we feel as well as the ease of having your ID on your phone automatically.
In relation to security: when you register your phone number with us only that phone number can store one ID therefore this should ensure only one person uses their own id and will prevent identify fraud.