This week the groups were focusing on location-based technology! This included technology such as ibeacon, GPS and even Bluetooth.
They work today was again the accumulation of previous weeks where the following elements were considered; Users/ environment / scenario/ technology/ competition/ aesthetics.
After they undertook a mix-and-match activity they were then explained how to make an approximation of the target market for their product. This was explained as fermi problem or fermi estimation.
The basic premise is to make a series of estimates that yield the correct answer if the estimates are correct, it is used predominantly in engineering and physics to provide a useful check on the results. It provides a reasonable frame of reference which would also be useful in the business world.
When estimating individual terms, fermi argues that you tend to be accurate as underestimates and overestimates cancel each other out, it tends to be a 9-step process. If the team do this, it will help them in their pitch to show how they have reasoned and understood the marketplace.
Okay so on to the team, I was with the Benchwarmers,
Which had loizos Vasileiou, Tom Qwen and Christos Tsangaris , they were a player down because of the flu! Throughout the activity it was clear they were overflowing with ideas however they were uncomfortable when I asked them to think of technology that didn’t immediately stick out to them. They overcame the challenge in innovative ways, we went from an assault course around Bangor to seagulls carrying RFID Radio frequency identification.
I don’t want to give away their best ideas but some included the use of gamification through this technology and ways of getting activities around the areas we highlighted. I think it was good to get them to work individually because as they themselves admitted they work a lot together and bounce ideas off each other. This is amazing an can result to loads of diverse ideas but they tending not to work out feasibility or as indepth as they should be considered. I think it also showed them how to present ideas to each other.
Their homework was to work in four or three ideas and to set up estimations for the target market for each idea.