Our Business Model Canvas-Our Radio and Audio Innovation Startup
During our Startup Lab sessions in the Advertising and Public Relations Laboratory of Panteion University, we were given the task by Antenna Music to find an idea that will potentially make the radio and the way we consume music a little cooler! It was a hard task indeed but by starting to place our thoughts together. After a lot of brainstorming and thinking, we came up with a pretty solid idea.
Our idea is summarised in this PowerPoint:
However, it does not really matter if our idea is good if it does not satisfy some requirements. These requirements are summed up in the Business Model Canvas.
What is a Business Model Canvas?
“The Business Model Canvas or BMC model is a graphic representation of a number of variables that show the values of an organization. The Business Model Canvas can be deployed as a strategy tool for the development of a new organization. Furthermore, it also analyses the (business) situation of an existing business.”
Source:
Our Business Model Canvas:
Handmade: We first started out planning out our business model canvas by hand on paper. We found the process more helpful and creative that way. We later moved on to making a PowerPoint presentation of its content and this article of course.
Our Business Model Canvas’ Content
Key Partners
Who do we need to work with in order to produce and deliver our solution?
Antenna Media Lab
Greek Universities
More specifically:
→ Panteion University
→National Technical University of Athens
→Athens University of Economics and Business
→Agricultural University of Athens
→National and Kapodistrian University of Athens
→University of Piraeus
Key Activities
What do we need to do in order to produce, market, and deliver our solution?
→Studio set up by Antenna
→Website, serving as a library for the recorded radio shows produced.
→Application, where people can listen to the radio shows produced live.
Key Resources
What do we need to have in order to produce, market, and deliver our solution?
Antenna Media Lab will give us the resources, such as mentors, the infrastructure for the radio studios, money for advertising purposes.
Value Proposition
What problems do we solve?
- Lack of Infrastructure in the Public Universities of Greece for extra activities, such as Radio Producing.
- There is no place where someone can find all of the student web radios altogether and listen to them.
- There is a lack of mentorship in Public Universities in the Web Radio Producing sector.
- Hence, from all of the above, there are no incentives to get occupied with the radio.
- Finally, the radio does not seem cool for a big portion of the younger generation.
and how we solve them?
- A new type of radio was created by Antenna music in cooperation with the Greek Universities.
- The private sector meets the public sector and the lack of infrastructure is somewhat relieved (in the web radio production aspect at least).
- The creation of an app where finally a different version of the radio can be heard and young people propose new ideas.
- Incentives are given for people to listen to more radio and get occupied with it.
- The Radio becomes, somewhat, cool again.
- Guidance by Antenna Music mentors when the initiative is launched.
More details about our value proposition you can find through this article about our value proposition canvas:
Channels
How do we deliver our solution to our customers?
Where will customers find our solution?
→Our Application
→Our Website
Customer Relationships
How do we talk to our market about our solution?
How do we get more customers?
→Digital Advertisements will include small videos, gifs, images that will be distributed on the university websites, Facebook pages, and the main Facebook page of the whole initiative.
→Outdoor Commercial in order to raise awareness.
→Ιnauguration event
→Print Advertisements
→Startup Weekend Entrepreneurial Journalism
Market and Customer Segments
The Market:
Our research upon the market of the Radio and Audio Industry:
Who needs our solution:
TARGET GROUP:
- Young people who are itching to communicate their opinions and ideas.
- Young people who are really interested in becoming radio podcasters.
- University Students aka young people who need to be informed in a more “tailored” way, for example about university topics. Young people who identify with the podcast’s youthful character and their broadcasters.
How many people need our solution right now?
Every radio lover needs our solution right as the FM radio as we used to know it is dying out.
How many will eventually need it?
People always wanted and always will want to be entertained and the audio industry can serve that need in multiple ways. Our solution is certainly a form of entertainment new to the market.
Cost Structure:
What will cost us:
→Studios
→Mentors from Antenna Media Lab
→Domain
→App Development
→Advertising
Revenue Streams
How will we get paid for the solution we provide?
Premium Features: The premium features are still under development.
Brand Deals: A huge network of students, young people, and radio listeners will be created. A lot of brands will want to advertise themselves or want to be affiliated with this initiative as a result.
** In general, the main goal is to advertise through this initiative Antenna Music, make the radio cool again and offer students a way to express themselves voluntarily. This is not meant to have a strict and fixed income because students will create the shows for free- as volunteers. **
That’s a wrap for now.
Created by the Ogilvies Team: Danai Lyratzi, Xenia Ntavranoglou, Stavroula Pollatou, Ioanna Thanasi, Katerina Tsigarida
for Startup Lab
Lab Director: Betty Tsakarestou
