BooksReX

Project Type: Group (Competition)
Activities: Team Leader, Conceptualization of solution, Prototyping, Marketing strategy, Competitor analysis
Mentor: Srikrishna Ramamoorthy (https://www.linkedin.com/in/srikrishna1/)
Tools: Adobe XD, Microsoft PPT, Google Forms, Microsoft Excel

Process Map:

Discover

Background:

  • As part of The Young Entrepreneurs (TYE) program, we were required to translate our learnings from workshops conducted by different entrepreneurs by identifying a problem and providing a solution by creating a product or service. We were required to form teams and develop the product or service for the identified problem and pitch the plan of our offering to a jury team which comprised of eminent venture capitalists and entrepreneurs. This was done in the form of a competition between the different groups formed.

  • We participated in the regional stage of this competition and won the competition with our concept. Winning the regional stage of the competition resulted in us receiving certificates, recognition within the entrepreneurial community, an Amazon cloud space gift voucher and a chance to compete at the Global level of the competition in Boston, United States of America.

  • While we continued to develop our idea and the business plan, we were unable to be physically present in Boston due to our academic commitments. As a result, we took part in the competition online.

Problem Statement:

With the rise in technology, there is a decline in the habit of reading books amongst people. The causes for this decline were identified to be:

  • People are unable to access the books that they want to read

  • Not wanting to keep books for long periods of time

Define and Design

Solution:

  • BooksReX (Books; Review and Exchange) is an app-based platform for book enthusiasts to find, suggest and access books. The goal of this app is to provide easy access to books at a low price. In addition, it allows owners to circulate their books without having to part with them forever!

  • The platform's core offering of providing access to books works on a person-to-person rental model wherein users can rent books from those individuals who choose to put their books up for rent on the app.

  • The concept of a person-to-person rental system helps readers to access and read books at an easier and monetarily appealing level and helps book owners to circulate possession of their books and earn money from the circulation of books, while still owning them

  • In order to conduct our proof of concept, we validated the solution through our prototype wherein a small group of people were asked to test out the app from a user interface and conceptual aspect

Prototype link created on Adobe XD (After): https://xd.adobe.com/view/96c8c690-2549-435e-9955-872083feb57e-c39b/

Marketing and Planning

Competitor Analysis & Marketing Strategy:

(Basic competitor analysis using key features of various apps to determine features and functionality of our platform)

(Marketing strategy for different stages of awareness and traction)

Learnings: