This can be explained by the idea that not only should the participants match the current lifestyle, they also need to think a step forward and make their idea as well as business sustainable for the foreseeable future. A successful business should be creative and forward looking at the same time.
Thriving in the new world, old business models are no longer effective and applicable to maximize customer’s’ needs and satisfaction. Companies need to survive or outperform their competitors with a new business model. It is not necessary to be something complicated, but could simply come from little pieces of our daily life. A small change could create great value for both sides, to create better customers’ experience and generate revenue.
Participants are expected to develop a new business model for a brand-new proposed startup based on the current or foreseeable trend. Participants are required to write a thorough business plan to explain how the business model will thrive in the new business environment and satisfy people’s needs in their daily life, with detailed plan of execution. The business idea put forward should have its own unique selling point, target market and positioning.
Some examples to help you get started include:
- QB House – A fast hair cut service provider that suits the fast pace of modern life
- Africa Panda Enterprise – A travel planner that helps people to plan their itineraries in Africa, which matches the trend that more people look for special travel experience
- Food Panda – A new mobile app that provide different restaurants’ menu, online ordering and delivering services that utilize smart phone platform
- Airbnb – A platform that creates a sharing economy that utilizes empty rooms, apartments and homes, which match with the behavior known as “collaborative consumption.”
- Uber – A new mobile app that upend the taxi/transportation system with on-demand drivers and dynamic pricing.
Proposals will be examined from the following aspects:
- Originality and creativity