Business Idea Assignment: Development Of Iot Sensors By Google Inc
You are required to write a 2000-word report for a novel business proposal you have developed. The business proposal must build upon your value proposition developed in assessment 1 for the existing business or organisation selected in assessment 1. You must use appropriate headings to structure the body of the report.
Your report must demonstrate:
- Logical and persuasive articulation of: business model description; value proposition development; business operations development; supply chain development; competitive advantage; financial value capture and strategic fit (this includes elements 5 to 10 in the disciplined entrepreneurship canvas by Aulet (2017, p. xviii) and elements 3 to 9 in the business model canvas by Osterwalder and Pigneur (2010, pp. 16-41)).
- Logical and persuasive argumentation in regard to how assumptions and uncertainties related to: customer desirability; technical feasibility; and financial viability have been addressed to date and how they will be addressed in the future as described in a phased development plan.
- Logical and persuasive argumentation for the selection of the innovation tools and techniques used to support the report findings and recommendations. These must be beyond the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be selected from the unit textbooks and online materials.
- Logical and persuasive application of the selected innovation tools and techniques used to support the report findings and recommendations. These must be different to the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be applied from the unit textbooks and materials. Illustrations of the tool usage details can be included in the appendix.
- Candid and critical self-analysis about assessment 2 tasks including: a reflection on the development of personal innovation capabilities and practices; identification of own personal strengths and weaknesses; supported with examples of own behaviour.
- Clear flow of thought throughout the report with: a convincing executive summary; clear and succinct purpose described in the introduction; relevant structure and content within the body of the report; and a clear and succinct conclusion.
- Critical review skills and integration of relevant academic and professional literature. A minimum of ten (10) academic and professional references must be used.
- Appropriate in-text referencing and reference list. Adherence to CQUniversity APA reference style.
- Clarity of expression, grammar and spelling. Appropriate report format with good use of bullet points, illustrations and figures. Within ±10% of the word limit for report, excluding references and appendices: 2000 words.
The business idea assignment report consists of varied new solution s and innovative business ideas regarding prevention of fatal accidents that occur while drivers feel drowsy or fall asleep. As a solution to this problem, Google Inc. has come up with an innovative idea of IoT Sensors which will trigger an alarm for the drivers when the sensor will them they are about to sleep.
The report consists of Disciplined Entrepreneurship Canvas and also business canvas model that helps to implement the idea more clearly. With this implementation, a vivid knowledge regarding cost, channels, customer acquisition, and market is studied.
Various kinds of innovative tools are also representing in the assignment to understand the strategy of Goggle. Therefore it is said that the knowledge of strategic tools implementation is adapt from this assessment. Recommendation is also added as over the demand of the organisation. Financial and technical feasibility according to the risk assessment are demonstrated in this assessment. A conclusive summary is also mentioned at the end.
As discussed in this study if Business idea assignment, it is very important these days for businesses to come up with new innovative ideas and products for our customers. It is even needed to see that the business idea is quite sustainable by nature. This will be helping the companies for improving their already existing business ideas and techniques. The whole writing will be focusing on IoT Sensor which is created by Google Inc. In this different new IT, technologies are been implemented. However, with an increase in complaints about fatal accidents primarily due to driver’s dizziness or sleep, Google Inc. has come up with new IoT Sensor technology that will prevent drivers from sleeping by activating an alarm.
Thus this solution has been an innovation invent in the new Era. Their research aims to develop ideas by keeping in mind different factors thus a disciplined entrepreneurship model as well as business canvas will be provided. Alongside different innovative tools will be utilised.
2. Disciplined Entrepreneurship Canvas
Customer acquisition: The technique for gaining new customers and persuading them to buy products is called customer acquisition. It is very needed for any business to turn its existing product prospects into its customers. Google Inc. tried to gain more customers with its new IoT Sensor technology which will be a great life-saving business innovation for day to day vehicle travellers. Fatal accidents can be prevented with its IoT sensor technology that will be installed in vehicles for detecting the tiredness and drowsiness of drivers (Dudin et al., 2015). The customers will not think twice before installing this business innovation in their cars. the customers will be relaxed and thus will feel safe and protected as this system will automatically alert drivers through’ eye aspect ratio algorithm” and stop fatal accidents to occur
Product Unit Economics: The “Product Unit Economics” will be looked at and considered by Google Inc. The unit economics will directly get linked with the industrial revenue and also will decide the cost depending on per unit basis. Google Inc. with its new technology will gain profits from demo trails that they will be providing their customers with (Sheng et al., 2015). Free service trails will be provided to the customers so that they can see and experience the advantage of this new IoT sensor technology. This will help the company to get a good response and gain confidence. The company after getting a good response will be able to sell this new technology to a lot of customers, thus making a good profit. Even Google will be holding certain service events and provide free maintenance to its customers. This is another attractive reason explored in this Business idea assignment for them to but this technology.
