Assignment 2: Idea Generation - Parkhound Innovative Business Model

Assignment 2: Idea Generation
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Table of Contents
Executive Summary.........................................................................................................................3
Effective explanation of the customer/market problem that needs solving and/or the reason the
innovation is required......................................................................................................................4
Persuasive argument of the benefits to be generated by the idea....................................................5
Evaluation of the feasibility of the idea...........................................................................................6
Discussion of the proposed business model....................................................................................7
Critical success factors to be managed during execution of the idea..............................................9
Individual student has demonstrated they worked productively in the team, including the ability
to brainstorm with others to generate a viable idea set and to solve project problems
collaboratively...............................................................................................................................11
Evidence that the individual student has helped the group reach consensus on the most viable
idea to take forward for Assessment 3...........................................................................................12
Evidence that the individual student has been proactive in ensuring the successful completion of
the portfolio of materials for the pitch in Assessment 3................................................................13
Conclusion.....................................................................................................................................14
Appendix........................................................................................................................................15
References......................................................................................................................................17
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Executive Summary
The business report has been developed to provide with empirical understanding for developing
a successful innovative business idea for Parkhound. The report has will aim at integrating
various technologies to develop an innovative business idea for Parkhound. The business report
will identify various technologies that will be integrated the business model to develop
innovative services for the target market of Parkhound. The report has instigated at developing
an innovative idea for providing business service in indoor spaces to store the extra material such
as furniture, office material, files, and boats or canvas etc. The report will develop a new
business model that will introduce the technology of Augmented Reality, Satellite and Fisheye
Image and Panorama Image to provide with an enhanced level of services.
The report has discussed the business model in detail to understand the nine constraints of the
business model canvas. The report will also demonstrate the understanding of concepts like
feasibility and success factors for the growth of this incepted business idea.
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Effective explanation of the customer/market problem that needs solving and/or the reason
the innovation is required.
The business organisation of Parkhound is engaged in the business operations and trade of online
service provider. The business provides with parking spaces and associated services to its
consumers. The business can generate an innovative business idea of providing storage services
for rent for various purposes. The business idea for expansion can be considered for providing
rent and storage spaces for various materials such as files, furniture, boats, canvas, extra home
appliances etc. (Parkhound, 2018). This business innovation by Parkhound will resolve the
storage problems and will provide solutions to store the extra material available to the
consumers. The market problem of storage will be resolved on large scale for various consumers.
The organisation can also focus towards providing security services to ensure the safety and
quality of the products stored by the business. The business for innovative idea generation can
use Augmented Reality technology to overview the safety and security of the cars parked in the
outdoor areas and the materials stored in the indoor areas of the storage spaces. Augmented
Reality refers to development and depiction of a 3D view and representation of the storage
location to detect the path and the associated environment. The reason for investing in this
innovation is that this type of new and innovative business will provide with increased benefits
to resolve the storage problems and security issues related with outdoor storing in an unknown
premise (Barfield, 2015). The innovation can further be developed to provide with services that
enable to demonstrate a view of the storage location from long distances through the application
of Satellite technology.
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