Here are some general happenings that occurred during the last week at Hyper Island. We are developing a business plan that is going to be presented at the local bank in Karlskrona. We need money so! So that is the reason we working our asses of and trying to represent our idea at the best way that is possible. Me and my group are proud to present our latest creation with its unofficial name DRS which stands for Digital Receipt System and its several products called Basic WalletSpace, Home WalletSpace and Business WalletSpace.

Here is a summery of our concept:

A smart and easy way to store and manage receipts digitally. The DRS will automatically sort your receipts depending on the type of business. Receipts will be stored online with the possibility of an off line application. With the DRS you save both time and space. Getting rid of all the paper will of course be more environmental friendly.

Work progress

Period 1
Digital Receipt System business plan has been developed during a period of four weeks. This project has been introduced with the brainstorming week and producing of 50 different business ideas. The rich variation of ideas was summarized and the next step was to discover and recognize their weaknesses and strengths. Five ideas were chosen for further development consisting of research after existing technologies that can be used or can be developed for realizing each business idea. At the end of this period our group members decided that development of Digital Receipt System seemed to be the most sensible and promising idea. One of the leading reasons for our choice was the group’s ambition of creating something realistic and right at the time.

Period 2
An extensive research was introduced during the second period, consisting identification of current competitors with similar business idea on the market. Available technologies that could support our business plan were of particular interest.

The main research was divided in three different research fields:

• Technology: Which current technologies are there on the market that can support or can be developed for DRS future implementation?

• Business to business: Who are the current competitors and what are the possible threats to our future company?

• Business to customers: Identification of customer’s actual needs. A market research was done by producing material consisting of relevant questions for interview sessions.
  

Period 3
After getting a clear picture of our possibilities, threats, weaknesses and strengths, next step was introduced with another brainstorming session with goal to increase business idea quality. By analyzing considering and developing each part of our initial business idea, our goal was to eliminate every possible bottleneck that could affect development of just an idea to successful business.

This process consisted of several fields of interest:

• Which are our products? In what way can we design them to be sure that they are going to be nothing else but supportive, user-friendly, communicative and well needed? How is the distribution of these products going to be designed? In what order are they going to be introduced to market? Does our product design guarantee development of a possible standard on the market?

• Since our opinion is that failure of success of other competitors on the market mostly depends on their very limited target group, one of our biggest challenges was to define a target group that we can reach and count on for a long time. Our goal was to create both a standard within future digital receipt managing industry but also a product that is going to change people’s behaviour during dealing with their receipts and guarantee proofs. Questions that have been asked were, how can we reach our target group, which strategies are we going to use with ambition to implement something completely new in peoples life?

• Planning a start of completely new company was one challenge that demanded consideration of many factors that could affect us in a negative way. Implementation of a completely new product and changing people’s behaviour takes time and the profit is minimal during this time. How is DRS going to survive during the first year with almost none profit? According our calculations we could not expect to reach our break-even point until the first quarter (year 2). How much capital is going to be used during this uncertain first year? And how are we going to divide it between our biggest costs.

Period 4

Final formulation of our business plan opened next faze that consisted of visualization of different parts that gave our idea its high quality and special character.

Working Process

Working process in our group was designed after predefined model that we all agreed on in the beginning of the project. Mostly of the time each person was in charge of a specific field of interest and managed research by its own. During these four weeks we hade two to three meetings a day that were used to share new information and to plan next step in realization of our business plan.