Subject: MGMT20143 (Think Big) Assignment 2 Idea Generation & Business Model Development Student Name: Manan Manishkumar Parikh Student Id: 12128138 Campus: Melbourne Term: HT01,2021 Tutor: Aman Ullah Executive Summary The idea of the innovative product ‘Painter Robo’ is analyzed in this report. In the world of modernization, skyscrapers are filing up the cities. The business idea of “Painter Robo” has been developed with the ideology to eliminate the fear of accidents caused due to working on heights. To study the efficiency of the business idea, the business canvas model is analyzed thoroughly. To make a more realistic report, the critical risks and assumptions are also discussed. The feasibility of the innovative idea will also be studied in the report in detail. Table of Contents Executive Summary 2 Introduction 4 Identified Problem/ Gap 4 Benefits generated. 4 The Proposed Business Model 4 Customer Segments 5 Key Partners 5 Value Propositions 5 Key Activities 5 Channels 5 Revenue Streams 5 Cost Structure 5 Key Resources 5 Customer relationship 5 Interrelationship of the components of the Business Canvas Model 6 Critical Success Factors 6 Identification of Critical Risks and Assumptions 6 Evaluation of Feasibility 6 Conclusion 7 References 8 Appendix 9 Introduction A major risk associated with the painting industry is the working at heights and thereby accidents related to the same. Thus, a new business idea is developed to reduce the risk to some extent (Wang, Wang & Hu, 2019). The idea of the innovative product ‘Painter Robo’ is analyzed in this report. The various problems in the prevailing industry are discussed and the benefits from the product are stated. Later, in the report the business canvas will be studied, and the components will be compared with one another. The critical success factors of the product are also taken into consideration. Finally, the risks and assumptions associated with the product are identified. The feasibility of the innovative idea will also be studied in the report in detail. Identified Problem/ Gap In the world of modernization, skyscrapers are filing up the cities, thereby making an increase in the requirement of external wall painting techniques. The heights of the buildings increase the chances of accidents while painting the external walls. Thus, using a robot instead will make the whole process easier and safer. The business idea of “Painter Robo” has been developed with the ideology to eliminate the fear of accidents caused due to working on heights. In the words of Sünderhauf et al. (2018), falling from heights is one of the major hazards at the workplace in Australia. This may cause serious injury or even death. Thus, to provide the worker additional safety, the appliance may be used which will help the worker to get the work done without himself even go up the heights of the building. “Painter Robo” will help to minimize the risk of falling from height to a great extent. Benefits generated. The business idea of Painter Robo will ease the process of external wall painting by effectively using the advanced technology. The device can be remotely controlled and can easily reach up to heights to paint the walls with fineness. The customers will be highly benefitted using the handy device (Yang et al., 2018). The innovative idea will help the organization to gain popularity among the customers and earn high revenue. This appliance will be beneficial in the industrial sector very much. The wall painting service professionals can make use of the device effectively. There will be no requirement for the workers to climb the walls in person to get them painted. Rather, the remote-controlled device will do the job and reduce the risk of workplace related accidents. The Proposed Business Model The feasibility of the business idea must be tested before the device is put to production and the subsequent actions of introducing the product to the customers (Osterwalder & Pigneur,2010). To study the efficiency of the business idea, the business canvas model must be analyzed thoroughly (See appendix). The various components of the business canvas model are studied as below. Customer Segments The customer segment helps the organization to identify the set of customers who are likely to be targeted to sell the product. The product namely, Painter Robo will be an efficient device for the wall painting service providers, painting industry/ painting contractor or construction industry owner. Key Partners The research and development team plays a crucial role in the development of the product. The production executives and the marketing teams act subsequently in the making of the appliance and thereby selling and distribution process. The retail stores where the product will be ultimately delivered to the customers also act as the key partners of the ‘Painter Robo’. Value Propositions The additional features that will attract more customers to buy the product and improve the experience of the customers. The remote-control device helps the workers to get their work done without even climbing the heights. Moreover, reducing risk of labors. Key Activities The activities that help in making the product more useful to the customers. The production and the sales activities will engage the major processes to make the product available to the customers. Channels The distribution channels that help the manufacturing organization to reach out to its customers are mostly through the retail stores. With the rise in customer demand, more retail stores will be undertaken where the product will be made available. Specialized agents may be deployed to make the product available to the industry experts. Revenue Streams The streams through which the company can generate the revenue are through the direct selling procedure through the retail stores. Cost Structure There are various segments in which the company involve will cost in the development of the ‘Painter Robo’ are the R&D process. In the innovative business idea, R&D plays and important role. The production and sales will involve the additional costs. Key Resources The major resources which are involved in the process of the development of the product are the advanced technology used in the development of the device. The higher quality of the raw materials used in the production also act as the key resources. Customer relationship The retail stores are the places where the customers will meet the product. Thus, the retail store managers are to be trained accordingly to