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Taurus App Feasibility Study, Assignments of Entrepreneurship

University of California - Santa BarbaraEntrepreneurship

A feasibility study for the Taurus app, which is a goal-tracking application that aims to gamify the process of achieving goals. the core competencies and competitive advantage of the app, as well as the different stages of venture development, including securing funding, design and development, and marketing. The roles of different team members, such as the Chief Technology Officer and designers, are also discussed. insights into the technical feasibility of the app and the issues that the team might face during development.

Typology: Assignments

2019/2020

Available from 12/03/2022

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Entrepreneurship
University of California, Santa Barbara TMP 122
Feasibility Assignment Pt. 12
Core Competencies, Venture Stages, Team Roles
Core Competencies and Competitive Advantage:
While competitors use some similar programming Taurus intends to use – such as Mint’s
financial software or MyFitnessPal’s health tracker – these work to the application’s advantage
as it can replicate and enhance their software while integrating these features into its own. By
being a second mover in some areas of Taurus, it will be able to create a better version of this
software that is easier to use and more informative. This integration and simple user flow will
further provide Taurus with an advantage as customers look for simplicity; providing an
infrastructure that is technical but simple for the user when switching between various goal
trackers will have individuals continue to use Taurus as they develop and achieve their goals.
Competitors have freemium models with a premium upgrade; Taurus will have a similar model.
However, because Taurus has knowledge on competitors’ models, it will be able to utilize this
resource and offer more resources in the freemium model in addition to the resources it offers in
other areas. This will ensure that users receive a higher utility from Taurus than from its
competitors; it will also allow one to maximize their experience with Taurus, whether it be by
using the free model or the upgrade.
In addition to goal-setting, gamification is one area that no other tracker pursues. By gamifying
the application, goals and chores will be more enjoyable to develop and complete as users can
earn points, achievements, and rewards for achieving what used to seem like an inconvenience.
Further, in order to heighten the social atmosphere of the application, Taurus will create a buddy
system that allows friends to hold one another accountable for completing short term goals;
every individual will have the ability to sign up with friends who will receive notifications that ask
them to remind and check up on their friend’s completion of tasks. While FitBit and other health
trackers allow for competition between two individuals, Taurus will allow a “buddy system” in all
areas of life – mental, physical, social, and financial – that pushes the individuals to achieve
more than they previously thought possible (Johnston, 2015).
The fact that Taurus is new and emerging gives it a substantial competitive advantage.
Competitors will not know of its release in the preliminary phases because of its narrow niche
market. This will allow Taurus to gain traction under the radar of other companies, gain and
sustain a substantial user base, and develop until it becomes the integrated product it is meant
to be.
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Entrepreneurship

University of California, Santa Barbara TMP 122

Feasibility Assignment Pt. 12

Core Competencies, Venture Stages, Team Roles

Core Competencies and Competitive Advantage: While competitors use some similar programming Taurus intends to use – such as Mint’s financial software or MyFitnessPal’s health tracker – these work to the application’s advantage as it can replicate and enhance their software while integrating these features into its own. By being a second mover in some areas of Taurus, it will be able to create a better version of this software that is easier to use and more informative. This integration and simple user flow will further provide Taurus with an advantage as customers look for simplicity; providing an infrastructure that is technical but simple for the user when switching between various goal trackers will have individuals continue to use Taurus as they develop and achieve their goals. Competitors have freemium models with a premium upgrade; Taurus will have a similar model. However, because Taurus has knowledge on competitors’ models, it will be able to utilize this resource and offer more resources in the freemium model in addition to the resources it offers in other areas. This will ensure that users receive a higher utility from Taurus than from its competitors; it will also allow one to maximize their experience with Taurus, whether it be by using the free model or the upgrade. In addition to goal-setting, gamification is one area that no other tracker pursues. By gamifying the application, goals and chores will be more enjoyable to develop and complete as users can earn points, achievements, and rewards for achieving what used to seem like an inconvenience. Further, in order to heighten the social atmosphere of the application, Taurus will create a buddy system that allows friends to hold one another accountable for completing short term goals; every individual will have the ability to sign up with friends who will receive notifications that ask them to remind and check up on their friend’s completion of tasks. While FitBit and other health trackers allow for competition between two individuals, Taurus will allow a “buddy system” in all areas of life – mental, physical, social, and financial – that pushes the individuals to achieve more than they previously thought possible (Johnston, 2015). The fact that Taurus is new and emerging gives it a substantial competitive advantage. Competitors will not know of its release in the preliminary phases because of its narrow niche market. This will allow Taurus to gain traction under the radar of other companies, gain and sustain a substantial user base, and develop until it becomes the integrated product it is meant to be.

