Digital and Knowledge Economy
In this coursework, you will be an entrepreneur looking for suitable technologies (disruptive technologies?) to create a new company that is based on an innovative business model that is suitable for your new company. Your new business needs to be enabled by digital technologies, i.e. technologies are the main-drivers for revenue or a very important part of your business that your business could not do without.
To do this, you will need to identify a gap in the current market (between the demand and supply of the current market); or a problem that needs to be addressed, but is currently not solved or only partially solved. You will propose the (combined) use of one or more current technologies that (when used together) will provide a suitable solution to solve the problem or narrow/close the gaps in the current market. To do this, you will have to carry out research over the Internet (secondary research) to find both of the problem and possible technological solutions. If there is not existing literature that you could use, you could carry out survey based on targeted customers (primary research).
Part 1: UG and MSc students (MSc 70%; UG 90%)
2.Describe the problem or gap that you wish to solve. This problem/gap may be supported by research papers/news articles that mentioned them. Talk about its importance, e.g. how many people are affected, how much money is wasted due to this problem, how something very important/pressing could not be done because of it, etc. (10% of part 1)
3. Describe how you plan to use the technologies and solutions to sustain your business, use the Value Model as explained in the lectures, including the following components. Justify what the value is and where the value is derived from, as appropriate. You also need to use the Business Model Canvas to illustrate your business model. (50% of part 1)
a. Value proposition and creation
b. Value delivery
c. Value capture
4. Attribute your business model into the different business model categories, as provided by Rappa and Timmers  and justify the reasoning of your attribution (20% of part 1).
Part 2: MSc students only (20%)
Explain why your business model is innovative. Identify the strength in your business model. Compare your business model with existing/potential rival companies. Justify how you have competitive advantages over your rivals – i.e. why you are better than your rivals, e.g. you can conduct your business cheaper, quicker and better.
Part 3: Reference 10% (MSc and UG students)
You should provide references by using the correct referencing style for any of the papers, reports and books that you have referred to in your report. For more information, see the References section below .
How to write a literature survey: http://www.macs.hw.ac.uk/~yjc32/project/studentnotes/writing-advice/how%20to%20write%20a%20literature%20review/
2. Example surveys: http://www.macs.hw.ac.uk/~yjc32/project/student-notes/writingadvice/Review-Survey-examples/
3. How to evaluate a survey: http://www.macs.hw.ac.uk/~yjc32/project/studentnotes/writing-advice/how-to-evaluate-a-literature-survey/
4. How to provide references: http://www.macs.hw.ac.uk/~yjc32/project/studentnotes/writing-advice/how-to-provide-references/
5. Michael Rappa. Business models on the Web. Managing the digital enterprise. January 17, 2010: http://digitalenterprise.org/models/models.html
6. Timmers, P. (1998, 04). Business Models for Electronic Market. Electronic Markets, 8(2), 3-8: http://www.cs.uu.nl/docs/vakken/ec/Timmers_BMem.pdf
Digital and Knowledge Economy
Contemporary technological practices have a critical manner of addressing different issues that affect the society. The use of innovative technology that addresses different issues in the society will help in making it a better avenue of targeting a special niche of consumers who are headed towards the acquisition of value and creation of a better life for people. Nonetheless, with the creation of a system whereby business models can pick up and embrace technological measures, it is easier to look into the issues that affect the society and cost it a considerable amount of money. Through an insight into the issues of energy in the society, it is easier to solve the issues that come by through the use of innovative technology (Divya & Ostergaard, 2009). Technology enhances how energy is applied in the society. Specifically, the creation of a solar power company that can be controlled through mobile applications makes it easier to look at the process of handling critical energy-related issues in the society. Thus, the organization focuses on the sale of solar lights that can be controlled by mobile applications to carry out certain functions.
Problem to be handled
Solar energy forms one of the renewable energy sources that could be used in the society. Through the creation of a solar power company; the organization targets to hold significant models of ensuring that natural resources are utilized to bring about better ways of living. The development of a framework to tackle the needs of the society makes it easier to handle solar energy and even bring it to the extent of solving difficult issues in the community. Nonetheless, the creation of an effective way to tackle and handle the solar energy company will lead to the saving of costs for the community.
Technology will appeal greatly to the solar energy company. An application will be utilized to help consumers run their solar energy packages. The energy will be available to people in different packages similar to the electricity model. Through the packages, one will have an application that can check the charge and even turn on or off the solar energy batteries. The use of this power source will be instrumental in saving costs as well as bringing in a cheaper alternative to hydroelectric that is commonly utilized. Another advantage of using the process stands with the creation of an avenue that targets the development of simpler models to produce the energy. An individual controls their solar energy packages as they can decide on the places to put the panels (Rauschenbach, 2012). The company will also focus on the creation of a construction material that can harness the energy to be used later in carrying out some activities. Solar energy, through the models that are presented will stand out as a cheap alternative to the other electricity models, and will also be harmless as individuals will have the chance of using the energy source within their restrictions and designs. The process of forming the construction materials will be aided through the use of different technologies that will see window panels and roofs fitted with the right tools to harness the solar light. Nonetheless, the application will also allow for a control of the aperture of the houses to aid in the deliverance of more comfortable energy. For some instances, the solar energy will be applied in the creation of different ways to ensure that the community benefits from the development of the solar energy model.