behave in customer-friendly manner and try to gather customer feedback. This will ensure that the company has direct customer relationship with their consumers and can meet up to their expectations. Interrelationship of the components of the Business Canvas Model According to Keane, Cormican and Sheahan, the various components of the Business Canvas Model are inter-related with one another (2018). The customer segments and the customer relationship propositions go together. The targeted customer is to be properly identified so that the customer relationship can be maintained. The main revenue stream is direct retail selling for that we want strong channels. In Australia, we can choose bunnings warehouse because people can see the product and easy find the product. The key resource is raw material for painting robot, so we required strong supplier. Suppliers are our key partners. There is relation between key resource and key partners. Critical Success Factors The success of the device lies in development of quality product which will attract more customers with its advanced features. The product must be made available to the professional painters who can make efficient use of it. The specialized experts may be deployed to make the product easily available to the industry expert. The advanced technology may help drawing more customers to the use of the product. The use of quality raw materials will ensure that the performance of the product is of high quality. Identification of Critical Risks and Assumptions There are various risks associated with the development of the innovative product ‘Painter Robo’. The initial investments are likely to be high in case of development of the product. Intense promotional activities are to be undertaken to make the product attractive to the customers. The industry experts in painting external walls are to be made aware of the advantages of the use of the product. The appliance will minimize the risk of the workers working at height (Purohit, Siddiqui, Nandan & Yadav, 2018). It is assumed that the product will gain popularity among the painting industry and the professionals will use the product to huge extent so that the workplace risk of working at height may be reduced. Thus, the workers are also to be demonstrated of the remote-controlled features of the product. Evaluation of Feasibility Since the business idea of ‘Painter Robo’ is completely innovative, the feasibility of the business idea is also to be analyzed. The feasibility study helps in understanding the actual needs and demands of the business idea. This analysis helps to understand how far the business ideas are realistic and thereby whether it is feasible to develop the product. Financial Feasibility: The initial costs may be high in the development process of ‘Painter Robo’. In the long run, as soon as the product gains popularity and more customers start buying the robots for painting walls, the cost are soon to be recovered. The advanced technology used in the development of this appliance are expected to gain more customer base for the product (Kahn,2018). Founder Feasibility: I am civil engineer and I had experienced in construction industry. My goal is also fulfilled it. Industry Feasibility: The construction industry is higher margin and fastest growing industry. Product feasibility: The idea of the product is feasible enough as the product will reduce the risk of workers working at heights. The workers involved in painting external walls are prone to the risk of falling from height. This device can be remotely handled and paint the walls with fineness. Conclusion The report studies the innovative business idea of ‘Painter Robo’ which can paint the external walls of high buildings easily. The problems related to painting external walls of buildings are expected to be reduced using the robotic device. This will do the work of the workers with perfection without the workers going up the walls of the buildings. The problems related to this industry are identified and the benefits that will be incurred from the product are analyzed in detail. The different components of the Business Canvas Model and their inter-relationships are taken into consideration as well. The success factors that may make the product attract more customers towards itself, are analyzed. To make a more realistic report, the critical risks and assumptions are also discussed. Finally, the feasibility of the business idea is studied too. References Kahn, K. B. (2018). Understanding innovation. Business Horizons, 61(3), 453-460. Keane, S. F., Cormican, K. T., & Sheahan, J. N. (2018). Comparing how entrepreneurs and managers represent the elements of the business model canvas. Journal of Business Venturing Insights, 9, 65-74. Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons. Purohit, D. P., Siddiqui, N. A., Nandan, A., & Yadav, B. P. (2018). Hazard identification and risk assessment in construction industry. International Journal of Applied Engineering Research, 13(10), 7639-7667. Sünderhauf, N., Brock, O., Scheirer, W., Hadsell, R., Fox, D., Leitner, J., … & Corke, P. (2018). The limits and potentials of deep learning for robotics. The International Journal of Robotics Research, 37(4-5), 405-420. Wang, H., Wang, Q., & Hu, F. (2019). Are you afraid of heights and suitable for working at height?. Biomedical Signal Processing and Control, 52, 23-31. Yang, G. Z., Bellingham, J., Dupont, P. E., Fischer, P., Floridi, L., Full, R., … & Wood, R. (2018). The grand challenges of Science Robotics. Science robotics, 3(14), eaar7650. Business Model CanvasAppendix Key Partners The research & Development Team Production executives Marketing team SupplierKey Activities Research and development Production of the device Selling of the productValue Propositions Use of advanced technology. Remote control feature of the device Reduction in risk of working at heightCustomer Relationship Training of the retail store managers Sale of the device through retail shops Customer friendly behaviourCustomer Segments Expert painting service providers Painting industry Painting contractorKey Resources Advanced technology High quality raw materialsChannels Retail store- bunnings warehouse Specialized agents Online sellingCost Structure R&D of product Production process Sales process AdvertisementRevenue Streams Direct selling process Strong customer base Satisfy customer needs and wants. Figure 1: Business Canvas Model Source: [CITATION Ost10 l 16393 ] Appendix 2 First screen feasibility
