Assignment 2: Idea Generation - Parkhound Innovative Business Model

This report explores the development of a new innovative business idea for Parkhound, an online service provider for parking spaces. The report focuses on integrating technologies like Augmented Reality, Satellite, Fisheye Image, and Panorama Image to create enhanced storage and parking services. It analyzes the feasibility and viability of the proposed business idea, considering factors such as industry rivalry, competition, resource availability, consumer benefits, and value proposition. The report also examines critical success factors for the business to ensure future growth and viability of the innovative business idea. A detailed Business Model Canvas is presented, integrating the new technologies and applications for Parkhound's business functions and services.

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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Persuasive argument of the benefits to be generated by the idea
This innovative business idea will provide with various benefits to the consumers of the car
parking and storage of material services provided by the Parkhound. The business services apply
the technologies of Augmented Reality and Satellite services to detect and access the storage
places. The consumers will be able to view the storage and parking location without actually
visiting the locations through the application of Augmented Reality (AR) technology. These
feature provided by the application system or the software developed by the organisation can be
accessed through the application server. This feature will enable the consumers to save the time
and cost involved in the process of identity and evaluates the various storage locations available
in the neighbourhood areas and locations (Chen, et. al., 2014). Another technology application of
Satellite services will aid the consumers to directly view and evaluate the locations and storage
areas through the mobile devices and the software applications. The Satellite services will
demonstrate a graphical and 3D view of the location of the outdoor and indoor storage areas. The
Fisheye Image and Panorama Image developed through the integration of application systems
and the Satellite will develop a 3D view. This feature will provide the advantage of ensuring the
security and safety of the cars parked and material stored in the unknown premises.
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Evaluation of the feasibility of the idea
Feasibility of the idea can be evaluated while considering various factors and aspects. The most
prominent aspect is to determine the extent to which the idea takes the advantage of the
environmental trend and resolves the problem. The business idea to allocate rented spaces for
parking in outdoor areas and home materials in the indoor areas will enable to resolve the
problem of shortage of space to park and it will increase the utilisation of unused areas towards
effective manner. Another aspect that can be determined to access the feasibility is the industry
rivalry operating the business market (Serra & Kunc, 2015). As the business undertaken by
Parkhound is a new and innovative concept the business rivalry in this industry is low. The
industry stage of this business is in the emergence phase thus provides with severe growth
opportunities. The target market is also required to be assessed in order to analyse the feasibility.
The feasibility can be determined through the purchasing power of the consumers (Cho & Lee,
2013). In this industry, it is determined that the purchasing power of the consumers is high as it
is a rare service which provides with maximum benefits to the consumers. Another aspect that is
required to be accessed for analysing the feasibility is the financial scope of the business plan.
The initial capital investment required to process the innovative business idea is moderate.
Investment is only required to accrue the technologies of Satellite and Augmented Reality as
these technologies are cost investment but the benefits accrued from these are undertaken on a
larger scale.
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Discussion of the proposed business model
The proposed business model to integrate the technological advancements and developments is
discussed as below. The proposed business model will include the technologies of Satellite,
Augmented Reality and the Fisheye Image and Panorama Image in the business model to provide
with increased and enhanced services. The business models constraints of nine building blocks
described as below:
Business Canvas Model of Parkhound
Key Partners
The key partners include University of Melbourne, Melbourne Museum, Greenco Parking,
Airport Park and Fly, Florentino, Amiconi Restaurant etc. These key partners will enable to
increase the service areas covered by the Parkhound. These enable to develop partnership and
enter into contracts for ensuring fixed earning and services.
Key Activities
Several key activities are required by the business model such as the developing online business
solutions, integration of application systems and servers with the Satellite services, Augmented
Reality technology, Fisheye Image and Panorama Image view to realise the services and
commence with the trade operations with the consumers.
Value Proposition
The business is focused towards providing the services for satisfying the storage needs and
requirements of the consumers. The value proposition can be identified in the services delivered
by the organisation to the consumers for storing and parking the materials and cars (Muhtaroglu,
et. al., 2013). The security and safety of the parked and stored products are also provided as a
value proposition.
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Customer Relationships
The customer relationships are an integral part of the business in online service providers. The
customer relationships are maintained and monitored through online services reviews and
feedbacks. Personal assistance is also provided to ensure effective consumer relationship through
the website and online applications.
