Tag: project 1

Week 1: Development of Business

Idea development is pretty hard when it comes to making one purely for money. If it was an idea for a game I’d probably have an easier time coming up with one (I can hear Emma laughing at me) but when it comes to business other factors come to play. One of the biggest problems is that I have little to no business experience so I barely know what those factors are until I bump into them through trial and error. The two biggest things I’ve seen come up in our group is cost efficiency and viability of the product itself.

A good idea would be a well researched one. By doing both past and present research one could know problems older companies faced as well as what their going to face presently. For example if one were to just do past research he wouldn’t know about any current trends occurring like business opportunities on the web. On the other hand, if someone were to just do present research he might make mistakes older companies made. Another advantage to present research is knowing what your competition is. If you were able to read that a current trend was profitable then it wouldn’t be strange that another company has already been made with a similar idea. You can of course try to compete with the company but your product would have have to been generally more well received through various means such as higher quality and better advertising. That puts a lot more work if your company is just a start-up. This is also why having a unique idea is important.

One business that I find interesting is Oculus with their Rift. I’m of course more interested in the product itself but it turned out to be so well researched that it took off well as a business. The founder keeps holding off the release of a commercial product because he’s activiley trying to avoid past mistakes older VR products made by releasing a product that doesn’t completely captivate customers at a reasonable price. I don’t think their making much profit with the Rifts themselves but their definitely making enough money to make progress towards their collective goal in virtual reality.

Week 1: Developing A Business

Idea Development & Generation

The process of idea generation is simple in theory but more complicated  in practice when creating a product for a start-up company. It is important to not only let yourself be creative but also be  mindful and practical about the plausibility of the ideas you generate. While a completely novel idea may initially seem like a good business plan in itself, thoughtful analysis may prove otherwise. Proper introspection into what it takes to produce units, and the markets that business is targeting may actually reveal how viable your novel business venture is. This may initially seem limiting however in my experiences of generating a business doing market research will help focus and scope your idea.

One of the important aspects to consider in the analysis of your business plan is differentiation. Ensuring the product or service you are trying to sell is different from competitors’ can affect many parts of your business plan; Who your competitors are, who your target market should be, how your product or service can fill an unoccupied space in its marketplace, and if your idea is patent-able or infringing on copyright. Doing market research like this can help direct the way your business will need to adapt or change as well as identifying its strengths.

Innovation & Business: NuVu Innovation School

Nuvu is an innovate school for middle and high school students in Cambridge, Massachusetts. Their educational model focuses on a multi-disciplinary and collaborative approach to learning. Rather than separate courses with distinct subjects at Nuvu students work closely in studios with two coaches to solve specific or open-ended problems. Where traditional school systems grade work through assignments and tests, Nuvu does not give grades but rather students document all of their design decisions and show their final products in a portfolio of work. By focusing their attention on their students’ needs and working to solve specific problems NuVu is teaching their students how to solve problems from inception to completion. This focus on creative process, and producing a portfolio or work is an extremely innovative approach to learning, and produces very impressive work as showcased by the students studio work on the NuVu blog.



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