Developing an AI Software Firm: A Comprehensive Business Project

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Innovation and
Entrepreneurship
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Table of Contents
INTRODUCTION............................................................................................................................. 3
TASK 1............................................................................................................................................ 4
TASK 2............................................................................................................................................ 6
MARKET ANALYSIS.....................................................................................................................6
INDUSTRY ANALYSIS.................................................................................................................. 8
OPERATIONS DETAIL..................................................................................................................9
SWOT ANALYSIS.......................................................................................................................10
FINANCIAL REQUIREMENTS.....................................................................................................12
CONCLUSION............................................................................................................................... 16
REFERENCES.................................................................................................................................17
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INTRODUCTION
This report is going to presents all the aspects that are needed to start a business set up with an
idea in a mind. This report will cover all the perspectives of the firm like idea development,
planning for the market and the business, planning against the competitor, identifying the
strengths and the weakness for the firm and also a financial plan for setting up the business.
The latter parts also have the identification of the business space, the location and premises for
setting up the business.
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TASK 1
Title - Business Idea Development
The business idea will be a firm that will provide the development of Artificial Intelligence
services and products based on their idea that the customer provides or customer
requirements. There can be an online website where the users can contact the firm and provide
their idea so that the final product can be delivered. The company will be fully focused on
Artificial Intelligence services like computer vision and other deep learning products.
What we Intend to sell?
The company will sell the products that will be computer software and algorithms that can
perform various Machine Learning Activities. The company will take orders based on the
customer needs and then the Ai based will be provided to the customers.
Where will be our ‘position’ in the market?
The company will stand with the other software development companies but since the firm will
provide only AI based software; the company will stand out from the other such companies and
will provide future based technologies. The company will target individual customers or small
firms that want to create future technology-based software for their firms.
What is the Industry like?
The company will be a product based company which will provide software based on customer
requirements. In more comprehensive manner this company will be a software development
firm.
Who are the main players and stake Founders?
The main stake Founders will be Machine Learning developers, Data Scientists, other
employees, customers, leaders, the intermediate firms and the legal parties.
How will we obtain products and reach your customers?
The company will obtain the orders or customer ideas from the online platform (websites),
contacts and advertisements and the further product discussions will be made with the
customers. Then the product development will be started and the company will serve the
product to the customer.
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How will we provide services or sell your products?
The products will be sold as per the requirement to the customer. Generally, a single product
will be provided to the customer on a single order or requirement. The product will be as per
the requirement of the customer.
Skills needed to run the venture
The skills needed for running the venture can be:
 Sufficient knowledge of software and website development.
 Strong knowledge for Machine Learning, AI and deep learning.
 Excellent convincing skills for taking orders from the customers and publicizing the
company for receiving the orders of the software.
 Different other skills like money management, quality management, planning, transport
and collection of orders, etc.
 Excellent marketing skills.
 Excellent skills for understanding the described scenario by the customer and apply it to
the algorithms.
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TASK 2
Title – Business Plan
The above part explained the idea clearly and also the different factors that matter for the
company. This part will be for the overall explanation and the planning for the implementation
of the idea.
MARKET ANALYSIS
Market analysis will allow us to understand the different things that are required for the
development of the idea like the customer needs and the target market (Sheth, 2011):
CUSTOMER NEEDS OR PROBLEMS
The main problem with today’s software development companies and firms is that they are
working for the development of the software by using the old approaches and technologies and
hence the customers get confused that where should that they go for getting a full-fledged AI
product. The idea presented here will provide customers with the Machine Learning products
that will be based on current technology trends (Sheth, 2011).
TARGET MARKET
The main market that the company will target will be the firms that are working on software
solutions or in any another are and needing to need AI-based products so that they can bring
value to their company. These firms can be hospitals, railway stations, government
organizations, other product development companies and anything else that the human mind
can imagine.
 Size of the Market – As clearly stated above that the targeted market is way beyond the
imagination and firm can grow in any direction they want. This means the targeted
market is not specific to any single service or product. Although the company is specific
about innovative and up to date Machine Learning software(Sheth, 2011).
 Value – The demand and the need for this market are very huge and this is what
increases the value of the market (Sheth, 2011).
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 Population Covered - The main target of the company will be the business firms and
organizations and hence it can cover the majority of the population around the globe.
 Growth of Market – With no doubts, this market will grow further and expand
enormously in the market. This is because the AI technologies are becoming so
advanced and can make a difference in the human lifestyle (Sheth, 2011).
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INDUSTRY ANALYSIS
The business will compete with all the business firms that provide software solutions and all the
other software development companies. The company will compete with all these companies
because the idea is based on software development indirectly (E. Dobbs, 2014). The main
characteristics of the competitor companies are discussed below.