Customer Segments
The customer segments involved in the target market are recognised as the students, office going
individuals, tourists and short-term travellers.
Key Resources
The key resources required for the business services and operations include expertise and trained
individuals, technical persons to assist with the technical services and adoption of new
technology, financial resources, internet services, and information technology.
Channels
The channels for providing with the business services are through online mode and channels.
The business has adopted a virtual channel for distribution of services. The services are
distributed through an application that can be accessed from the mobile devices, laptops, tablets
and desktop systems etc. (Muhtaroglu, et. al., 2013)
Cost Structure
The cost structure for this business service includes both fixed and variable costs. The costs
include various natures such as contracted rent rates and packages for the areas, the salary of
employees, promotion and advertisements etc.
Revenue Streams
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The revenue streams include online services for parking and storage services, online payments
for the storage services, earnings through advertisements and promotions form the contracts and
sales promotion activities of other partners etc.
Critical success factors to be managed during execution of the idea.
Several success factors are to be monitored and managed during the execution of the idea of
these innovative business techniques. The success factors to be managed include the
management team of the plan, the team members, the capital involved, and execution stages
involved in the plan, risk management, and marketing. The management team includes all the
integral parties handling the execution and development of the plan. These act as a success factor
as they are the management heads and the brains behind implementing and executing the plan.
The marketing and promotional aspects of the plan are also to be considered in the execution of
the plan (Habib, 2013). The marketing of this innovative idea will enable to increase the
presence of the business idea and conception of the services to the targeted consumers. The
aggressive promotion and advertisements of the services will educate more consumer base about
the nature of the services and benefits accrued from its intake.
The financial sources act as another success factor for the execution of the plan. The financial
resource includes investors for the business idea. These are the sources of investments for
providing with long and short-term financial sources. Risk management refers to identifying and
determining the various risks that are involved in the execution of the business idea. The risk is
required to be determined in advance and reformative measures or policies are required to be
developed in order to sustain the success and execution of the business (Park & Kim, 2012). The
success factors also depend on the execution stages involved in the process of implementing the
idea in reality. The process followed to execute the business idea must be well processed and
thought upon. The business idea must be integrated with the objectives and goals determined by
the business organisation. The execution stages must include the various aspects of business
processing and implementation.
Another success factor for the business includes customer relationship and management with
enables to manage and monitor the customer relationships with the organisation. The
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organisation can integrate customer relationship approaches such as feedbacks and direct
interaction of the consumers with the help assistants. The managing and maintaining of
consumer relationship are one of the most important success factors. Success depends on the
satisfaction levels of the consumers, regular assessment of the consumer satisfaction and their
experience from availing the services of the organisation.
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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
I have worked in a coherent manner with my teammates to productively asses the viability of the
project. I have demonstrated effective communication and understanding of the concepts
required to be undertaken in this project. My team has interrogated various idea and business
ventures to access the viability of the innovative business idea as the introduction of Augmented
Reality in the car parking and storage areas for various materials. I have also invested in
brainstorming activities such as group discussions and interviews to access the diversification of
the business ideas and models.
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Evidence that the individual student has helped the group reach consensus on the most
viable idea to take forward for Assessment 3
All the students have appropriately contributed towards reaching the consensus for the most
viable idea to proceed with assessment 3. I have contributed in enacting the brainstorming
activities intensively to evaluate the most viable and finically feasible business idea. I have
contributed to accessing the various ideas and identifying the most viable business idea with
maximum benefits to the consumers and the business organisation of Parkhound. The project
covers extensive aspects that have been evaluated in order to access the business innovation idea.
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Evidence that the individual student has been proactive in ensuring the successful
completion of the portfolio of materials for the pitch in Assessment 3
The contribution made by each student has empirically provided towards completing the
portfolio materials of assessment 3. The students have contributed towards providing evidence
for innovation process used in the applying the business model. I have contributed towards
providing a detailed analysis of cash flow projections and income statement for the success and
financial viability of the business model and the innovative idea. The assessment 3 will also
provide with knowledge on the application of social media in the execution of the business
innovation idea.
