Entrepreneurship: New Venture Development
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Entrepreneurship: New Venture Development
- 1. Job-starter The app designed to make finding jobs easier than ever before. Ayush Agrawal Brain OmbegoMuhalab Al-Busaidi Mathieu PiotrowskiRupert Naylor Emily Morphy
- 2. Problem • Temp Agencies don`t offer instant connection with employers • Students want conviniency in finding part-time jobs • Employers want to be able to pick and choose from a reliable work force
- 3. Solution? • A downloadable App. • Shows job opportunities in your local area. • Provides employers and employees with a platform to connect instantly.
- 4. Business Model • Freemium business model • Ad-based business model • Expected to make 50p per user per year • Premium Business Model • Automatic usage-based upgrade • 30% of our users are expected to upgrade
- 5. Market Size • It is estimated that 80% of UK Students have Smart phones. • A survey conducted by Compuware indicates that majority of people are beginning to prefer mobile apps as apposed to webpages.
- 6. Market Strategy • Promotional Video produced by the National Film and Television School. • Advertising to Early Adopters.
- 7. Operational Plan • Initially target specific geographic locations • University Alliances. • Contact and develop relationships with employers
- 9. Product Features • Create a ‘work profile’ which can be us to find individual jobs – Connected with LinkedIn – Includes rating system for future jobs • Simple search function to find jobs in a specific area • Ability to connect with local employers for temporary work • Chance to connect with other students for job opportunities • It is all available within a few clicks of a button
- 10. Future Product Features • Efficient search and recruitment for premium customers • Ability for big graduate businesses to recruit through Job-starter – Connecting the student with efficient grad job search engine – Potential messaging service to increase communication
- 11. Barriers to Entry • Heavy Competition : Millions of Apps available – Solution : localize then expand and with a good marketing strategy • Prospect of long term management and administration – Solution : Consistency and continuous technical support • Ever-changing nature of App industry – Solution: Continual improve and add content to App
- 12. Competition? • Traditional temp agencies • Task-Pandas • Taskrabbit • Google Helpouts
- 13. Risks/Limitations • Management • Operations • Finance • Legal
- 14. Financing • Initial investment of £40,000 Year 1 Year 2 Year 3 Year 4 Year 5 Total Sales Revenue 6.371 40.603 452.069 828.437 1.132.121 Total Cost of Sales 802 4.544 45.887 47.223 35.195 Total Operat ing Expenses 24.653 37.050 231.002 350.088 509.107 Net Profit -19.084 -991 140.144 331.967 452.620
- 15. Team ‘Job Starter’ Name: Emily Morphy Qualifications: Bachelor in Philosophy, MSc International Management Job experience: Events specifically Operations Interests: Public Speaking, Acting Name: Muhaleb Al-Busaidi Qualifications: Bachelor in Business Information Systems & MSc International Management Job experience: Oil & Gas (Shell, Halliburton), IT technology authority managing and supervision Interests: Football, Travelling, Charity Work Name: Brayo Nyakwa Qualifications: Bachelor in Commerce & Msc International Management Job experience: Phillips accounting & Hansgrohe SE Controlling Department (present job) Interests: Sports, charity work
- 16. Team ‘Job Starter’ Name: Ayush Agrawal Qualifications: Bachelor in Civil Construction & MSc International Management Job experience: Practical & Theoretical experience in Construction Interests: Taekwondo (Black Belt), Trekking Awards: Merit Medal Award from the Institution of Engineers (India) Name: Rupert Naylor Qualifications: BA Ancient History & MSC International Management Job experience: PWC Consulting, VCM Broking & ESPN Intern Interests: Sport, Music, History, Charity Work Name: Mathieu Piotrowski Qualifications: BSc International Business Administration & MSc Finance and Management Job experience: Auditing and Accounting Interests: Sport, Guitar
- 17. Invest Now Welcome to Job Starter
Editor's Notes
- Temp agencies are very necessary. But how much do u hate to use them First of all they do not connect you instantly with employers, do not offer you convenience and besides that, you don’t need a regular job as a student but rather a quick cash. Picture this situation. It is at the beginning of the semester so you have a lot of time. You are a student, you have no money. Although you are good at fixing computers (since you are already a computer specialist-from your undergrad), you do not know who needs his or her computer fixed, at that particular moment when you are free. Finding a temporary job using temp agencies is a hustle and is not worth the time, besides, you don’t need a regular job but quick cash/a part-time job that you can do when you are free. On the other side of the story is a student, who wants a computer fixed and is struggling online looking for cheapest shop around them to fix their computer. Never knowing that someone in the same student residence block, could actually do this job for half the price. This is the problem we want to solve. We want you (the expert in computers or whatever field) to be able to know who around you needs your services at that particular moment when you are free.
- What am I trying to explain here is that Temp agencies have failed to instantly connect employees with employers. Furthermore, the process of job application is tedious and involves complicated formalities, apart from the fact that they are no more convenient than other methods of finding part-time work. U can as well just go to the city, walk from one shop to the other asking if they have a part time job. Another problem we noticed from the employer side is finding reliable workers (no wonder the formalities are taking so long).
- The solution that we are offering today is an app, an app that will provide both employers and employees with a platform to connect instantly. This app not only eliminates the need for a middleman, but with the help of GPS will redefines how job’s should can be obtained. Apart from this,it will also add a new pool of potential employees. The product will be available on all phone and tablet with Android, IOS, Windows, Symbian and Blackberry. Furthermore, it will operate on a self-regulatory basis that encourages employers and employees to provide performance feedback on one another after a job is done. We expect this to not only empower individuals as it allows them to build up their user profile but raise the Trust btn the employer and new applicants –hence cutting down the time needed to screen/recruit a new employee. We expect this solution to go to extremes such as –U have missed a train from London to Exeter and have 3 hours until your next train and a bakery in the train station needs someone to clean up for 2 hours. Instead of just sitting at the train station and wait, you can use this time to earn some cash. This is the convenience we are trying to sell. And now to the business model.
