As you will understand from the headline of our blog post, we will share with you how you will accomplish a successful application process. In this post, you can find tips like how the business idea abstract is prepared, how the idea solves a problem, who encounters the problem most, how critical the problem is, how you thought to solve your problem, and so on.
Business Idea Abstract:
Here we expect you to tell us what you are doing in a way as if you tell it to anyone passing by. When we say “anyone passing by”, we mean that you will tell it in a way as you tell to someone who is totally not related to your business idea and target market. After you transfer that in this way, you can make an abstract including a little more technical information.
As you can apply in all the abstracts, you can have this abstract question at the end.
What kind of problem does your business idea solve?
You are very excited about your product, we understand this but we need to understand the problem you are solving in order to understand your solution better. You can think of the problem as need, but what we want you to do is to voice the main problem underlying this need. For example, Onedio.com. In the creation of the content in the existing news portals, the thought “why I should need media owners to publish/disseminate news about an institution or an individual or me” is effective. Start with a superficial and very general description, but certainly share the problem with the technical details.
Who encounters this problem most?
After introducing the problem, we want you to share who will be your potential customers who encounter this problem. We do not say that you will have many customers, have a rich look here. As soon as your product is finished, we want you to write who will be the first customers who will be willing to use it. For example, instead of referring to SMEs, share descriptive information about them such as in which sector, what size, which stage (small, at growth stage, how many employees, in which cities, which IT systems are used, what kind of management they have).
Do not skip ahead to specify how many of these customers are.
How critical is the problem?
Is this problem one of the works that are indispensable for the customers, or is it dispensable? How often do customers experience this problem, every day or once a year? Do all of the customers you wrote above have such as critical problem or only a specific part?
How much are the customers affected by the problem? How many resources do they spend on existing solutions to solve this problem with the alternative solutions (your direct or indirect competitors): indicate the criticality of the problem in terms of human resource, time, and currency. You might even see it as a waste of time and effort to make 1-2 more clicks on the web/mobile applications.
How did you think of solving this problem?
We are waiting for you to tell us how and where you met this problem. Is this a problem that you/your team personally experience in your workplace and campus, or are you inspired by a person who encountered the problem in your family or in your immediate neighborhood? Or did you think of it after a brain storm or suddenly in the bathroom?
What Solution Does the Business Idea Create for the Problem?
Here you can transfer the solution in 3 steps.
1) Write your solution in 140 characters so that someone who is passing by can read and understand it.
2) Detail the benefit that the solution created for the user in this step and how you generated it.
Arvida is a nature-friendly renewable energy source that generates electricity by taking advantage of the flow of water in the slow moving stream or artificial water channels. Example 1: Arvida is a nature-friendly renewable energy source that generates electricity by taking advantage of the flow of water in the slow moving stream or artificial water channels. Example 2: HPPs are the structures aimed at generating electrical energy using the water’s potential energy. River-type HPPs operate with the principle of transporting water by high-cost conveying structures, separating it from the riverbed, and sending it to the turbines with the help of pressure pipes where the desired drop is obtained, in order to obtain the high drop required for generating energy. Due to the high cost and the fact that it separates water from its natural beds, the requirement to produce an alternative solution to this method, which is harmful for the ecology and in which it is not possible to evaluate all of the existing water potential.
Archimedean screw is a hydromechanics pump used to transport water to high elevations in 200’s B.C. Today, it is still being used instead of a pump for this purpose, and it is also used in place of a conveyor belt for carrying solid materials. As Arvida operates with open channel system, it does not need to be taken from natural flow route of water and directed to pressure pipes. Thanks to this, there is no intervention in the river bed, the natural watershed structure is completely protected. Considering that the water is evaluated in the regions where it obtains the natural drop, the turbine can be installed without any intervention in the stream bed. In addition, the fact that a small barrack is highly sufficient for generators, panels and other appliances makes ArvidaTM a part of the natural life where it is applied. ArvidaTM allows the passage of fish thanks to its the turbine structure with low turnover frequency and open channel operation specification.
Tell us the technological innovation in your solution. Tell us with concrete evidences that this solution is technically feasible and that your team has the necessary competencies within this regard.
We want you to share 2 dimensions in the answer as it is in the question. We ask you to share the technical/marketing/promotional difficulties that need to be overcome to realize the solution, your teammates who set off with you to overcome these difficulties (of course, we do not expect you to know and dominate everything on the very first day) and what makes you believe that they have this potential. Firstly, share the technical difficulties, and then share your team’s competencies with concrete data as much as possible.
What are the products-services that are in the same market with your Business Idea?
In this question, we ask you to share what alternative solutions through which your customers will their problems if they use your product in anyway are. You can also think as your indirect or direct rivals. If you do not have a rival, share what your customers do and what solutions they use today in order to manage.
What makes your solution unique and special? Why should the user choose you?
We do not expect a solution on the patentable level for every application. It is possible that not every application has a very original dominant aspect at the beginning, we know that this is also normal. What we expect from you is to tell us how you will be different from the others when you realize your goals. Your original side will be the answer why you will be preferred just the same as even though there are cheaper phones, many people prefer the more expensive phones.
What is the realization and commercialization plan of your Business Idea?
In this question, we want you to tell in how much time and with how many resources you can achieve this solution as a team. Here, too, we do not expect an excellent plan from you, and we expect you to roughly tell how you will earn the first money and how you will get the remaining.
Share the income model of your Business Idea.
How much will the price of your product be, according to what/whom and how will you change the price? Do you think of obtaining income from the other products or services besides your product? It is enough to write the basic information such as for whom you will write the bill.
If your product is a Mobile application and you distribute with charge, your first revenue item is application sales, and the second revenue item is purchases for applications. While your income model is a fixed in the application sales, in purchases of applications, you can sell them in a decreasing amount scale, that is, you may be selling 100 gold for 2,89 TL while selling 1000 gold for 19,99 TL.