Assignment - Business Canvas Model

I love this idea. In fact I thought about a similar type service since my training is in financial investment. A large number of population in my country is not very good at financial investment and even those with strong financial status has not much understanding. Currently we just have one app called Finnomena in Thailand that provides a something along this line of services. It allows one to buy various mutual funds through their app. And you will get personalized advice if you invest at THB500k or about USD 18,000.

Please keep us posted on your development.

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My project is based on my experience as investment advisor and the fact that I notice that most people in my country lack much knowledge in capital market instruments and mutual funds. So it would be something like Professional Investment Service for the People of Thailand.

  1. Customer Segments
    Working population of both sexes from age 20 to retirees around 70. They have very basic knowledge of financial investment products. They will be happy to have a better portfolio management along the line of high net worth individuals, despite their lesser saving amount.

The target group is Thai only in the beginning.

  1. Value Propositions
    They can now diversify their saving from just generic bank saving products to a diversified port with different asset classes and hopefully better earning proposition. With a thorough KYC and risk explanation, they will be better equipped with a more sophisticated investment options.

  2. Channels
    The products should be marketed via the social networks that are popular with this group of user—facebook, local forum discussions like Pantip, Podcast talk with popular host, Clubhouse discussion, etc. The product will need to be based in smartphone and tablets both iOS and Android, window. It’s important that the app will deliver real time portfolio performance and ease of use including investing and selling.

  3. Customer Relationships
    We also need to have an evaluation of their portfolio performance compared to the time when they sign up with their goal. The goal will be achieved via KYC process. So ideally we need to re-examine the performance on an annual basis.

We should also establish help like chatbot for initial response, when customers have issues to discuss. It would be ideal if eventually we can also provide a time-frame to get back to them to enhance the service. I think we can also establish the differentiation of services based on the size of the portfolio, for example, any with over US$50,000 will be assigned an advisor hotline.

  1. Revenue Streams
    We need to work with banks and mutual funds as the representative and earn some fees for any investment done via our apps. We also will charge fees for any additional services that the customer may choose to add on. For example, apart from real time basic portfolio performance, the customer may decide to take more risk and re-adjust the portfolio and require additional advice from us, we may take an upfront fee.

  2. Key Activities
    We need to really tidy up the backend system with banks and mutual funds to include as many products as possible on our app. That will include the cut-off time, price execution and confirmation and real time report as best as we can. I am not a programmer so I cannot elaborate much but security, speed of transaction, speed of report, money transfer and correctness are the utmost crucial parts for the app to succeed.

  3. Key Resources
    The key is to manage the banks or funds whose products we are representing. To convince them that we can bring in more customers instead of them doing the work themselves enough to pay us some kind of fees built in to funds’ commission.

  4. Key Partnerships
    At this point, we need strong partnership with banks/finance companies, some kind of regtech, possibly some connection with the SEC who governs this. Since I’m not a tech person, we might need strong partnership with a certain tech company to support our AI development. We also need a strong IT side to ensure the smooth the business.

  5. Cost Structure
    Three main costs are probably the backend, the talent and the marketing sides. At this point, I will need to do more research.

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i did the assignment if you want to give an email I can send it too thats cool. its hand written on a chart I made and cant share it, because its pdf.

Thank you for your kind words. :pray:

Your Business Canvas Model is amazing also. I wish you great success, and I am also waiting impatiently for your updates. :smile:

Love it, how far are you now and what are your next steps ?

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I don’t have a fintech idea but ill save the model for future reference.

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Greetings IOT Fintech 101 community,

I know this may seem unnecessary, but I feel the need to clarify that I am new to the FinTech space, and this is my first course ever on the subject. I have no prior experience in the world of economics, banking, finance and very little experience in tech besides the few blockchain courses I tooj here on the IOT Academy, and on JavaScript which I picked up from tutorials on the web (including IOT academy’s javascript course). That being said, I want to express that I do not know what I am doing, so this is my best attempt at coming up with a novel idea based on design-thinking for new experiences. I am interested in actually starting a FinTech company at some point–sooner, rather than later–but I am aware that I am a long way off from achieving that goal if I am not realistic and strategic about materializing the idea. I need some experience in the space first. Because I am so new to this space, I need more time to research the opportunities that are presenting themselves in this emerging market. However, in this experimental Business Model Canvas, I have tried to think about how to start an NFT platform curated for artists across the spectrum of mediums, and social media influencers:

