Business Assessment: Innovation, Idea Generation & Feasibility

This report presents an innovative business idea for Spacer, an Australian online rental service provider, focusing on integrating augmented reality (AR) technology to enhance customer experience. The report identifies the customer problem of accurately assessing storage space suitability and argues that AR can provide a 360-degree view, enabling customers to measure space virtually, thus improving decision-making and satisfaction. The feasibility of implementing AR is evaluated, highlighting its potential to reduce risks associated with rental space decisions. A business model canvas is discussed, outlining key partners, activities, resources, value propositions, customer relationships, channels, customer segments, cost structure, and revenue streams. Critical success factors, including teamwork, customer support, and service quality, are analyzed. The report also reflects on individual contributions to the team's brainstorming process, consensus-building, and proactive efforts in ensuring the successful completion of assessment tasks. Ultimately, the proposed AR solution aims to provide Spacer with a competitive edge by offering a more effective and customer-centric rental service.

Business Assessment-2
Idea generation
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Table of Contents
Executive summary.........................................................................................................................3
Introduction......................................................................................................................................4
Main Body.......................................................................................................................................5
1. Explanation of the customer/market problem that needs solving and/or the reason the
innovation is required..................................................................................................................5
2. Argument of the benefits to be generated by the idea.............................................................6
3. Evaluation of the feasibility of the idea...................................................................................7
4. Discussion of the proposed business model............................................................................8
5. Critical success factors to be managed during execution of the idea......................................9
Quality of contribution and collaboration......................................................................................10
1. 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...........................................................................................................................10
2. Evidence that the individual student has helped the group reach consensus on the most
viable idea to take forward for Assessment 3............................................................................11
3. Evidence that the individual student has been proactive in ensuring the successful
completion of the portfolio of materials for the pitch in Assessment 3.....................................12
Conclusion.....................................................................................................................................13
Appendices....................................................................................................................................14
References......................................................................................................................................15
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Executive summary
This report has developed to present a new innovative business idea to gain the attraction of
customers which has less market rivalry. These business ideas are developed to accomplish the
unfulfilled needs of the markets with a new innovation. Uniqueness, special features, innovations
and customer attraction are some basic key factors which are contained by nosiness idea.
Basically, business is based on the current market problems and needs on which entrepreneurs
show their expertise to resolve it in an effective manner. Most of the successful companies are
based on the current market needs and regular change or betterment in the business idea.
Different benefits have delivered to targeted customers and entrepreneur which is the key focus
of the new business idea. Feasibility of the business idea is discussed in this report which is
essential to measure according to the customers’ needs and demands of the market. A proper
business model is developed in the report which helps the company to analyse the different
factors needed to consider while executing the business idea. Critical success factors are
analysed in this research which is essential to consider measuring the success of the business.
The business idea which is provided in this report is properly explained and analysed by different
factors.
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Introduction
This report is based on the Spacer which is an Australian online rental service provider
organisation. All of the business activities of Spacer are done by the website of the organisation.
The company is providing car parking and storage area services for its targeted customer in the
different geographical areas. Augmented reality technology is the new business idea which can
be used by Spacer to provide a better customer experience.
Figure 1: Working of Spacer
Source: Spacer, 2018.
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Main Body
1. Explanation of the customer/market problem that needs solving and/or the reason
the innovation is required.
The spacer is providing rental services for its targeted customers so it is essential for the
company to provide an effective service to the targeted market. Measurement and calculation of
storage space and area needed for a particular vehicle and products have to be done by the
customers. Sometimes customer founds that the storage space is not enough to store their
products effectively (Schneider and Spieth, 2013). These kinds of problems occur at the time
when the customer moved into the rental space area which declines the effectiveness of the
organisation in providing an appropriate customer satisfaction. It has been analysed that it is
essential for the organisation to provide an extra facility to customers to measure the suitability
of the space according to the products and vehicles for which they are taking the rental services.
It is essential for the company to align an innovative idea on the website of the company by
which they can measure and calculate the space according to their needs.
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2. Argument of the benefits to be generated by the idea
Augmented reality technology is effective to provide a computer-generated view of the rental
space. It helps to the customers to provide 360’ view of the rental space which can help the
customers to analyse the suitability of the car rental space according to the size of the car. It is
also analysed that augmented technology is effective to provide a better customer experience by
providing facility to measure the space according to the products which have to be stored or a
vehicle which has to be parked (Wang, et. al. 2014). It helps to the customer to make an effective
decision on the rental space. Augmented reality technology is effective for the customer to
compare the rental location with the product or vehicle which can help to the customer to make a
decision. After the execution of augmented reality technology customers does not have a need
cite a visit to analyse and measure the storage or parking space according to their needs.
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3. Evaluation of the feasibility of the idea
Use of augmented reality technology in the rental space is effective to use because it will decline
the risks which are associated with the rental space. Customer will not have any need to measure
the rental space according to their needs. Augmented technology will help to make a decision on
to occupy or not this rental space. Augmented reality technology is effective to provide a 3D
view of the storage and car parking areas in which customer can put their car or products which
have to be stored (Albaqami, et. al. 2018). By the use of this technology website or application of
Spacer will explain that this storage or car parking area is suitable or not for the customer. It is
totally feasible according to the current needs of the customer. It is a much-needed factor which
helps customers to make an effective decision. Some customer got confused while taking a
decision on the rental space and this additional feature or business idea will help to customers.
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4. Discussion of the proposed business model
The business model contains nine building blocks which are significant analyse the key
resources and activities of the business which are given below:
1. Key partners: Spacer has its partnership with the Uber and Airbnb which generally use
its services also.
2. Key activities: Rental and storage are provided by the company to space seekers in
Australia. Spacer shares information about the rental storage and car space in customers
and owners.
