The desirability factor of a new, innovative idea is predicated on the perceived desirability of the proposed concept. Essentially, you may have a clear idea about what y

PART 1

The desirability factor of a new, innovative idea is predicated on the perceived desirability of the proposed concept. Essentially, you may have a clear idea about what you are proposing and you may also feel it has great potential…but will others share your opinion?

For this section, you will think about who may buy or use your service. This is your customer or beneficiary. A customer or beneficiary profile captures the key attributes and characteristics of the representative person who you are creating your app/service/product for. The profile is based on research into the concept and also the market surrounding the space where your idea lives. 

Based on your research – create a customer or beneficiary profile. Find an image you feel reflects the individual who would buy and/or use your service. The person will have a name and fabricated identity and should be clearly aligned to the goal of your idea.

UPLOAD:

· PowerPoint Slide of the Customer Profile

EXAMPLES:

PART 2

For this assignment, you will incorporate what you have learned from research into your concept and who you think will be your intended customer/use. You will create a storyboard representing the user experience, based on this understanding, for your product. The storyboard should outline the "story" of what you envision a user will interact with your product or service. Part of this process is visioning this idea as a fully formed product.

As you start to think about your customer, user, or beneficiary as an actual character, you will place yourself in their shoes. We will be developing a storyboard of the customer experience that will function as a walk-through of what it is like when your user interacts with your idea.

Where would you start with your storyboard to demonstrate the customer experience?

Design Considerations:

· The storyboard must have between 6 – 9 panels

· Make sure the storyboard illustrates both the problem AND solution

Formatting Options:

· Use a digital storyboard-making app, like  Storyboard That (Links to an external site.)  to create your team's storyboard (it is free, with limited extras) 

· Draw your storyboard with pen/pencil/paper/markers and create a pdf of the final masterpiece

· Use a storyboard template like:  https://milanote.com/templates/storyboards (Links to an external site.)

· Get fancy with cool photos:  https://unsplash.com/ (Links to an external site.)  

UPLOAD

· The completed storyboard.

PART 3

The Competition

You will create a Competitive Analysis Template that will contain the following fields. Create the template in Word and upload the template into Canvas as a separate upload. 

Conduct research into the field where your product/solution lives. Locate other organizations and businesses that provide similar services and respond to the following:

1. Identify 4 obvious competitors. List each below with a link to their site. 

2. Identify 4 relevant competitors. These are other organizations or businesses that also live in the same space but that may not provide the same kind of service that represents your product. 

3. Use this research to fill in a Competition Matrix. Details below.

*Make sure to replace the "competitor" with the name of the organization/business you located in your research. 

	Price	Benefits	Quality	Features	Locations	Distribution/Sales	Customer Satisfaction
Competitor 1
Competitor 2
Competitor 3
Competitor 4

 

UPLOAD:

1. Word templated (above) of your competition

2. PPT Slide representing your competition – you will title this slide "Competitive Matrix"

PART 4

 For this assignment, you will look at the financial and money-making aspects of your project. Determining the costs associated with launching a business/organization centered around your idea will require research and thinking about what will be needed during the first few years as you begin the product development phase. 

Part of this process includes understanding both the  fixed operating costs and the  variable  creation costs.

STEPS:

1.  Create a working list of the financial aspects of your idea, this is based on the ongoing research into the market and the domain where your concept lives.

2.  Download the document: Financial Planning and save it as (Your Name) Financial Planning

· FINANCIAL PLANNING .docx   Download FINANCIAL PLANNING .docx  

3.  Download the resource file: FINANCIAL RESEARCH 

· FINANCIALS RESEARCH .docx   Download FINANCIALS RESEARCH .docx  

4. Upload the completed financial document. 

,

RESEARCH LIBRARIAN

Joel Toynan / 719-255-5189

Email: [email protected] Web page: http://libguides.uccs.edu/inov

RENT/SPACE

· Run a Google search for commercial properties in Colorado Springs.

· Properties will be either Office, Industrial, or Retail.

· Select a space that seems right for your company; that will be your rent for the sake of this

· project.

UTILITIES (may be included in rent)

· Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment: $182/ month

· Basic Internet $66/month for a home.

MARKETING/ADVERTISING

· Thumbtack.com for designers

· Social Media: free or boosted, you name price, run a sample

· PR: free or boosted

·

SALARIES

Decide who/what talent you need to hire and how much that will cost per month. You don’t have to add everyone all at once, prioritize over time

· payscale.com

· glassdoor.com

· indeed.com/

INSURANCE

· As a rule of thumb, for a low risk business, 1% of revenue; for a high risk business, 4% of

· revenue

www.entrepreneur.com/article/241026

OFFICE SUPPLIES

· Google search: Average cost of office supplies per employee.

· Google search: Average cost of office equipment per employee.

TRAVEL

· Reference online sites that you would use to book car, hotel, flights.

WHOLESALE

· Alibaba

· www.wholesalecentral.com

RETAIL

· Home Depot/Lowes

· Hobby Lobby

· U-line

MANUFACTURING PLANNING

· CANVAS: PredictableCostChecklist.pdf

· madehow.com

· explainthatstuff.com

EXAMPLE MANUFACTURING CATEGORIES

Clothing / Textiles / Petroleum / Chemicals / Plastics / Electronics / Computers / Automotive / Food Production / Metal / Wood / Leather / Paper / Cement / Furniture

MANUFACTURING CALCULATOR •. custompartnet.com

EXAMPLE MANUFACTURING PROCESSES

Casting / Molding / Machining / Joining / Shearing / Forming / Printing / Automation

PROTOTYPING

· fictive.com

· xometry.com

· plethora.com

PROGRAMMING / APPS

· thinkmobiles.com/blog/how-much-cost-make-app/

· buildfire.com/app-development-costs-difference/

CONSULTING FEES

· thumbtack.com

· fiverr.com

,

FINANCIAL / PLANNING CONSIDERATIONS

FIXED OPERATING COSTS Predictable expenses that things every/any business can have
Consideration	What does this look like for you?
Space · Do you need space beyond what is currently available to you? Purpose? · What type of space? · Do you need storage? · Do you need production space? · A store front?
Utilities · The basics? · Internet? · Phone? · Trash? · Cleaning?
Office Supplies & Equipment · What will meet your basic needs? · Used/existing equipment? · Used/existing furniture? · Amenities?
Transportation · Distribution? · To provide service?
Marketing · Design? · Advertising? · Travel? · Events? · Printing?
Administrative · Legal/IP · Accounting · Insurance · Benefits · Memberships · Regulatory · Licenses
Other
VARIABLE CREATION COSTS Expenses driven by production and sales of specific product
Consideration	What does this look like for you?
Design: recouped over time · Is it completed? · Iteration? · What additional steps are there?
Development: recouped over time · Research? Do you need more expertise or information? Prototype? · Proof of Concept? / Iteration? · ESTABLISHING PROCESS/PRODUCTION
Materials · What are they?
SW Platform / Servers / Tech · If needed · App store commissions?
Packaging / Distribution · Does your product need it? · What will it be? · How much will it cost? Cost per unit? · Shipping? · Delivery?
Production / Processes · Off-site? Offshore? · Assembly line / hand assemble · Special processes
Labor: · Consulting / contract · Employees on payroll · Sweat equity

COST TO CREATE ONE UNIT
MATERIAL	BULK COST $/amount	How needed to create 1 unit?	UNIT COST ESTIMATE $
ESTIMATED MATERIAL COST TO CREATE ONE UNIT

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