I want to develop an NFT-centered platform curated for artist (musical, digital, paint/illustration) and influencers (on social media with large followings) in which they can tokenize their art, music, or social-media posts so that their fan base can buy, swap, bid, or sell these NFTs on demand–or at their convenience. I would like this platform to include other services for clients/users, such as creating a wallet in which the users can deposit funds so that they may buy, sell, swap, or bid on demand and at their convenience, and I would like to offer the clients (artists/influencers) a service that would enable them to create their own dynamic token-economy based on their fan engagement, through which the artist/influencer can reward their most devout fans through a given token economic-model designed for a given artist/influencer to suit the demands/desires of their fans. These fungible tokens can be exchanged and purchased on the platform, and they can be used to buy content on the platform from a given artist/influencer. Depending on the artist/influencer that the fungible tokens belong to, those fungible tokens may only be used to buy content from that particular artist/influencer whom they pertain to.

1. Value Proposition(s) with design-thinking exercise:

Problem Scenario: Artists and influencers want an easy and convenient way in which they can tokenize a digital or physical art piece, a song, or a social media post, and sell to their fanbase, or collectors. However, there is no way to ensure that a physical NFT can be securely transferred from one holder to another, ensuring its authentication as “original,” and that upon receipt of physical NFT, the blockchain updates via the state of the smart contract used to settle the transaction, and the NFT is successfully transferred from one user to another, and the artist gets paid out for the reselling of that NFT.

Alternatives: I heard some artist on Clubhouse discuss the possibility of maintaining their physical NFT and simply sell the NFT title to a buyer. In other words, the owner of a physical NFT will be the original creator, but the rightful owner of that NFT on the blockchain will be owner of that NFT on the blockchain–only–whilst the original creator remains with the original piece. This doesn’t seem like a fair transaction given that the buyer probably wants to own and possess the physical product (NFT) rather than simply “owning” it on the blockchain.

Value Proposition: Our platform ensures that artists and influencers can tokenize their digital and/or physical art pieces, songs, or social media post through our services, and gives the artist direct access to bidders so that they can sell their NFTs. Our platform also ensures that physical NFTs are successfully transferred from a seller to a buyer, and that the NFT is successfully delivered, verified and updated on the blockchain upon the deliverance of the item.

Problem Scenario: There is no platform where communities can gather to organize a virtual gallery of NFT collections. Basically, if owners of digital NFTs want to share and showcase their collections, they would have no easy or convenient platform in which to gather. Users can always get creative with how they organize virtual–or even physical–galleries of the NFTs they collected, but doing so would be difficult and time consuming, reducing the amount of galleries that can be thrown at scale.

Alternative: The users find creative ways to organize their own galleries and take on the burden of creating the experience and security of the NFTs in their galleries. They might create a subpar experience at best.

Value Proposition: Our platforms can serve as a custodian for the NFTs, where users can store the NFTs that they purchase from our platform–or from other platforms-- and they can create, organize, and customize their own galleries and invite users to them.

Problem Scenario: users new to the crypto space and the NFT world want a fast, easy, and safe way to purchase, bid for, trade, or sell NFTs but are too scared to use other platforms that require metamasks, or wallets using hash strings and are afraid or overwhelmed by the amount of research required to use these products safely.

Alternative: New users may take the time to learn how to use meta-mask, store their own crypto and NFTs on it, and keep it secure, or use dApps to purchase, bid for, or trade and sell NFTs. There are sites like OpenSea or Rarible which are marketplaces that offer similar services.

Value proposition: Our service would allow for other features like gallery rooms, blockchain crosstalk and NFT management. Our platform would also work to promote artists new work, and artist discovery via discovery feeds and algorithmic matching. Our service would make it easy onboard users with a social media platform designed interface for increased familiarity and usability.

2. Customer Segments:
Artists, influencers, fanbase, collectors, average users looking to purchase cultural capital. Targeted toward Gen-Z.

Quick Pitch Peer Presentation:
A. intro, With your positioning statement,

For Artists and Influencers who need a convenient way to tokenize their digital and/or physical art pieces, songs, and social media posts, CosmicBuc is an NFTs and Rewards Token platform that helps artists and influencers create NFTs and sell directly to their audiences. Unlike the other NFT platforms, our platform allows artists to create reward tokens to give their audiences access to exclusive content, and it allows for the safe transference of physical NFTs from user to user in a safe, transparent, and convenient manner.

