This is the result of the group project of module 7; the entrepreneurship module.
For this project, we had to write our own business plan for a start-up. Our business idea was FLiRT. A smart but still affordable smoke detector. Which was is a project I had laying around at that time (see my other post).
We made our business plan following the Lean startup methodology. The key takeaway from Lean Startup can best be summed up around the concept of using smaller, faster iterations for testing a vision. It’s a method that teaches you how to start a startup, which and when you should go in a certain direction, and when to persevere and grow a business with maximum acceleration. You are constantly in a loop of Learning, Building, and measuring. The center of the lean startup methodology is the lean canvas which is a representation of the entire business plan on one single page.
We documented our entire plan in an online tool called ”Golden Egg Check”. An online platform to document your business plan in an open environment where you can ask help from professionals or showcase your business plan to potential investors.
The business idea
FLiRT – The affordable, reliable and easy to install smart smoke detector. FLiRT connects to your wifi network to alert you whenever and wherever you are in case of an emergency at home. Why is our smart smoke detector better than the other smart smoke detectors on the market? Because safety should not be expensive, we wanted to develop a smart smoke detector that is actually affordable. Because of the basic no-nonsense design, FLiRT is the perfect replacement for your regular smoke detector, with all the functionality you need for an affordable price of just 25 euro.
As mentioned before our business plan is represented by a lean canvas.
Because we believe that safety is more important than money, we invest all profits of the first three years directly in the company. With this in mind, we predict to break even within four years.
In the project, we developed a complete business plan that is ready to be used. complete with:
- Business model (the lean canvas)
- Product video
- IP strategy
- Risk analysis
- Market analysis
- Market description
- Customer analysis
- Competitor analysis
- Value chain
- Financial plan
- The financial forecast for the first 5 years
- General key metrics