Overall Economics: The overall market economy will be focused here. Google Inc. will focus on market changes and will look for rivals and competitors. They will introduce their IoT Sensor technology to customers and will focus on which part of the market needs it most. Once a good market is availed, customers will buy the product encouraging profit. This will improve customer satisfaction and provide an advantage for Google.
Scales: Google will understand the competitive market and know about its rivals. Senior technical experts will analyse the market and see what and how much this product will be valued. Even Revenue rate and profit rate for the market will be noticed (Dudin et al., 2015). Once the final analysis report has been found out, Google will be introducing their new business ideas to the market.
Design and built
Google Inc. has been thinking about how to prevent the issue of fatal accidents caused either due to careless act of driver or due to sleepiness and dizzy feeling of the driver. Thus Google will be planning and will be implementing the idea of IoT sensor in the car which will detect the driver's drowsiness with the help of “eye aspect ratio evaluation” and once the drowsiness level reaches above permissible level, an alarm will be triggered for the wake-up. This will alert the driver and help them to prevent fatal accidents.
Google will be scaling by providing some additional features along with will technology. New customers will be targeted that takes an interest in new technology (Aulet, 2017). Through TAM “total addressable market “will be calculated which will help employees to analyse long term market business.
3. Business Model Canvas
Channels: Google will make use of varied channels for their business promotions. It will be providing an added benefit to their business market. The company will be using social media like Twitter, Facebook and Instagram for promotional activities. They will also encourage company tie-ups for better acquisition and exposure of their idea.
Customer relationship: It is defined as the relationship type that companies try to create with a target set of customers defined as customer relationship. Customer relationship is useful for encouraging and maintaining good customer base (Osterwalder & Pigneur, 2010).It will also help the business for improving their relationship with new customers. They will be providing a quick solution towards the issue of driver's drowsiness and thus prevent fatal accidents. Even free-trails will also be provided to the customers.
Revenue streams: The revenue stream that will be used is “Ad-powered search engine”. The Business Idea will get profit from promotional activities, from a free-trial threat that will provide which will make more customers but it; this will also increase their revenue price.
Key activities: The business key activities discussed in this Business idea assignment will include development and research for new technologies and business features. It will include creating innovative ideas for improvement of the existing model. It will spend some time on maintenance and management for the IT massive infrastructures as well as for products and their services. Even apart from technical key activities, strategic planning, marketing and alliances are also their part.
Key resources: Data centres, servers and IT departments plus their infrastructures are important resources for them. Even Human resources, IPs will also be counted. Other resources mentioned in this Business idea assignment include patents, proprietary material and data licenses.
Key partnership: Google Inc. will be having Key partners for their innovative business idea (Sheng et al., 2015 ). The key partners will include suppliers, Distributors, The Human resource management team, Manufacturers for the original equipment, IT department, and Technical department for testing, "Open Handset Alliance". All these key teams will help Google to solve issues and produce a new business solution.
Cost structure: The primary cost for the business idea will be from marketing cost, IT infrastructure and R&D cost. Even the cost structure will include the expenses that the company will be making in manufacturing the IoT sensor and also cost of technical employees, HR management,
Figure1: Business Canvas Model
4. Assumptions and uncertainty noted in this Business idea assignment
a. Risks from customers’ desirability: The Customers of that innovative technology of Google is the drivers of cars and various automobiles brand. The application has to be installed in the car for taking its advantages. Generally customers of any products have lots of demand as per their domestic requirements. The main motto of the customers is expecting excellent products from the company but the price must be very much affordable in nature (Lehmann, Grastien& Van Hentenryck, 2015). Therefore the financial risk must be considered in this section. However, the company wants to fulfil the desired demand of the customers and that is why they always suffer from a pressure. Google also wants to meet the demand of the customers but they are taking a risk to launching a new innovation in their application. Risk assessment techniques also consider the probability of success. The company Google develop a pricing strategy after considering the technology used by the application as well as the raw materials. Therefore a risk of panic of customers related to the pricing is also considered as the risk factors of the company.