For example, take an artist who wants to tokenize a physical art piece and auction that piece, CosmicBuc is a platform that enables this particular service in a convenient and easy manner, connecting the artist to the bidder, and ensuring the smart contract that enables the transaction. If that artists want to create a rewards token and distribute it to their fanbase to unlock exclusive content, or trade those rewards token in towards a purchase of that specific artist’s NFT, they could use the platform to do so. If I want

B. Who is/are the top persona(s)

Artists, Influencers, potential NFT Collectors (interchangeably referred to as collector or lay user)

C. Whats cool about the value prop?

That you can securely transfer physical NFTs, and users have a platform to display and share their NFT collection and invite other users to go and check it out. It’s a platform for NFT collectors to gather where they can buy, trade, sell, auction NFTs, and a platform where artists and influencers can create NFTs to auction and sell on the platform and to their followers, and rewards tokens sold or rewarded to their followers that unlock exclusive content.

D. If applicable, how do they differ between the personas?

The personas differ because the artist, influencers, and NFT collectors all have different purposes for using the platform. It is unlikely that artists would use the platform simply to buy NFTs. Artists would likely find the platform appealing because of the services we would offer specifically curated for them–i.e. the tokenization of one of their art pieces, their ability to create their own rewards token economy, and their ability to auction their NFTs to their audiences, and appear on home feeds, discovery feeds and so on). The NFT collector would use the platform to share their collections with friends, and networks of like-minded folk, and they would likely use the platform as a means to buy and collect NFTs, and create social events around their collections, and the collections of others. There are separate values propositions to cater to the different personas.

3. Channels:
This product would be marketed to artists and influencers first and foremost. The idea is that if we can get individuals that have a following or a community to join and use the platform’s services, then the network effect should work to our advantage. So the artists and influencers use their channels of communications (be it social media, or podcasting, or whatever) to promote a rewards token economy they have created for their exclusive content, or an NFT for a digital or physical artwork. With a smartphone, and biometrics, we can onboard new users so that we can get them an account with us that would allow for account to account payments, and wallet for the NFTs or tokens they purchase.

4. Customer Relationships:
For Artists and influencers, we would hold conferences where we can share our developing vision for creating a platform that can serve as a digital marketplace where artists can create and trade exclusive content for their followers. We would also ask Artists and Influencers to share their thoughts on our vision, and ask for feedback, or for desired features. We would provide 24/7 customer assistance with representatives, chatbots, and emails to resolve any issue. Regarding collectors and casual users, asking them for feedback on the app’s performance is key for our development. Having Chatbots, and a trusted 24/7 number they can call when they experience issues is incredibly important because some customers feel reassured when they can speak to an individual directly–having the ability to speak to a representative when all other methods fail seems like a pleasant option, and we want to create the best experience possible. Holding semi-annual virtual conferences and an ongoing discord channel where the casual users/NFT collectors can gather and discuss features they’d like to see on the platform would be key as well. Securing their funds, and sending out text message alerts and push notifications is another feature we would leverage to open up the channels of communication for the users to feel like they are always a message away from speaking to a chat bot, or a representative if need be. We would reward them for joining the platform and offer rewards (like a number of tokens from their desired artists) or the platform’s native coins, which can be used to buy exclusive content on the platform, or as rewards points for NFTs. We want to allow customers to customize their profiles and the galleries they create/organize. We want to encourage all users of the platform (be it artists, influencers, collectors) to express themselves and customize their profile pages to reflect their interests, and hobbies, and create an ecosystem where different communities can come together and socialize over their artistic tastes and preferences. Whether you’re a Burning Man enthusiast, or Stage Coach enthusiast, let your freak flag fly and meet others who share your passion for music or art through different channels. We also want the interface to be easy, and user friendly, so with simply connecting a bank account on the offset, your wallet will be connected to your profile so logging in and accessing your account data should be as simple as reading your biometrics or speaking to the to confirm purchases or transactions, or to log-in.

5. Revenue Streams:
We would take a fee from each transaction that occurs on the platform, and we would take a monthly service fee for artists and influencers who use the platform to create NFTs. We would collect fees for allowing the creation and organization of customizable gallery rooms for collectors who want to create socials around their NFT collections. The advantage is that artists and influencers can create multiple NFTs at once, and we would take care of tokenizing a given product, and creating the mechanism by which to transfer physical units directly using smart contracts. While the platform would be free to the casual users, artists and influencers would have to pay a fee for using some of the services specifically curated for them. There are a few other

6. Key Activities:
Serve as a custodian for NFTs on our platforms, app maintenance, be a service provider for Artists and Influencers for tokenizing digital and/or physical art, music or social media posts, be a platform for people leasing and organizing gallery rooms for digital social events; use blockchain technology for security and transfer of funds and physical units. Provide a service for organizations seeking to transfer physical units using blockchain technology.

