Exercise, Week 13 - Invention, Intellectual Property, and Income
Individual Assignment
This is week topic is on developing a plan for the dissemination of my final project. Prepare a
draft Slide/Poster to summarise my final project and creating a draft 1-minute video clip.
Dissemination Plan of Final Project
I am developing a business plan for dissemination of my project, it’s based on
THE 20 MINUTE BUSINESS PLAN: BUSINESS MODEL CANVAS MADE EASY by Alex Cowan.
I am using the Business Model Canvas (BMC) as a guide for my dissemination of my final project.
Business Model Canvas (BMC) contain nine elements for developing my business plan,
together these elements provide a coherent view of a business’ key drivers.
My customers are from all walks of life, from businessmen, professional, student to children who wish to have a customisable design for their LEDs night lights. I want to explore and develop this product suit my customer needs, letting them feel a strong sense of ownership.
Is difficult for most people to own a personal night light at low price. My customer can have an affordable, easy to use and customisable design of their LEDs night lights containing the any patterns or design of their preferences, and they can use their mobile device to Bluetooth control their lighting.
My plan is to sell, promote and deliver my product in Amazon, because its capabilities to offer a wide selection of services for my products. Amazon is operating an efficient supply chain to fulfil customer orders; and providing excellent customer service. My product is still in the design stage and prototype need to be tested.
I will take care of my customer on their products needs and communicate with them on some future products event occurring. My customer can also communicate with me and I will respond them within 3 hours to their question and needs, examples…
· their design preferences for their lightings,
· supporting customer with technical issues,
· and any purchasing requests.
Business can earn revenue through…
· promotion of new product design to existing and new customer,
· Sales of spare parts for customer needs,
· renting out lightings to support events,
· offering customer sales packages or upgrading their purchasing,
· offering membership to customer,
· offering discount price and attractions to customer who made frequent purchasing, and
· cooperate with distributors to improve sales volume
· gaining short-term incentive to initiate trial or purchase through online sales and conducting roadshow sales
· Advertising products, marketing activities e.g. online sales, and conduct roadshow to attract existing and new customer,
· Creating new design for market demand by learning about user preference and new techniques to build better product.
· Interact and cooperate with distributors and customers.
· Informing customers of new products and promotion.
· Promote and create public awareness company brand and products, through advertisements, online sales, and conduct roadshow.
· Forming product design team to creating new design for market demand by learning about user preference and new techniques to build better product at lowest cost that competitors have a hardtime duplicating resources that are difficult to imitate.
· This will be an Open Source Design for the development of technology and ideas without retention of intellectual property. The goal of the movement is to allow for the continued development and full customization of products (2).
· Engaging distributors to promote and create public awareness company brand and new products, through advertisements, online sales, and conduct roadshow.
· Cooperate with distributors to take charge of communication with existing customers and potential clients to increase sales volume.
· Engaging distributors to provide after sale services, example customising product design, supporting customer with technical issue, and purchasing.
The major components of such cost structure are …
· Company will give sale commissions to staff and distributors when sales volume increase.
· Reduce product cost, by forming product design team to creating new design for market demand by learning about user preference and new techniques to build better product at lowest cost that competitors have a hard time duplicating resources that are difficult to imitate.
· Reduce company cost of labour by engaging distributors to provide after sale services, example customising product design, supporting customer with technical issue, and purchasing.
· Sign agreement with supplier for their raw materials used in company manufacturing at lowest pricing.
9 Elements Summarised in Business Model Canvas (BMC)
Formulate Future Possibilities and Make Them Probabilities
My easiest way to raise sufficient initial funding is to make working prototypes by implementing my projects ideas into our FabLab student projects. FabLab students will be encouraged to use their digital fabrication skills and their creative mindset to make the idea NeoPixel Night Lights, and also build their business concept, business model feasibility, management team, and the potential market value to sell their developed products.
With the working prototypes developed, I can apply for financial grants to start-up my mass production. There are 2 type of financial grants for supporting entrepreneurs in Singapore, Singapore government had introduced “ACE Startups Grants” and “Capability Development Grant”
1. ACE Startups Grants (1)
The Action Community for Entrepreneurship (ACE) is one of the best grants provided by Singapore the government. It is facilitated and administered by SPRING Singapore for the new start-up companies having an innovative idea. This grant provides funding support and mentorship support to the first-time entrepreneurs (Singapore Citizen or Permanent Resident) who want to incorporate a company in Singapore for the first time in any differentiated business. During the course of allotting ACE grant, SPRING will match S$7 to every S$3 raised by the entrepreneur and it is capped at S$50,000. Application will be shortlisted based on the 4 key evaluation criteria of specializations, business model feasibility, potential market opportunity and management team. The applicant must hold minimum 51% equity in the company and be the key decision maker and committed to the company on a full-time basis. Additionally, the company must be in its early stage of operation, i.e. 0 to 6 month from the registration date of the Singapore company.
2. Capability Development Grant (1)
The Capability Development Grant (CDG) is a scheme from SPRING to provide financial assistance to startups for building capabilities in ten business areas and also the development of new products. Applicant can apply for the grant of up to 70% of costs for new product design, development, and manufacturing processes. The grant is capped at $30,000 and the applicant must be any Small & Medium Enterprise incorporated & operating in Singapore.
Poster to Summarise My Final Project
A poster (1920x1080 pixels) is prepared and upload onto the root directory in my Gitlab repository.
Video for My Final Project
A video is produced to introduce my final project, it is uploaded to root directory in my Gitlab repository.
Citation
1. Reference from URL on 11/5/2020: https://www.sbsgroup.com.sg/blog/singapore-company-incorporation-4-government-grants-for-start-up-businesses/
2. Reference from URL on 11/5/2020: https://sites.psu.edu/nicholasrtayloropensource/2015/01/26/open-source-design-a-definition/