This project has been part of the Business Development Lab course at KTH and aimed on developing an innovative product in ICT as well as shaping it into a business opportunity.
The product concept that we came up with was Locco, a location based messaging app that would allow to connect instantly with the people in your direct surroundings and share media content:
- Create traces: messages, photos, videos and recordings
- Leave them in your locality, automatically
- Get notified once you bump into important traces around you
During several months we have performed an analysis of the messaging market and iterated Locco's Business Model Canvas. In this process we have determined our value proposition, customer segments, the relations and channels that Locco would use to target these customers. We have also looked at the efficiency of the company: what are Locco's current key resources and activities, and what would be required from a potential partner.
While the main audience for Locco were students, we aimed at SMEs customers such as street vendors and restaurants. They would be able to instantly target the people around their venues and advertise, or give discount coupons.
This project required a significant time for user and environment research. As part of this we went outside of the studying environment and actively tested our business model, performed interviews with representative audiences to collect data about Locco's initial and prospective customers.
To validate various comercial and business aspects we pitched our idea to KTH Innovation, a pre-incubator of student projects, that helped us collect valuable feedback. Apart from this, we also participated in several start-up events to find investors and discuss further opportunities for development .
Pivoting the Product & Usability Tests
Upon descovering a very close competitor, we went through a pivoting process, changing a big part of the initial idea but while trying to keep the essence. We iterated through a number of digital prototypes and performed usability tests with users using Invision App.
The collected feedback helped us shape further a simple Android app that would represent a Minimum Viable Product (MVP), potentially becoming available for the demos and the early adopters.