b. Technical feasibility: Technical feasibility includes three parameters such as technology, transportation and labour. Thisfeature of the company is generally detected after delivery of the products. There exist various uncertainties related to the new innovation and technology. Therefore the company definitely removes that uncertainty with this feasibility. Data security is also solved by the technical feasibility of the company.
c. Financial viability: Financial viability discussed in this business idea assignment means the ability to generate sufficient revenue amount which can meet the expected transaction rate of the organisation. The financial viability helps the company to give their best service to the customers as well as develop the segment base of international customers (Legare&Nielsen, 2015). However, Google spends lots of money and effort to create this new innovation. The company also recruit various high class engineers to set up the technology. The collaboration with various medium organisations also helps to cope up the innovative idea. That medium organisation is considered as the external stakeholders of the organisation and they also generate some income to give the company idea over marketing and other fields.
5. Innovation tools
Innovation Readiness Analysis: The tool is used by Google for creating innovation in mainly three areas of the new project. The company focused over Leadership Support, Design of the organisation and the practice of the Innovation. Various kinds of strategic alignment, resource allocation and the business portfolio are detected through this tool (Piterou& Birch, 2016).
Hero’s Journey Canvas: This tool helps the organisation to find out some parameters. The parameters like the main hero whether it is customers or the stakeholder, proper area of the action, engagement process, threshold crossing procedure, transformation of the journey, return procedure and the challenges are identified through this tool.
Customer Journey canvas: Customer journey process helps the company to find out the problems related to the service design of the process of the company.
Porter’s five Forces: This tool gives benefits to the organisation to competitive in the market for their existence. Different new threats and substitute are identified through this tool, so that company can take proper action towards them. The company generally leads over two assumptions and they are power of buyer and power of suppliers. These two parameters are also analysed through this tool.
Core Capabilities: There exist various core capabilities in every organisation according to the demand of the organisation. Here as per demand of Google the core capabilities are prevention, protection, response, recovery and mitigation.
Value Chain analysis: This analysis includes four main sectors which are very much important for the development of any kind of organisation. Here the company Google maintains the four areas after adapting this particular tool. The main areas are as follows:
- Infrastructure of the company
- Management of human resources
- Development of the technology
- Procurement of the organisation(Gupta, Andrews & Heath, 2016)
Bring-build-Buy Map: this map helps organisation to maintain the offerings of the organisation. Building, buying and bringing procedure all are aligned to the offering of the organisation.
SWOT: This tool is used by Google to analyse the strength and the weakness of the organisation because without detecting the strong point and weak point organisation can not identified the opportunities of the market. Technical opportunities are also detected by this particular tool.
6. Findings and recommendations
Before giving any recommendation to Google, it is said in this business idea assignment that the organisation wants to give an innovation to the automobile sector of the organisation. They give to the sector enormous effort outcomes. The organisation does not want to lose their customers and that is why they give their best to the projects (Olivieri et al. 2015). The company actually focus on the innovation of technology and they know that a small mistake can change the overall sales growth of the organisation. It is recommended to the organisation to use the block chai ledger to the finance department. They are also suggested to think twice to take any kind of big steps towards further innovation.
For any business, innovation, as well as sustainability, is always required. The study of business idea assignment thus focuses on innovative idea IoT Sensor which would be used by automobiles to set an alarm for the drivers that feel drowsy or sleep during driving. Various complaints are recorded and fatal accidents are seen to occur. The company this comes up with an innovative solution that will to some extent reduce the issues. With the help of a business canvas and entrepreneurship model, the details are explained more clearly. Even eight innovative tools are also being used along with findings and recommendations provided.
Aulet, B., (2017). Disciplined entrepreneurship workbook.John Wiley & Sons.