- Thank you Brian, Our pricing strategy makes use of both Freemium and Premium business model’s. This pricing strategy has also been adopted by many other technologically apt companies’, including Spotify and LinkedIn. However, our primary reason for incorporating a Freemium Business Model into the product, is largely based on research which suggests app’s stand a much better chance of surviving if they are free during their initial stages of growth. Following this, our Freemium business model will produce revenue via personalized advertisements based on the user’s interests. We have predicted we will generate 50 pence per user per year using the revenue/user figures from other operating tech companies as a benchmark. These companies include Facebook, google and twitter, however we have been extremely conservative in our estimations and have predicted way way below our benchmark companies. Nevertheless, we do hope to eventually increase this figure to £1.60 over time as we capitalize on growth increased capabilities. Our Premium business model will involve an automatic upgrade for regular users who are willing to make a one off payment of £1. “Regular users” refer to those individuals who have obtained employment five times or more using the app. Furthermore, our current projections suggest that 30% of users will fall into this category.
- low. That being said, we are operating in a business specifically designed to take advantage of social media marketing. Following this, we got in contact with Stuwert Harris, a current lecture at the national film and televisions school. Stuwert has agreed to help us organize a competition among mature students to produce a promotional video that will lead the marketing campaign for Job-Starter. Beyond this, it is crucial to our marketing strategy that also target early adopters. This will be done by relentlessly attending exhibitions that are relevant to our product, such as the IP Expo, the London Book Fair and App world.
- Largely connected to our marketing strategy is our operational plan. That is, how we intend to distribute the product in order to help ensure its success. Following this, we have decided to target students in 3 specific geographic locations. Exeter, Bristol and London. By cultivating strong alliances with top universities in these areas we believe the app will maintain more credibility and professionalism than it otherwise would have been able to. On the other hand, we have identified a series of employers in these locations who we believe would specifically benefit from our product and who we will attempt to contact ourselves. This includes companies such as taste-catering in Exeter, TRO-Staff and Limelight Events. Ultimately we are providing them with a reliable workforce in a flexible manner that is of no cost to them. Although it may initially take skilled salesmanship on our part, I have personally had experience with some of these companies and know there is a gap in the market for both of our consumer groups. For instance, I was employed by TRO-Staff earlier this year after being recommended by a friend who lives and works in Devon. When asking why I got the job, he replied, ‘the company had no contacts at the Uni, they didn’t know how to get students”
- Following this, we would like to stress that our team also has a long-term vision for ‘Job-Starter’. That is, in the future we are ultimately aspiring to launch what will be known as “Job-starter Pro”. This version of the app fits in nicely with our operational plan as it works to recruit graduates into more long-term jobs. Furthermore, “Job-Starter Pro” is exciting as it encourages employers to redefine their search for worthy employees, not only taking into considering how impressive students internships are, but also how hard and willingly they have worked in other areas of life. Now I have given you a basic idea of what exactly ‘job starter’ is and what it is we are trying to do, I will pass you over to Rupert to run you through some of the product features of our app.
- What do people want? How do we ensure we are always giving the user added value? Essentially becomes an online profile
- With the need for apps to constantly evolve here are some future features that could be rolled out with the premium business model that will be launched in the future. As IBM mention in their developer works it is key for an app to be able to evolve, adapt and develop as the needs of their users change
- Our main barrier to entry is that we are operating in an extrememely competitive market. Nevertheless, it is important to note that our product places value creation at the core of its offering that will be coupled with a clever marketing strategy from day one. Patenting is also another issue, but we already have it for Oman and we are in the process of looking to patent our ‘idea’ within the UK
- “Job-starters” immediate competition comes in the form of firms such as Task-panda and task-rabbit, who provide a similar web-based service. however these firms place specific emphasis on “Tasks” as apposed to part-time work and have not developed relationships with specific universities or employers in the way we intend to. Equally, Google Apps such as Helpouts, are not a direct threat to our firm, as they exclusively target professionals.
- Although we may be inexperienced in the ‘business world’ our team covers a broad range of interesting and academic fields including history, philopsophy, engineering and business itself. This should enable us the flexibility to adapt and effectively manage this app We must accept however that we do lack the technical expertise to produce the app ourselves Operationally there are not too many risks as there is a small management team, with a fluid structure who will initially deal with all things related to the app With app maintenance not being too difficult and expensive the only thing one must ensure is enough server space for our app to handle the ‘users’ of the app With a relatively low sum of £40000 needed to invested into the business financially there aren't too many risks either. The app world is certainly a high growth business and so the potential for growth outweighs the costs incurred in producing the app Legal- User safety and data protection, SSL certicficates and other security certificates
- - Exit oppertunities? In order to get this idea off the ground, we will need an initial investment of £40,000. However, this investment would go towards a company that expects generate profit by its third year as well as potentially obtain more than 1.5 million users by year 5. For more details please refer to the financial statements we have provided you with. Thank you very much for your time and we look forward to hearing from you. Our financial projection is based on the number of people that are going to use our product. We target 9000 users at three large UK universities in the first year and will increase that number to 1.5 million in the fifth year. The annualised revenue per user will be 50 pence which we will slightly increase throughout the years. 30% of users who have downloaded our app will upgrade to a premium for 99 pence.