One of our tasks in design thinking module, was reading a book titled (THE LEAN START UP) for the author Eric Ries, who is an entrepreneur and author of the blog Startup Lessons Learned. Eric is a co-founded and has worked as CTO of IMVU, which is his third startup. Eric is also a frequent speaker at business many events, and has provided advice forseveral startups, large companies and venture-capital firms, he provided his advice on areas of business and product strategy, and finally he is an entrepreneur-in-residence at Harvard Business School and lives in San Francisco.
Lean start-up is a methodology for developing businesses and products it aims to shorten product development life-cycles, and discover if the proposed business model is viable. This is achieved by adapting a combination of business- hypothesis driven experimentation, iterative product releases, and Validated learning.
Mitigating risk early at early stages is at the central attention of lean start-up methodology. It focus on reducing market risk by identifying unnecessary steps and extra work may arise as part of the project, which may consume considerable amount of project funding, which in turn would lead to expensive product launch, and hence start-up failure.
The Young Enterprise (YE) DWAIN REID has visited us for giving seminar and advise. He visited us to teach taught us how to register enroll in a team and provide a startup framework. My team Sarah, Tasna and Mai and myself Elham.We had to choose a name for our company, me and my team I have suggested few names for our company and have voted for the name of the company, the name we chose is FUTURE DREAM.
On 21 of November, we were registered as a startup with Young Enterprise.The positions that my team and I hold in the company are as follow:
Managing Director: Sarah
Financial Director: Mai
Secretary Company: Elham
Marketing Director: Tsana
Finally,we have opened a bank account for our company. My team and I have started our company by defining our idea and present it to the class for 7 minutes. We came up with a “Smart Tray” idea inspired by a problem during lunch time and at the end of the working day. The problem can be summarized by:
“Limited lunch breaks creates a more complex problem for working individuals, namely eating lunch in one hour (including time spent from and returning to the workplace), which makes it even difficult to eat fast food (like McDonald’s). Also, when we entered the restaurant, we saw that the restaurant is crowded and most people eat while standing up, eating burgers and fries, and the other hand holds the bag. This can be uncomfortable while eating”.
This has encouraged many parties to think of innovative products that make people’s lives easier, one of which is “SMART TRAY“. Smart Tray is an innovative design of the disposable and portable food box. It can be used as a food tray, as well as a tray. Smart Tray will be internally divided into three or four subsections to suit multiple items like burgers, fries, sauces and syrups in just one placeholder. This unique design will help working people to save time and walk while eating lunch that promotes a healthy lifestyle and will increase the efficiency of using the lunch break, which is reflected on employees’ productivity and well-being. After that, my team and I purchased the tools to initially design the idea.