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Is the idea worth pursuing?● The Idea● Market size● Hypothesis● Experiments > Surveys● Results
The IdeaSolve the worlds problems faster, smarter and moreefficiently. A new concept meant to bring innovation, education and market opportunities together. A one-stop collaborative platform aimed to enable smart and creative minds from around the world to come together, collaborate, complete and implement innovative projects.
Market estimation● Innovation is a key factor in all industries. For our specific product we considered the market potential of at least the following industries: ● technology (IT, web, mobile, t-com, health/medical devices, engineering, alternative energy/sustainable) ● robotics ● food / agriculture ● health (non-pharma) ● finances ● scientific research (physics, chemistry, biology, etc.) ● transportation ● home appliances
Estimated market value Global > over 1 trillion $If innovation accounts for ~0,1% of that, than we have a ~ 10 billion $ estimated market value
Market share● Assuming 1-2% of those innovations were generated through NovigoLabs, the potential market share would reach 100 million dollars● Sizing it down to 50% to eliminate various risks, still leaves Novigo with an estimated market share of 50 million dollars
Hypothesis● One of the main „pains“ associated with innovation is ISOLATION.● Innovators need to get in touch with peer innovators in order to expand their horizon, learn of and from similar efforts and gain access to wished-for resources.
Experiment● Extended the original survey by including more open questions, as for example: ● Is there anything in particular you would expect from such a platform to offer? ● Is there any specific feature you would expect such a platform to offer? ● Are there any reasons why would you not want to join such a collaborative platform? ● Anything we forgot to ask but you consider as very important and would like to share?
Experiment - Results● The experiment confirmed users readiness to share their knowledge, contacts and resources with new people and their willingness to go beyond the trusted of environment of family and friends and reach out to local, national or international communities.„It depends on the help needed, but mainly yes, because Ihave similar idea in my mind and I think this could be a reallyvaluable platform“
Experiment - Results● Someone working in the education sector shared with us: ● „As I already said, I think this is a good idea, no one can develop a great idea being alone. Its much easier to do that in like-minded groups“● The platform will lose in attractivity though if not enough ideas / resources are submitted.● Moreover, it resulted that people trust corporations less for participating in the project as oposed to small / mid-size companies, local communities or even governmental programs
Conclusion● Based on what weve learned from this second survey, we should not count to much on corporations for participating in the project but rather consider to enter partnerships with government programs, local communities and promote the platform among the small / mid- size business