The idea of megatrends and week signals have taken over theworld by storm. Rise in technology and accelerating urbanization are the twomajor kinds of megatrends in which our idea could fit into. Firstly,urbanization is constantly taking place.
Where, in 1950, only 30% of the worldpopulation were living in urban areas, by 2030 it is expected that around 4.9billion people would be doing the same. This is giving birth to “smart cities”Secondly, Technology is another megatrend that accommodatesour business venture idea. Technology, no doubt is taking over the world.Therefore, it helps us believe that there is never an end to the next big thingin this area.
Our Business venture has been formed by the amalgamation ofboth these megatrends and week-signals offered by them. The weak-trend identified in this startup is the uberizationof jobs. There have been many failed attempts of uberizing objects (eg. Theuberization of washing machines). As many of these start-ups did not take of,for “instajob”, it was kept in mind to not repeat the mistakes made by others.The uberization of jobs would help the employing and employment process gettechnologically advanced and much easier to execute. Also due to constanturbanization, there has been a shortage of jobs. Finding jobs this way wouldfurther make the urbanization process more efficient.
(PwC, 2018) Design thinking (200) Design thinking is a concept based on matching the needs ofcustomers to what a designer can imagine and create. (Brownand Wyatt, 2010). Design is now being used to identify and meet the needs of customers in a better way. Observingis a method to learn important information about the customer, his needs and wants.Observation would also play an important part in the development of ourventure. As a specific minimal viable product (MVP) would be created at firstand launched into the market, this would help us observe how the customers feelabout the service and how it could be modified to better suit their needs.After the observing process, data would be collected from the market, and reflectionand analysis of the same would then take place.
Once that is done, a team ofdesigners would be have to brought together, who would brainstorm and tacklethe specific problems and find solutions to the same. Prototypes of thefollowing solutions of the same would then be created, tested and finallylaunched back in the market. This would be an ongoing process, till the idealproduct has been formed. This ideal product may also need modifications in thefuture. (Leonard and Rayport, 2011) For deciding on the specific idea of “INSTAJOB”, the NUFtest was used. Here, an idea was selected on the basis of it being new, usefuland feasible. NEW USEFUL FEASIBLE TOTAL LENDIT 7 8 8 23 E-TAILOR 9 7 6 22 INSTAJOB 8 8 9 25 Using the NUF test a conclusion was reached that, instajob isthe idea that would most possibly be the best business idea to base our startupon.
Opportunity algorithm was also used to determine what ideais to be used. Importance satisfaction Opportunity Score Lend it (opportunity 1) 8.5 9.2 7.8 E-Tailor (opportunity 2) 6.5 8.3 4.7 Instajob (opportunity 3) 9 9.
5 8.5 After an NUF test, an opportunity algorithm was alsoapplied. A similar result was seen over here. Along with these tests a casual vote was taken from a groupof 17 people doing a creativity course in their university and 7 businessmen inIndia. Here a mixed response was obtained.
This response made things a littledifficult as it highlighted the positives and shortcomings of each idea. Here, it was evident that our two major choices are “LendIt” and “Instajob”. A major revelation made here was that out of the studentswho took part in the vote, there was a certain liking towards “Lend It” (3liked E-Tailor, 8 liked lend it and 5 liked instajob). Where as the businessmenin India were more inclined towards “Instajob” (0 liked E-Tailor, 1 liked lendit and 6 liked instajob). This difference helped us recognize who our targetmarkets are. They also provided us with a base to start our project.
“Instajob” was finally chosen as a start-up, as, a focusedbase was recognized as target here.