Solar energy stands out in the modern world to account for certain activities that drive business to the relevant point (Kaltschmitt et al. 2007). Through the creation of an avenue to advance the creation of a better housing model through the fixation of solar panels within houses and roofs. It will be easier to access the growth of the society towards embracing the solar panels as the best model to look into the creation of better avenues to generate electricity in the society. More to the point, through the advancement of the model, there will be certain activities that will ameliorate the condition of the environment in the society. Global warming has been an issue in the modern society, therefore, by reducing the number of other energy sources and concentrating on the untapped potential of the sunlight, it is notable that the company will make significant profits. The problem of energy and conservation of the environment has been a significant issue in the contemporary society. Therefore, the advancement of the idea will save on the cost of construction for those who will utilize the solar panels to build their walls and roofs (Winter et al. 2012). Nonetheless, the cost of electricity will be low for the people that cannot afford to put the panels in their homes. The company will be carrying out a distribution of electricity to different homes and towns where certain areas will be the base place of operation. These avenues will ameliorate the reception of electricity alongside the creation of better ways to generate income for the society and ensuring the longevity of the environmental resources.
In the modern society, solar energy is applied in different means. However the potentials are unexplored. Through matching solar energy with the mobile technology, some potentials are unlocked. For instance, the mobile platforms will allow the users to know o the different apertures and inclinations that their panels should take each day to achieve the maximum harnessing of the energy (Timilsina et al. 2012). This creation will allow for the development of greater applications more than the current society, predominantly, the current society utilizes solar to carry out certain activities such as the heating of water and heating of the house. These interventions have turned out as the cheapest alternatives since they do not consume the largest amount of energy. The business will take up innovative measures to bring about stronger panels that could be used as walls to entice a group of buyers that are enterprising in purchasing the commodity. Nonetheless, through the development of even better ways to tackle the creation of value in the community, the business stands to appeal to a significant number of people in the society. Solar energy with an application of the mobile apps will, therefore, be a significant innovation in the current century to deal with the vast strife of making the environment safer while maximizing on the inputs in different sectors (Lewis & Wiser, 2007). Therefore, the initiative is instrumental for the best applications in the community. Services such as solar charged cars and buses have been on the release in the modern society, but the integration of more technology will increase innovations and make it easier to address the different issues that affect the society as a whole.
The modern society has a significant number of places which are faced with dry climates. Some of the places such as Sahara and Kalahari deserts in Africa could be utilized to tap sunlight that would in turn power up a significant portion of the society. Through erecting solar panels in these areas, the energy could be tapped and spread to the world over. These avenues are helpful in determining the best ways of targeting the wider community while solving pertinent issues in the society. Therefore, the issues that are presented in the modern community with the aim to create better systems will have a solution when the company gets to practice the new models of creating electricity in the community.
The company plans to deliver solar power to customers with a mobile application that will control the panels and also switch the batteries on and off. The use of solar energy is necessary for the society since it helps with the preservation of energy and conservation of the environment from dangerous emissions from other energy sources (Walter & Cass, 2007). The solar panels will be sold to the community through the different setups in the community (Jiang, 2008). The company will have real shops, a business shop, and various agents to carry out direct sales of the company as well as online platforms and delivery associates who will help with the creation of a better means to deliver the panels to the different customers who order for them. There are various models through which the company will primarily make money. The organization will make their main revenue from the sale of solar panels and the construction of houses. The distribution of electricity to different societies will also form a great component of the business cycle. These avenues serve as critical to the generation of income for the company.
Business Canvas Model
|Problem Lack of a convenient renewable energy that can be controlled in a wireless manner. Existing Alternatives Wind generated power and Biogas generators
|Solution Construction of Solar enabled homes, Distribution of Electricity Sale of Solar panels
|Value Proposition The company plans to deliver a safe and convenient energy generation model to the community.
|Unfair Advantage The company utilizes readily available materials
|Customer Segments Low-level income families Middle Class High income earning families
|Key metrics Solar Panels, Construction Panels, Power Stations
|Channels Online Shops, Physical establishment, Hardware and Wholesalers.
|Cost Structure The project is cost intensive and requires an estimated $100 Million to set up and get running in all the segments that are required.
|Revenue Streams Sale of Solar panels, Distribution of electricity, Construction of solar enabled homes
In conclusion, technology has enhanced the way
the society carries out certain activities. Through the generation of the system to monitor the energy and how the sun’s
rays touch the earth, a mobile application will help the company set up its
solar applications. Nonetheless, the building technology will assist
effectively in creating a better society whereby energy is well distributed and
less harm is done to the environment.
These avenues will appeal greatly to the society, if marketing will also be conducted through the online platforms in different
measures. These avenues are therefore instrumental in the development of better
ways to generate revenue in the society.
Divya, K. C., & Østergaard, J. (2009). Battery energy storage technology for power systems—An overview. Electric Power Systems Research, 79(4), 511-520.
Jiang, Z. M. (2008). Reflections on energy issues in China. Journal of Shanghai Jiaotong University (Science), 13(3), 257-274.
Kaltschmitt, M., Streicher, W., & Wiese, A. (Eds.). (2007). Renewable energy: technology, economics and environment. Springer Science & Business Media.
Lewis, J. I., & Wiser, R. H. (2007). Fostering a renewable energy technology industry: An international comparison of wind industry policy support mechanisms. Energy policy, 35(3), 1844-1857.
Rauschenbach, H. S. (2012). Solar cell array design handbook: the principles and technology of photovoltaic energy conversion. Springer Science & Business Media.
Timilsina, G. R., Kurdgelashvili, L., & Narbel, P. A. (2012). Solar energy: Markets, economics and policies. Renewable and Sustainable Energy Reviews, 16(1), 449-465.
Walker, G., & Cass, N. (2007). Carbon reduction,‘the public’and renewable energy: engaging with socio‐technical configurations. Area, 39(4), 458-469.
Winter, C. J., Sizmann, R. L., & Vant-Hull, L. L. (Eds.). (2012). Solar power plants: fundamentals, technology, systems, economics. Springer Science & Business Media.