we had a lecture early on in the course about how we needed to protect our idea, so that others didn't cotton on and steal the idea for themselves.
we learnt about how your product is still not protected if your have a patent pending, you need the fully approved patent in order to make it truly your own and stop others from profiting from your ideas.
i was glad to find out that tom had already copywrited (trademarked and patented this idea under his name as it was an idea he was planning to take on in the future anyway.
Wednesday 22 June 2011
e and e
we would be looking to take a profit in the second to third year of the product being commercially available, the subscription fee should be more than enough to keep the application running by itself and with the income we are looking to take from advertising on the website and app itself
examples of this advertising money can be easily found on social networking sites like Facebook, advertising on their website generates around 250-300 million, we're not expecting to take money like this (it would be nice) but it gives us an idea of how extra money can be made.
here is a link:
http://www.businessinsider.com/how-does-facebook-make-money-2010-5#ixzz1Mn3I2c9Z
examples of this advertising money can be easily found on social networking sites like Facebook, advertising on their website generates around 250-300 million, we're not expecting to take money like this (it would be nice) but it gives us an idea of how extra money can be made.
here is a link:
http://www.businessinsider.com/how-does-facebook-make-money-2010-5#ixzz1Mn3I2c9Z
e and e investors
as said before harvey and goldsmith were interested in investing in the application but we have also been in contact with other companies such as apple who are happy to let us use their apple logo on the product, this would provide limitless advertising opportunities as they are one of the giants ion the industry we are trying to break in to and most of the potential customers we would be trying to attract would be apple product users.
ernie ball guitar strings have been in contact and are looking to invest if the numbers and figures are looking promising after its trail in the student use age phase.
ernie ball guitar strings have been in contact and are looking to invest if the numbers and figures are looking promising after its trail in the student use age phase.
e and e funding 2
tom had been in contact with harvey goldsmith who seemed very keen on the idea and investing in it with a potential of investing £200,00 so the initial £25,000 building the app and then the other £175,000 for web design, marketing, advertising and support.
the app would generate money through advertising on the application (click on advertising) and eventually when it moved from being used in the educational basis and out to the industry it would be a subscription based service for a maximum of £5 a month which with a mere 10,000 users could generate £600,000.
subscribing would also allow users to benefit from extras such as online seminars, tutorials and podcasts.
the app would generate money through advertising on the application (click on advertising) and eventually when it moved from being used in the educational basis and out to the industry it would be a subscription based service for a maximum of £5 a month which with a mere 10,000 users could generate £600,000.
subscribing would also allow users to benefit from extras such as online seminars, tutorials and podcasts.
e and e funding
i've now started working a lot more closely with tom on the project and taking on the role of co CEO. i feel as the co CEO i should take more of an acting role in the group with him and work on all matter with him
we started looking at the funding process of the idea and as tom had had the idea in his head for a while now and knew quite a bit about it he had a lot of information for me and i was able to work with him on that.
there is a company we have been in contact with called geeks.com that have said to create the whole product, everything from the application design, code writing, servers, memory on databases to save all the projects that people upload etc would cost £25,000. a benefit i pointed out at this point was that this one company are doing everything in creating the idea for us, we dont have run around t different companies getting one part designed and made here and then another elsewhere. it saves money running around.
we started looking at the funding process of the idea and as tom had had the idea in his head for a while now and knew quite a bit about it he had a lot of information for me and i was able to work with him on that.
there is a company we have been in contact with called geeks.com that have said to create the whole product, everything from the application design, code writing, servers, memory on databases to save all the projects that people upload etc would cost £25,000. a benefit i pointed out at this point was that this one company are doing everything in creating the idea for us, we dont have run around t different companies getting one part designed and made here and then another elsewhere. it saves money running around.
e and e
we have had the session on trends and i feel that our product is a trend that could very well evolve into a fad because there are other products that offer similar services to us and there are many online sound effects libraries or film stock libraries where you can get royalty free media from but none of them ever seem that good
i think that what we have here is something new that features the best parts of existing services that connect people not just socially but in a form of creative work as well.
the way in which i feel that this could grow into a fad from a trend is we intend to start it up in an institution much like ravensbourne (probably ravensbourne) and get students to use it and collaborate with other students on it and once there is sufficient activity on it and numbers are looking good we can then take this to investors and say look it works, it proves to be a use full tool in this kind of industry how do you feel about investing in the project to send it out in to the industry world?
hopefully students take it from here and use it in projects that they get in the working world and it grows and spreads from there
thats the idea any way
i think that what we have here is something new that features the best parts of existing services that connect people not just socially but in a form of creative work as well.
the way in which i feel that this could grow into a fad from a trend is we intend to start it up in an institution much like ravensbourne (probably ravensbourne) and get students to use it and collaborate with other students on it and once there is sufficient activity on it and numbers are looking good we can then take this to investors and say look it works, it proves to be a use full tool in this kind of industry how do you feel about investing in the project to send it out in to the industry world?
hopefully students take it from here and use it in projects that they get in the working world and it grows and spreads from there
thats the idea any way
e and e
today i met my group, it all seemed a bit sceptical and up in the air and everyone seemed a bit shy, however i quickly got along with tom ladds who went on to become CEO and came up with the initial project idea.
hos idea was to create a desktop application that allowed users to upload their works be it sound tracks, music, animations, films etc and the application then this data becaomes tagged and stored in a database to be recalled upon when other users search for it.
the idea is that the application provides a meeting service for users be they professional or begginer to actively collaborate on their work and other users work/ideas.
hos idea was to create a desktop application that allowed users to upload their works be it sound tracks, music, animations, films etc and the application then this data becaomes tagged and stored in a database to be recalled upon when other users search for it.
the idea is that the application provides a meeting service for users be they professional or begginer to actively collaborate on their work and other users work/ideas.
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