Venture Stages: Idea and Securing Initial Seed Funding: 4-6 Weeks ● Secure startup funding through a combination of personal funds, friends, and family members ● Attract possible startup investors in order to receive initial capital. Design and Development Phase: 16 – 24 Weeks ● Begin the design and development of the application. Backend: 10 Weeks ● Design and build data storage, finalize access and security control, authentication and user accounts. ● Develop the overall user experience and allow user access through third party sources on-line to begin testing beta version. ● Maintain user contact and accept initial feedback. ● Begin development on version 2.0 based on user feedback. Frontend: 8 to 12 Weeks ● Finalize local data storage, enable off-line usage and resolve final data conflicts. ● Begin designing blueprint for our complete user experience. ● Create mock-up of final user interface. ● Translate mock-up into fully developed functioning user interface. ● Finalize, approve and release initial version. Early Stage Funding: 2 – 4 Weeks ● Secure additional funding from startup and/or angel investors. ● Push to cover any additional capital cost incurred during development phase. ● Plan for initial marketing cost and for initial version rollout. ● Secure placement of app in both IOS and Android marketplace. Marketing: 4 – 8 Weeks ● Begin initial marketing campaign. ● Utilize social media, guerilla marketing, spot advertising, word-of-mouth. ● Position Taurus based on target segment of 18-30 year olds. ● Receive and translate customer feedback. ● Identify and correct any “bugs” associated with early version. ● Prepare for premium rollout.

prove to be important later on because forecasting and tracking revenues and expenses is always needed in business. As head of marketing, Lauren Nagra is responsible for overseeing marketing initiatives within Taurus. She works to develop various areas of the company including positioning and branding, identification of the market and customers, generation of awareness, leads, and sales, and the raising of funds. Many functions fall within these different areas including PR, advertising and promotions, pricing, market research and data analysis, and product management. At this stage in the venture, Lauren’s most important role is market research and data analysis, surveying the market to identify customers, and finding where the product will be most impactful is critical at this early stage. Once the venture is launched, PR, advertising, and pricing will quickly become very important in order to generate awareness, leads, and sales of our product. Finally, when the company is established, product management will be a very important role. As Presentation Manager, Karina Sandoval helps the group’s work remain true to Taurus’ vision, ensures we exude the right message and image, and remain organized when putting the team’s work together for the final project. Additionally, she looks for the presentation’s accuracy, appeal, and helps best highlight each individual group member’s effort. Although this role’s duties may diminish in the future, the need for a presentation manager will still be needed in the future when sales and marketing teams go out to convey Taurus’s message to other users and investors. Ryan Workman will aid in the marketing and analytics of the company. He will conduct research on the competition and analyze what can be improved, ensuring that Taurus is different enough to be viable and appealing to users. This is important because the application will need various models for its development to find what is and is not significant. Analyzing the competition in later stages will prove to be useful when tracking the release of new innovations and finding new ways to improve Taurus’s platform relative to its competitors. Nick Goncharov will research the feasibility of integrating all of the features within the product. He will ensure that the user flow is easy to use and that all the areas of the app connect logically to one another. In its preliminary phases, he will research the minimum viable product and rank the aspects of the app in order of importance. This will help Taurus define the software it needs in its first and subsequent versions to ensure the platform’s sustainability. This role will prove to be vital as innovations come across to refine the product. Nick Sleyko’s role within the new venture is that of Chief Operating Officer. His tasks include overseeing general day to day operations with the team behind Taurus. These include the implementation of business operating procedures as well as the basic structure of progression during the application’s growth.

The importance at this stage of the venture is considerable due to the nature of the business model and the projected growth of the product. Tracking and implementation of each stage of product development is essential for healthy product growth and survival. Nick's main tasks for the current feasibility study is to forecast funding stages and analyze product costs. As Chief Technology Officer Alberto Cortes is responsible for overseeing the design of Taurus’s product logo, its layout, and the maintenance of an image that is visually appealing to the customer’s interests. In terms of functionality, there will be technical issues over time such as crashing, freezing, or common customer issues. The position of CTO requires identifying when and where fixes need to be made. Thus far, Alberto has conducted research on the best strategy for undergoing the creation of the application and the issues the group might expect to face: these include the technical feasibility, the type of application Taurus will be, and whether the platform should be released in the iOS or Android stores. Additionally, he has begun to experiment with the different logos that could be used for the product. There are roles that need to be filled in order for the app to be successful – programmers and designers. These will be needed at the fruition of the app’s development as well as later on as the app is updated to include more features; they will also be needed to create a visually appealing platform for users that tailors to their needs.