NESTA – Business Idea

After the initial introduction to Nesta, we then went on to some exercices in how you evaluate the worth of your business and what changes and threats it may come under. We were allowed to pick any business that we wanted – Mike told us someone last year did the exercises on an artisan bakery, so it could literally be anything you were interested in. I chose to base it on a project I actually did last year in the studio which I still think could/should exist! We were asked to design a social network of our choice, and I chose to do one based on angling (fishing). My dad is a keen angler and he uses these abissmal forums to get advice from people, buy equipment, keep up to date on news or (sometimes) have debates (arguments…) with other anglers over many a topic! My project was a network that you could easily navigate (not like these forums) between specific areas, look at feedback on certain rivers, how good catches were at different times of the year, log and rate favourite routes, items for sale and many other topics. Like TweetDeck, you could pick the columns you were interested in. I’ve included an image for you so you have more of an idea of what I mean…

iPad GUI PSD Version 2

We then had to look at Evidence Modelling – how our business would bring new value (enhance), what it would make less desirable (replace), what it would bring back that was redundant (revive), and what could be the negative effect if pushed to extremes (backlash). My evaluation was as follows.

ENHANCE

One-stop place where all the angling community can be brought together

Enables you to meet other like minded people in your area

Will make the sport more sociable

Shares opinion/experiences of places around Britain where people may not have yet been and information is not always easy to find – ‘try before you buy’

Increase in tourism as more readily available advice on different locations

Allows people to boast about their achievements

REPLACE

Other less user friendly forums

The idea of it being a solitary sport; more interaction as a result of the network

REVIVE

Increase in interest in the sport in younger age groups

Increase in enthusiasm and education of the skill

BACKLASH

Site could become bogged down with advertising to initially fund the venture, may put people off

Could prove ‘too advanced’ for the average older population – ‘stick with what you know’

Transition period means new users will register but still use old forums

Increase in foot traffic in isolated areas could damage the environment

After we had worked through Evidence Modelling, we then had to think about Fake Evidence! This is basically an idea of what your business is going to look like, what it is going to feel like, and what you hope to acheive. It shows where you want to take the business and acts as a future marker or success. We were asked to think about this in relation to our business idea and come up with some examples of Fake Evidence. Luckily for me, I have already mocked up what the website is going to look like, as you have seen an early version of above, but I thought in addition to this it would be useful to see how potential users would find out about the site. Being able to advertise in places like Trout & Salmon (which are national angling magazines) would promote the business, and also it would be good to see an increase in tourism in remote places in the Highlands, brought about by house shares and recommendations from other anglers.

Magazine

paper copy

We were also asked to do a SWOT analysis before we returned for the following week’s workshop. A SWOT analysis looks at the strengths, weaknesses, opportunities and threats that apply to your business.

STRENGTHS

Advancement on what already exists

Strong sense of purpose

Will pay for itself after initial set up

Adaptable, could apply to other sport/hobbies

Online business, no need for premises

WEAKNESSES

Initial set up cost of network – high investment

Less well designed sites already exist

Too niche?

OPPORTUNITIES

Clear market opportunity

Large amount of potential users

Increase in social media and trend of ‘sharing’

Potentail to link app with GPS tracking for lost anglers / this could extend to additional groups/other hobbies like mountaineering

Potential to diversify to other groups

THREATS

Exisiting forums

Potential users sticking to sites they are more accustomed to

Decline in angling would lead to lack of use for the site

Think these probably need worked upon a bit more, but can take these forward as from the next workshop!

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