Part 6: What we learned in the past 3 months building our Startup Initiative.
The following post is part of the #TeenVibe project for the #CocaColaChallenge by the team Market Games of the Startup Lab of Panteion University in Greece.
Through this case study we had the opportunity to learn how mobile marketing and app-based marketing is the key to engage with today’s younger generation. Moreover, we became aware that the creation of an application can benefit a business and lead to prosperous partnerships, engagement with the target audience and innovation.
One of the most fundamental lessons we gained through this experience is the value of research. In order to create the best possible version of the new Coca Cola teen app, as a team we had to take into consideration a variety of factors, ranging from understanding the problem, the target audience and the brand itself, to understanding the mobile application market and be able to identify opportunities in it.
Rather than excessively engaging in planning and writing an intricate business plan, we realized how much more effective and useful it is to summarize our hypotheses using certain frameworks such as the business model canvas and the assumption map.
Moreover we became aware of how important it is to test our assumptions and hypotheses by asking potential users for feedback on all elements of our idea and business model, including product features. The interviews we conducted helped us understand that success depends heavily on finding out from the potential users-customers themselves what their needs and values are. Thanks to the feedback we gained, we were able to revise some of our assumptions and make small adjustments.
Research, strategic management and entrepreneurial tools and costumer feedback were the key elements which guided us smoothly to the creation of the prototypes, the proposing of strategies, as well as the conclusion and evaluation of the outcome of our project.
Last but not least, we had the opportunity to present our idea, discuss all elements of our business model and effectively pitch addressing potential investors and industrial partners. The feedback we received helped us gain insight into what investors look for in Startups and founders.
Team: The Market Games
Team Leader: Daphne Diapouli
Team: Amanda Voulgari, Daphne Diapouli, Frossw Karpozilou, Katerina Constanta(Konstantinopoulou) , Anastasia Σηλια Συμεωνιδη
University: Panteion University of Social and Political Sciences
Department: Communication, Media & Culture
Professors: Betty Tsakarestou, Spiros Kapetanakis, Katerina Vlassopoulou
