Throughout the MET program, I have tried to incorporate video games into my assignments. Why? I enjoy playing them, find them very interesting and because I really want to utilize them in my practice. I decided to explore an upcoming gaming technology: virtual reality.
EduJourney is inspired by my Analyst Report: The Magic School Bus. I decided to create an “imagined initiative” instead of launching EduJourney as a start-up because I have watched too many episodes of Shark Tank and Dragon's Den and learned (I think) what investors look for when investing in a new business. I wanted my venture to have sales and promise for the future in order to persuade investors. Otherwise, the pitch would just be a concept instead of providing investors proof of success in the market (which I think is very important).
The strengths of this pitch:
-Little to no competition in this area
-The products are heavily invested in educational topics
-There is nothing really like it on the market, the venture has a unique purpose
- Affordable prices
-Promise for the future: additional games in development and Walmart+Costco deals
-The CEO and Team are committed and have strong experience in both education and gaming
-Multiple buyers of the products
-Proven concept through sales and purchase orders
-Kickstarter funding shows that the product is supported by the public
The weaknesses of this pitch:
-Since I chose to create an "imagined initiative," I wasn’t sure if it was "okay" to create imagined funding (Kickstarter), fictional sales and fictional offers (Walmart and Costco)--because I wasn't sure if that was too "imagined." I also was not sure if it was "okay" if the company started in September 2013, instead of being a fresh start-up. However, I felt that these elements created a stronger pitch.
-Strong commitments to remaining a 100% Canadian manufactured business results in higher costs for product development. Outsourcing may be a better option, but I wanted the product to create jobs for Canadians, to help our economy.
-Walmart and Costco purchase orders can be seen as a strength or weakness. It is a strength because it makes EduJourney easily accessible to the target market but a weakness because if the company can’t use current profits to fulfill purchase orders, it may make investors question the model of the business or the amount of expenses it has.
-The product prices are, perhaps, not realistic (maybe I have used too much imagination in this project)