Explain the development and adjustment of your business model canvas

Where your name is highlighted (My name is Faris, which means you do part what the problem you believed your product or service was addressing) that is your part to write. Also make sure to be putting your information here, whether that is typing on this google doc or pasting on to the google doc after you are done. If you need feedback regarding your part at all this weekend contact someone in the group, I (meaning Rebecca) should have time if need be just let me know.

The description/requirements for the final paper are:
Explain the development and adjustment of your business model canvas clearly justifying all changes with data collected from customer. Also applying the 7 domain framework for opportunity assessment to determine if you have a true opportunity that is worth pursuing.
This paper needs to be 5-10 pages double spaced (Times new roman 12 pt font) in which you:
● Explain what problem you believed your product or service was addressing (Faris)
● Explain the evidence you collected indicating the true nature of the problem (Hallie)
● Explain Your initial business model canvas (your guesses and why you made them) (Nick)
● Explain the changes to your business model through each of the 5 iterations clearly indicating the data (customer information) leading to the change. (Ashton)
● Explain your final business model and apply the seven domain framework for analyzing if it is an opportunity worth pursuing. (Rebecca)
● Finally answer the question: Is the opportunity worth pursuing? (This question will be done Monday together)

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This is the idea of the project:

● Explain Your initial business model canvas (your guesses and why you made them) (Nick):
In the beginning the idea was to create or build a cell phone that the customer would customize themselves. The phone would be able to have certain features that they wanted, and could leave behind features that they did not want. With this idea we created our first business model canvas. The canvas consisted of key activities, key partners, key resources, value propositions, customers relationships, customer segments, and the channels. Throughout the process of interviewing the canvas changed many times. In the beginning though we were solely focused on creating a customized phone for the customers.
In the beginning our key partners consisted of companies that could offer our customers a phone plan for their customized phone.Companies like Cricket, Straight-Talk, Sprint, AT&T, and Verizon. We thought that if we were to partner up with phone companies, that people would be more likely to use our service. They would order the phone through us and since we were partnered with phone companies, the phone company would allow them to use our phone on their service. This would allow the customer(s) to get the phone that they want on the plan and service that they want as well.
Key Activities of our initial business model canvas included advertising our service, selling phones, but also allowing customers to rent phones as well. Advertising our product was a no brainer. We wanted to get our name out to the public. Of course we also wanted to sell phones to customers. That was our main revenue stream in the beginning. Quickly we came up with idea to rent these customized phones to consumers. This would allow them to change phones whenever they wanted. Which made us change our initial customers segment. At first we target less tech-savvy people. But when this idea arose we thought that tech-savvy people would be more likely to want to use our service. So our customer segments were the more tech-savvy people
This brought us to our key resources of the business model canvas. We thought “what resources do we need in order to create this service?”. The first thing that we would need is a building and equipment to make the phones with. Then we wanted to operate through a kiosk located in a place like a mall or electronic store. This would allow us to have face to face customer service, and hopefully get people to see what we were offering. We also decided that would need to have a law firm help us when forming contracts with our key partners.
The next two elements of our initial business model canvas was our value propositions and our customer relationships. The initial business model canvas included two value propositions. The first was for people to try out their phones before they had to fully purchase the phone. We want to accomplish this by allowing people to rent phones. That way they were not stuck with a phone they did not like for two years because the signed a contract. Our customer relationships were pretty clear. We just wanted to be a company that helped people find a phone that was right for them in the friendliest way possible.
The channels that we wanted to operate this service through were the internet, working through partner stores, and social media. We thought that social media would be a great way to get to our customer segment. Through the internet we wanted to create a website that would take customers orders. Meaning they would go online and basically create the phone they want through a website then we would build the phone. Then we also wanted to have kiosk located in electronic store like BestBuy. That way we could have a customer service representative help a customer through the process of creating the phone if needed.
The last element of our initial business model canvas was our revenue stream. Our plan for income in the beginning was selling phones. Then we added the idea of renting phones as well. People would sign a contract, pay a certain dollar amount each month, and be able to switch their phone out whenever they wanted. The monthly fee’s were also part of our revenue streams. Then we also decided that customers with no credit would a deposit down on the phone. Incase it was not returned or returned damaged. Our initial business model canvas was the original idea for pear devices, through testing hypotheses, and gathering data several changes occurred.