3. Ker resources: Owners of rental space are the key resource which helps the company to
run its business activities (Bocken, et. al. 2014). People which are associated with the
company to work provide information of rental space owner.
4. Value proposition: Spacer believes to provide an effective rental service to targeted
market which has less risk of theft and damage to the property which have to be stored
and parked in the rental space area.
5. Customer relationships: It is an online service provider organisation which is based on
self-service and company have to continue it.
6. Channels: The Spacer has to use e-commerce channel to continue its business activities.
The company has to launch their mobile application for Android and I-phone users to run
their business activities.
7. Customer segments: Company has to approach a new market segment in which they
have to consider those people which have a need to store their heavy equipment and
machinery.
8. Cost structure: Spacer has to develop fixed agreements with the rental space owners to
minimise the cost.
9. Revenue streams: Online transaction has to be used by the company to collect revenue
from customers.
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5. Critical success factors to be managed during execution of the idea
Different critical success factors can be used by the company to execute the business idea which
is given below:
Teamwork: It is essential to use the teamwork while implementing the business idea in the
Spacer. The company has to add the augmented reality feature on their website and mobile
application which can help the company to provide a better view of rental space area (Reilly,
2016). A proper team has to be involved in the augmented reality technology implementation in
the company by the mobile application and website.
Support to the customer: Execution of the augmented reality technology in the website and
mobile application is focused to enhance the support to customer from the side of the company
(Reyna, 2013). It is essential to consider this factor to implementers while executing this
technology or business idea on the company.
Quality in service: It is essential for the company to provide a quality of the services which can
help to the company to enhance customers and business of the company. 3D view and images
which has to be uploaded by the company of rental space sites have to be effective for customer
purposes. It helps to the customers to make decisions regarding the rental space.
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Quality of contribution and collaboration
1. 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
Teamwork has a need for allocation of work effectively in the team members which can help
them to execute the work effectively. Skills-based allocation helps the team and individuals to
work according to their expertise. In this business idea generation, I have researched different
aspect which is needed to complete the assessment. It helps the team and me to develop a
business idea for a specific business set up to implement it which can help to the particular
company to enhance its business and increase growth. Brainstorming is essential to keep within
work by which people engaged in a work can perform better. Different problems occurred while
constructing this report and assessment in which root cause analysis has used by me to resolve
problems and issue. Small issues and problems decline the productivity of team members which
has been resolved by analysing the basic cause of the problems which has a huge need for
brainstorming.
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2. Evidence that the individual student has helped the group reach consensus on the
most viable idea to take forward for Assessment 3
All of the team members which are involved in this assessment are effectively worked to
determine the most effective idea. I have researched different innovative business ideas on the
internet which can help to the business to increase the sales and effectiveness for its targeted
market. The entire group member who is involved in this assessment has researched to analyse
the business idea which can be implemented in the organisation. Discussion in the group
members has helped to shape up the business idea according to the company. Group discussion is
an effective technique to analyse different aspects which are related to the topic. We have
analysed merits and demerits of the business idea and it has also analysed that how this business
idea can be sharped according to the organisation. Different changes and modification have been
made by the group discussion and help of the group members which has helped to develop a
viable business idea.
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3. Evidence that the individual student has been proactive in ensuring the successful
completion of the portfolio of materials for the pitch in Assessment 3
It is essential for the group members to execute the assessment successfully via develop a
business idea and analysing different factors associated with it. The different task is aligned in
this assessment which has to be confronted by the group members. These identified tasks are
accomplished by individual team members and problems are sort out with the help of the team
members in this report which is essential. All of the group members have worked actively as I
have analysed. I have done the research partly on the business idea in which I have used Google
to ascertain the new innovative business ideas that can be implemented in the organisation.
Customer market problem is based on the targeted market of organisation on the basis of which
new business idea has been generated. I have analysed the critical success factors also in this
report which are essential to measure the performance of the business by the use of the new
business idea.
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Conclusion
On the basis of above report, a conclusion has been developed that innovation is effective to
improve the business and customer satisfaction of the organisation. The business idea is based on
innovation, market needs and problems faced by the organisation. It is analysed in the case of
Spacer that augmented reality is effective to use by the company to provide an image or video in
which customers can put their products which as to be stored. This business idea is based on the
customer problems which are effective for the betterment of the business and brand image of the
company in the targeted market.
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Appendices
Figure 2: Business model of Spacer
Source: Author
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References
 Albaqami, N. M., Allehaibi, K. H., & Basori, A. H. (2018). Augmenting Pilgrim
Experience and Safety with Geo-location Way finding and Mobile Augmented
Reality. International Journal of Computer Science and Network Security, 12(2), 23-32.
 Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice
review to develop sustainable business model archetypes. Journal of cleaner production, 65,
42-56.
 Reilly., M. (2016). Clear Point Strategy, How to determine critical success factors for
your business [Online]. Available at: https://www.clearpointstrategy.com/how-to-determine-
critical-success-factors-for-your-business/ [Accessed on 7 May 2018].
 Reyna., M. S., (2013). Power Home Biz , Key success factor for your small business
[Online]. Available at:
https://www.powerhomebiz.com/starting-a-business/success-factors/key-success-factors-of-
your-small-business.htm [Accessed on 7 May 2018].
 Schneider, S., & Spieth, P. (2013). Business model innovation: Towards an integrated
future research agenda. International Journal of Innovation Management, 17(01), 1340001.
 Spacer, (2018). [Online]. Available at: https://www.spacer.com/ [Accessed on 7 May
2018].
 Wang, J., Wang, X., Shou, W., & Xu, B. (2014). Integrating BIM and augmented reality
for interactive architectural visualisation. Construction Innovation, 14(4), 453-476.
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