Dudin, M. N., Lyasnikov, N. V. E., Leontyeva, L. S., Reshetov, K. J. E., &Sidorenko, V. N. (2015).Business model canvas as a basis for the competitive advantage of enterprise structures in industrial agriculture.Biosciences Biotechnology Research Asia, 12(1), 887-894.Retrieved from:https://www.researchgate.net/profile/Mihail_Dudin/publication/282583571_Business_Model_Canvas_as_a_Basis_for_the_Competitive_Advantage_of_Enterprise_structures_in_the_Industrial_Agriculture/links/5cc5e80b299bf12097874067/Business-Model-Canvas-as-a-Basis-for-the-Competitive-Advantage-of-Enterprise-structures-in-the-Industrial-Agriculture.pdf
Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., &Namitulina, A. (2015). Business idea assignment The innovative business model canvas in the system of effective budgeting.Asian Social Science, 11(7), 290-296. Retrieved from:https://pps.ranepa.ru/Publication2/2015/e8260657-d0bf-e611-80d0-005056a06105/563658786d82f.pdf
Gupta, A. K., Andrews, J. G., & Heath, R. W. (2016).On the feasibility of sharing spectrum licenses in mmWave cellular systems. IEEE Transactions on Communications, 64(9), 3981-3995.https://arxiv.org/pdf/1512.01290.pdf
Legare, C. H., & Nielsen, M. (2015). Imitation and innovation: The dual engines of cultural learning. Trends in cognitive sciences, 19(11), 688-699.https://www.researchgate.net/profile/Cristine_Legare/publication/280921993_Imitation_and_Innovation_The_Dual_Engines_of_Cultural_Learning/links/5a05b1030f7e9bc40798fc81/Imitation-and-Innovation-The-Dual-Engines-of-Cultural-Learning.pdf
Lehmann, K., Grastien, A., & Van Hentenryck, P. (2015). AC-feasibility on tree networks is NP-hard. IEEE Transactions on Power Systems, 31(1), 798-801.https://arxiv.org/pdf/1410.8253
Olivieri, L. J., Krieger, A., Loke, Y. H., Nath, D. S., Kim, P. C., & Sable, C. A. (2015). Three-dimensional printing of intracardiac defects from three-dimensional echocardiographic images: feasibility and relative accuracy. Journal of the American Society of Echocardiography, 28(4), 392-397.https://demystifyingmedicine.od.nih.gov/dm16/m03d22/Reading15.pdf
Osterwalder, A., &Pigneur, Y. (2010).Business model generation. Hoboken, New Jersey: Wiley. Retrieved from: https://s3.amazonaws.com/academia.edu.documents/32253198/businessmodelgenerationpreview.pdf?response-content-disposition=inline%3B%20filename%3DYoure_holding_a_handbook_for_visionaries.pdf
Piterou, A., & Birch, C. (2016). Business idea assignment The role of higher education institutions in supporting innovation in SMEs: University-based incubators and student internships as knowledge transfer tools. InImpact: The Journal of Innovation Impact, 7(1), 72.http://nimbusvault.net/publications/koala/inimpact/papers/inkt14-010.pdf
Sheng, Z., Mahapatra, C., Zhu, C., & Leung, V. C. (2015).Recent advances in industrial wireless sensor networks toward efficient management in IoT.IEEE Access, 3, 622-637.Retrieved from:https://ieeexplore.ieee.org/stamp/stamp.jsp?arnumber=7110295
Innovation readiness analysis: This tool is very much essential for creating the innovation and development as per that innovation idea. Therefore organisation take helps from this tool to find out the innovative readiness of the organisation.
Hero’s Journey Canvas: This helps organisation to detect out the main attraction point of the Google. Therefore if once organisation detects the entity which is main reason of attraction then they can develop their growth in a huge amount.
Customer Journey Canvas: This tools illustrated in this business idea assignment utilized by the organisation Google to handle the consumer section of the organisation. Customer dealing is one of the major roles of any organisation.
Porter’s five forces: This tool is generally used by Google to control over the rival organisation in the market. Therefore it is said that organisation also controls the new threats of the market through this particular tool.
Core capabilities: These tools fulfil the demand of the organisation. Financial demand, human resource demand and any other extra expectations are detected through this tool.
Value chain analysis: This analysis helps Goggles to maintain the infrastructure and management of the organisation. This is the only tool where every section of the organisation Google, can be controlled by the higher authority.
Bring Build Buy map: As per Google requirements, this tool is used by the management analyser of working team. This tool helps to forecast about any project. As per the forecast, organisation brigs the resources and build up the situation where it is required.
SWOT: This strategic analyses tool is used by Google t find out the weak ad strong point of their strategy, so that they can effectively compete with the rival organisation. Therefore it is said that organisation used this tool to find out the relevant technology and opportunity through the strong point and the weak point of the organisation.