7. Key Resources:
Blockchain developers, web and app developers, API aggregators, BaaS for embedded finance, fundraising, crypto whales, artists and influencers, and any investor looking to invest in the NFT space, particularly the investors interested in the cultural space of music, art, and communitas.

8. Key Partners:
Green Dot for account and transfer API, Chainlink for blockchain crosstalk and off-chain data for changing state of smart contracts, Gemini for institutional-grade custody.

9. Cost Structure:
Cost structure will be mostly fixed because revenue drivers might be variable based on the onboarding and customer acquisition–increased use of platform and services. The cost driver will be mostly on the service stacks we purchase to provide our overall platform services and experience. Unfortunately, I couldn’t find much information on how much some of these services will cost, but I will continue to do my research, and will edit this post if I find out the costs. For sure acquiring developers would be based on the scope of the project, and this is a relatively large projects.

Thank you!

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I need to get down to business. Been tied up with my current project. Will keep you posted. Thank you for your kind reply.

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Hi @cosmicbuc, and welcome to the Academy! :smile:

I have to say that your response was really detailed and I can see it work. Thank you for it.

The best of luck on your journey!

Introduction

My project, name yet to be defined wants to reach few goals. Firstly it want’s to show that it’s possible to build technology that fills traditional regulation requirements using blockchain and secondly it wants to improve current processes to enable build of services that blockchain enables.

This can be achieved by breaking the pseudonymity of blockchain and creating link between user and a wallet. Tokenize user with attributes and build lookup service to return wallet owner attributes. And finally build both conditional and automated transactions that handles transactions based on user attributes

This will allow users for example define that their wallet cannot do transactions with wallet that’s owner is not linked KYC process in his/her attributes or is not done KYC in specified country.
This will help companies fill regulatory requirements, but it can allow to define additional parameters like user must be adult etc.

Categories for use might be, but not limited into: traditional value transfer between B2B, B2C, C2C, gambling, salary payments and fundraising

  1. Value proposition

Service will allow companies to accept crypto as a payment option with same time helping them to fullfill regulatory requirements of KYC. For network users it will create control with whom to trades based on certain set of rules but same time allowing trade between wallets that match attributes. As a individual currently my biggest problem shopping in online might be that I cannot check who actually owns the wallet I am sending coins since there are no transaction cancels or refunds especially if value is sent to wrong/fake address. This would allow me to do recheck that receiver actually exists and is the one who claims to be.

Big corporates also have typically very traditional ways to send invoices to their customers, using blockchain companies and organisations would enable micropayments for their users that would be both cheaper and faster than traditional invoicing. This could for example enable new business models for example telecom companies.
In Fundraising each organization could create accounts where users can send value and using blockchain based on automated rules value could be automatically send to receivers instantly and in open network reporting of fund usage could be done semi-automatically.

Gambling companies will know their players and players can block their interactions by preventing transaction with gambling companies.

Overall discussion about AML and showing banks and governmental officials that blockchain can actually help increase visibility and making it more transparent thus most likely decreasing likely hood of money laundering activities etc. by enabling openness in transactions.

2. Customer segment

Customer segment is mixed type between individuals, companies, goverment

and ngo organizations

3. Channels

Initial channels are corporations or NGO’s that want to test new fast way to transfer value. These are the channels that will start attract individuals to start using this service. One example could be integration to payment gateway and thus allow crypto payments to be enabled in several hundred web shops at one go.

4. Customer’s relationship

Educational approach, how blockchain can be used while remembering all legal requirements. Create and build tools for easy implementation. Use aggregators or tpp’s as a first line of support and provide support them.

5. Revenue streams

Share revenue deals, value conversion fee’s

6. Key resources

Team building a service, partners enabling service, third party providers offering and selling implementation services & consultation

7. Key partners

Other crypto startups in fintech scene. KYC & AML and analysis tool. ID providers services (service itself is not planning to build ID service, but more like umbrella to connect multiple id’s for user). Later stage could be govermental organisations to do co-operation.

8. Key activities

Study blockchain architectural solutions and networks and existing services. Start building team and seek help planning architecture. Building POC and creating longer roadmap.

My current challenge is that I haven’t found that many people who could challenge me in technically. So I could start find technical pain points.