Final Year Project – Fourth entry

We recently presented two sets of work which I mentioned in my previous post. Our entrepreneur module feedback was still quite vague, we were still missing something but we couldn’t put our fingers on it. Our idea was tailored for bridging the gap between virtual and physical gambling, in our minds it is clear what we are thinking but we are still struggling to physically describe this idea thoroughly. Overall we were happy with how the presentation went, Myself Luke and Michael are confident talkers and as long as we are comfortable with the work that has been done that we will try and discuss this thoroughly.

Our second presentation was in front of a panel of two, Cathal Gurrin and Paul Clarke who are lecturers, staff involved in EC4 projects. This presentation went quite well I felt, Luke took the introduction, Michael discussed the target market and I discussed the financial projections and how they relate to our market research. Overall the feedback was positive, we were asked a few questions on the business case, the security of this type of service and the motivation behind our idea. Also Paul gave us a rough work of potential questions we should ask ourselves before moving forward. We also submitted our initial proposal which will be graded alongside our presentation. Key aspects to this document include

  • Project Summary
  • Technical Delivery
  • Financial & Market rationale
  • Timeline
  • Workload Distribution

We had a substantial amount of this workload done due to our entrepreneur module, I am grateful for the re-structuring of modules for this course as it helped with this heavy workload. We slightly adjusted the financial after some feedback, Luke was the most comfortable in this area therefore he headed this task. I, myself managed the timeline and structure of the project and the work which was to follow. Vizzlo charts are an easy, manageable application to use which I would recommend. Our workload distribution was decided on past experience and what skills best suited our team but keeping in mind we aim to collaborate our work extensively following a groupware concept. We await the marks for this so we can effectively assess our work but until then we are working on our next investors pitch.

Final Year Project – Third entry

Our recent work has been situated around our market research and financial projections documents which were submitted this week. As this is completely new to our team we wanted to prioritize the financial projections as we felt it would need the most work. Our market research document represented all the relevant information needed to understand,plan and execute our marketing and sales strategy which was directly connected to our financial projections. The most relevant aspects to our market research document include:

  • Target market
  • Market value
  • Market trends
  • Advantage type ( Competitive or differential )
  • Competitor profiling
  • Benefits to clients
  • Key assumptions

The most beneficial part of this section of work was the competitor profiling, I headed this task myself and found it quite intriguing to show the comparison to how companies such as Paddy Power and Boylesports vary but are within the same business market. As I had direct contacts within both companies the work was made substantially easier and I gained tacit knowledge that I would not of found through a means of website researching. Overall we were happy with our financial projections, our forecasts consist of the next three years taking into account all our marketing, wages, miscellaneous expenses, revenue stream, loans etc. We also represented clear profit and loss accounts. Luckily Luke had some experience in this area so as a collaborative effort between the whole team taking the market research we obtained we channeled this information to correctly forecast our financial projections. Our next section of work involves two presentations, one in front of panel of representatives for our final year project and another for our entrepreneur module which commenced in October. We have a ┬ábrief meeting this week to discuss the structure of our presentation and also allocate sometime to answer some questions on the technical side to our business as we haven’t discussed that in depth as we are currently focusing on the business case.