So after being able to ask individuals about what they need in electronic devices we started to figure out that there was a more broad issue than originally thought. The final business model created for Pear Devices is first with the key partners; these are the companies/services we need in order to create the most beneficial product. One being having the ability for our phones available for rent to be used on any phone plan that the customer desires. Also with our laptops and tablets being able to have software put on the device and virus protection. Lastly, having a law firm make legal bonding contracts for our business transactions and help us through any legal issues that would arise. Next, the business model goes into the key activities; which is where Pear Device’s main focus is to rent phones, laptops, and tablets. Another activity that would need to be addresses also is on advertising our offers through flyers around school campuses and possibly commercials or billboards. Possibly, even reaching out the local business around the area and seeing if they had any interest in the service we would provide. Key resources in another factor when creating the business model. We would have a local store in the area, as well as having a hotline to provide any information needed to our customers or potential customers. The overall view, or value proposition, that Pear Devices has is to provide a service that is able to rent a laptop, tablet, or phone, but also a reasonably priced option to have tech support. Pear Devices customer relationships would involve having tech support for customers convenience, trying to help the customer choose an electronic devices for their needs, and help them transition into the new device. Another factor that has to be addressed in the channels to where Pear Devices can be found; which would be by having an online website with information pertaining to the devices available, having a local store assessable and having a professional social media account to promote our service. As we went through the process of interviews and figuring out that there was a need to make a more affordable way to access electronic devices we saw the customer segment that needed to be targeted. This target consists of students, tech savvy people, and possibly small businesses. The next important factor that needs to be provided is what the company needs to be spending money on, also known as the cost structure. There will need to be money first to purchase the products to start the renting business of tablets, phones, and laptops. Then moving onto marketing expenses and making sure that we hit our main consumers. We would also need a device that would be able to transfer information from one device to another. And lastly, hiring a tech support team to be able to provide service if necessary to the potential customer. Finally, the last factor that is part of the business model is the revenue stream. The way that Pear Devices would profit from this service is by having certain revenue streams that would not only cover expenses, but provide us with a profit. Starting with having general sales on people signing contracts to rent electronic devices from us. The contracts would include rental fees, penalties, and a charge for any damages done to the device if it were to be damaged.
7 domain framework
During our weeks of interviews, the data we collected helped us shift our business model to better our company for what consumers are looking for. After our first week of interviews our iteration (what we are doing next) would be to possibly change our target market that initially was to target less tech savvy people. We conducted face to face surveys with our target market to see if they would be interested in trying a different type of phone before they committed to purchasing. After our second week of interviews we changed our target market to more tech savvy people, students, and business professionals. We wanted to know if anyone had participated in trial runs with their current cell phone carriers before, and focusing on technology growth and how people kept up with the constant change.
During our third week of interviews, the data we collected showed that several people were unhappy with their phones and wanted to change something. Therefore, for the next interview we focused on what they think should be improved and under what circumstances would an individual rent a phone. After hearing the responses to the previous focus, we decided to shift our company from renting phones to possibly renting other electronic devices depending on how upcoming interviews went.
On account of that, we focused on people’s interest of what they would like to rent/try and if people would be interested in a class demo and what would need to be offered for the individual to want to rent a device. In the following week we had several interviewees like the idea of renting other devices such as laptops, tablets, and phone rentals instead of just being a phone trial company. Hence, we looked into if customers prefer to rent from a company with tech support or if they handle tech issues on their own. After finding this additional information we asked about pricing and the time allowed when possibly renting options on devices. Throughout the weeks of interview we discovered that no one has ever tried renting a phone like we assumed. So in order to make the potential consumer more comfortable we needed to start on a more broad perspective with renting out laptops and tablets. The information that we collected led us to believe that Pear Devices should focus on not only phones, but other electronic devices in order for consumers to experience renting on a less life changing device.