CHARACTERISTICS OF THE COMPETITOR
 They all provide software based on customer requirements.
 These companies will use old technologies for the development of software.
 They will charge the customers based on the resources used and the efforts that were
applied. This means the software product’s cost will not be defined already.
 These companies will definitely provide the customers with the software that will be of
no use in the future coming technology or these software products can be easily
threatened.
TOP COMPETITORS
The top competitors of the company will be TCS (Tata Consultancy Services), Wipro, Infosys,
Yash Technologies. Among all these competitors TCS will be the biggest threat for the company
because it provides various IT solutions and software products. Still, the company is based on
different old technologies and is not working on new technologies like Artificial Intelligence,
Machine Learning and Blockchain. Our firm will provide products based on all these
technologies and this is a major advantage of this idea over the other competitors. Even TCS
cannot shift their target market to all these technologies instantly. They need a significant
amount of time for bringing this organizational shift.
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OPERATIONS DETAIL
Operational details will cover all the information that is required for performing the operations
of the company. Give details on the location of the premises, transport links (this is how your
customers will get to you or will facilitate the distribution of your products), general site
information, external considerations, building, parks and premises details (Mellor, 2017).
LOCATION & PREMISES – The location required for the business be the any are which is filled
with the corporate market and is easily identify the people. This will be the main headquarters
for the company where the company employees will work and create innovative software
products. The location must be in a public area which can be easily accessible to the general
public and the company employees. There must be cafeterias or any food shops form the
employees near the company headquarters. This will enable the employees to create personal
relations with other employees and maintain a good business environment (Mellor, 2017).
ORDERS FROM THE CUSTOMERS – The orders for the software products will be taken online
and the further details will be taken through the phone calls, direct meetings, emails and other
internet services (Mellor, 2017).
PRODUCT DELIVERY – The product will be a software product and which can be delivered
through online platforms and services. There is no specific need for transportations. This will be
a major advantage over the other services and the other business platforms (Mellor, 2017).
CONSIDERATIONS – The customer has to engage in meetings which will help in the planning of
the product and also in the showing the prototype so that the changes can be made on time
and the customer will get a quality product. The company will also have to engage the
customer in other business activities like legal signups and the product cost and the delivery
timings (Mellor, 2017).
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SWOT ANALYSIS
The SWOT analysis will help the company or the firm to understand that what are the
Strengths, Weakness, Opportunities and Threats to the company which will be used in the
strategic planning for the company and identifying the USP (Unique Selling Point) for the
company products (Helms and Nixon, 2010).
STRENGTHS – The main strength of the firm will be that the firm is working on the current
technologies of Machine Learning, Artificial Intelligence and Blockchain and will provide
products related to these technologies only. This will help the company to create innovative
future products that no other company is providing in the new few years. The main reason that
the customer will buy the product from our firm instead of others is that all the other firm are
working on old technologies of Object Oriented Programming which are not able to fight the
court concerns, the new technologies which our firm is providing will be unique around the
globe and this will also be our Unique Selling Point (Helms and Nixon, 2010).
WEAKNESS – The other big tech companies have built the trust for the customers for years and
even if the competitor will provide old technology products and services they will get sold out
for sure because of the trust that the company has built over years. Another weakness of the
company is that it will not be having the experts and the R&D parts in the beginning which will
prevent the company to identify the new ideas (Helms and Nixon, 2010).
OPPORTUNITIES – The main opportunities are that the need for Artificial Intelligence and
Blockchain is increasing drastically and the supply for such products is way too low in the
software development market. This will create a new market for the company to work with
minimum competition (Helms and Nixon, 2010).
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THREATS – The main threat will be if the competitors will turn to machine learning and AI
products all the customers will turn towards them instead of us and the company can face a big
loss. This is because due to the trust that the tech giants have built over the years. If these
companies will start providing such products then our firm will face great competition from
them (Helms and Nixon, 2010).
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FINANCIAL REQUIREMENTS
STARTUP REQUIREMENT COST:
Requirement Costs
Employee Environment Setup £528
Furniture £758
Premises Costs £3240
Computer Setups £1024
Technology Costing £125
TOTALS £5675
SOFTWARE DEVELOPMENT CASH REQUIREMENTS:
PRODUCT DEVELOPMENT
Task Beginning Completion Investment Manager Post
Send Layout to
Businessmen 3/2/2020 3/11/2020 £275 Lucy Consulting
Software Content
Developed 3/2/2020 4/2/2020 £0 Pesan/
Shivan Co-Founder
User Interface
Completion 3/11/2020 4/2/2020 £375 Lucy Consulting
Back End 4/2/2020 4/16/2020 £650 Lucy Consulting
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