Execution Plan - 16 Marks
0 - 1 Year: Developing the app, gaining funding and launching the initial version
1-5 Years: Increasing clientele and building brand reputation
5 - 8 Years: Continue increase clientele, develop strategies to limited access nations.
8 - 10 Years: Buying out of VC, explore potential IPO or mergers and acquisitions.
Execution - 1st Year Timeline
0 - 1 Month: Developing a beta product to pitch to investors
1 - 3 Months: Sourcing capital, continuing development
3 - 6 Months: Continuing development, beginning aggressive marketing strategies
6 - 12 Months: Gaining around 50 clients, completing final development.
Lack of Traction
Mitigation: Seeking out aggressive marketing strategies from the very beginning.
Generally, our model is a very low-risk business model as we’re starting off as a pure, software-only company.
Financial - 12 Marks
Starting Capital As a software-focused company, our startup costs are quite low. We would like to sell Equity (15% - 20%) to venture capital firms and social impact investing groups ($300, 000). this offers us the opportunities to gain mentorships & guidance, our service is quite a niche so the connections of venture capitalists will give us a huge boost in starting our company. Some example firms are TIn Shed Venture, Heed Capital, Left Tackle Capital. Avoid debt as we believe that since our startup cost is low, financing through equity is a better solution in the startup phase.
Market Strategy - 12 Marks
Proof of Concept - 16 Points
Figma Link: https://www.figma.com/file/vUHpdW76LtlFdHu1uAKqLq/EnactusHacks Github Repository: https://github.com/echang49/EnactusHacks
Technical Decision Making - 12 Marks
We decided to use web technology as it is a lot easier for people to upload files such as their resume on their computers. Additionally, websites can be accessed on phones as well so it doesn't provide a one platform bottleneck. We decided not to implement user accounts onto the profile as not many people enjoy creating an account for a few uses. Instead, we opted to give the employer a link for each job posting with an accompanying password still ensuring privacy .Lastly, we decided to use the MERN stack (MongoDB, Express, React, Node.js) because our app requires complicated data, and a server to handle the backend computing.
User Experience Design - 12 Marks
We followed the principles of the six minds of experience. A little summary of the ‘six minds’, they are believed to be the six most important factors in decision making. Therefore, they are the most important factors in between a good product and a bad one. The six minds are ‘Vision, Attention and Automaticity’, ‘Way finding’, ‘Language’, ‘Memory’, ‘Decision Making’, and ‘Emotion’. We made our product visually distinct by having proper spacing and contrast which allows for the user to have a relaxing journey. We ensured our product had great way finding through the use of feedback, as well as borrowing from the users previous experiences of job sites. This means the user will have no problem distinguishing where they are on the application or employer journey. By offering such a unique theme with an idea around globalized workforce's, the users are meant to remember the product for its experiences by design. As our target consumers are from non-first world countries, there is a good chance their English isn't perfect as well. That's why we chose to use average everyday nonprofessional English so the journey is easier to comprehend.
Pitch - Professionalism (8 Marks)
Social Impact (12 Marks)
Our product is meant to impact society by helping some underrepresented groups in society. In particular, people of working age from third world countries who are hindered from where they are. A lot of different countries in the world have much lower wages than certain countries such as Canada, America, and more. In certain countries like Venezuela, it was once prosperous and then fell into a huge depression. From those countries, there are stories of people switching from otherwise prestigious careers such as engineering and medicine to farm runescape accounts as it makes more. Our solution to this is to outsource mundane jobs from rich first world countries to average people from the poorer third world countries. This creates a win-win solution as employers get to pay less to get work done and the workers get paid more than their local economy which helps raise their socioeconomic status as well as the local economy around them.