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Conclusion
The report has identified developing a new innovative business idea for Parkhound for providing
indoor and outdoor storage and parking services for the consumers of its services. The report
identified integrating technologies of Augmented Reality, Satellite and Fisheye Image and
Panorama Image to implement the new and innovative business ideas. The report has executed
the feasibility and viability of the newly developed business ideas in various terms such as
industry rivalry, competition, availability of the resources, nature of the business idea, benefits
and value proposition for the consumers etc. The report has also measured the success factors for
the business to demonstrate the future growth and viability of the innovative business idea. The
report has also investigated in developing a new business model for Parkhound as per the
Business Model Canvas integrating the new technologies and application for the business
functions and services.
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Appendix
Business Canvas Model of Parkhound
Key Partners
The key partners include University of Melbourne, Melbourne Museum, Greenco Parking,
Airport Park and Fly, Florentino, Amiconi Restaurant etc. These key partners will enable to
increase the service areas covered by the Parkhound. These enable to develop partnership and
enter into contracts for ensuring fixed earning and services.
Key Activities
Several key activities are required by the business model such as the developing online business
solutions, integration of application systems and servers with the Satellite services, Augmented
Reality technology, Fisheye Image and Panorama Image view to realise the services and
commence with the trade operations with the consumers.
Value Proposition
The business is focused towards providing the services for satisfying the storage needs and
requirements of the consumers. The value proposition can be identified in the services delivered
by the organisation to the consumers for storing and parking the materials and cars (Muhtaroglu,
et. al., 2013). The security and safety of the parked and stored products are also provided as a
value proposition.
Customer Relationships
The customer relationships are an integral part of the business in online service providers. The
customer relationships are maintained and monitored through online services reviews and
feedbacks. Personal assistance is also provided to ensure effective consumer relationship through
the website and online applications.
15

Customer Segments
The customer segments involved in the target market are recognised as the students, office going
individuals, tourists and short-term travellers.
Key Resources
The key resources required for the business services and operations include expertise and trained
individuals, technical persons to assist with the technical services and adoption of new
technology, financial resources, internet services, and information technology.
Channels
The channels for providing with the business services are through online mode and channels.
The business has adopted a virtual channel for distribution of services. The services are
distributed through an application that can be accessed from the mobile devices, laptops, tablets
and desktop systems etc. (Muhtaroglu, et. al., 2013)
Cost Structure
The cost structure for this business service includes both fixed and variable costs. The costs
include various natures such as contracted rent rates and packages for the areas, the salary of
employees, promotion and advertisements etc.
Revenue Streams
The revenue streams include online services for parking and storage services, online payments
for the storage services, earnings through advertisements and promotions form the contracts and
sales promotion activities of other partners etc.
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References
 Barfield, W. (2015). Fundamentals of wearable computers and augmented reality. CRC
Press.
 Chen, J., & Tsai, W. H. (2014). AUTOMATIC GUIDANCE FOR INDOOR CAR
PARKING USING AUGMENTED-REALITY AND OMNI-VISION TECHNIQUES.
In Proceedings of 2014 Conference on Computer Vision, Graphics and Image
Processing.
 Cho, J., & Lee, J. (2013). Development of a new technology product evaluation model
for assessing commercialization opportunities using Delphi method and fuzzy AHP
approach. Expert Systems with Applications, 40(13), 5314-5330.
 Habib, M. N. (2013). Understanding critical success and failure factors of business
process reengineering. International Review of Management and Business
Research, 2(1), 1.
 Muhtaroglu, F. C. P., Demir, S., Obali, M., & Girgin, C. (2013). Business model canvas
perspective on big data applications. In Big Data, 2013 IEEE International Conference
on (pp. 32-37). IEEE.
 Park, H. S., & Kim, K. H. (2012). Driver-view based augmented-reality HUD system:
concept and background. In 19th ITS World CongressERTICO-ITS EuropeEuropean
CommissionITS AmericaITS Asia-Pacific.
 Parkhound, (2018). About Us. [Online]. Parkhound. Available at:
https://www.parkhound.com.au/ [Accessed on 2 May 2018].
 Serra, C. E. M., & Kunc, M. (2015). Benefits realisation management and its influence on
project success and on the execution of business strategies. International Journal of
Project Management, 33(1), 53-66.
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