Case 3
NearbyNow: Hands-On Product Feasibility
Analysis
Innovation and Entrepreneurship
2nd October 2013
Group 4 Members
Jose Miguel Flores Diaz
MA1N0227
Isabell Glück
MA1N0246
Mirek Kysely
MA1N0228
Dacia Tucker
MA1N0209
Case Introduction
Identifying the business idea
• In mid-2006, after a trip to Mall with his wife,
Scott Dunlap came up with the idea to create a
search engine for Malls.
• This search engine would serve as a database
where shoppers can go online to see if a product
is available and where they can buy it at the
cheapest price.
Case Introduction
Turning Idea into Opportunity
• Dunlap was an entrepreneur in residence at
Redpoint Ventures.
• Venture capital firm that specializes in first-round
investments in internet and broadband start-ups.
• He launched his start-up and named the venture
“NearbyNow”.
Case Introduction
How NearbyNow works
Step 1: Visit a Mall’s
website. Find products
through a search bar.
Results list stores in the
mall that carry product.
Step 2: Find item at the
cheapest price. If in
stock, can choose to put
item on hold.
Step 3: Choose e-mail or
text message for
product stock
notification.
Step 4: If available, go to
store to buy. If not, can
buy online.
Discussion Question 1
Concept Statement for NearbyNow
• Write a concept statement for
NearbyNow. If NearbyNow was still in the
start-up stage and Scott Dunlap asked you
who he should distribute the concept
statement to, what would you have told
him?
Discussion Question 1
Concept Statement for NearbyNow
• An ads and revenue-sharing company.
• Provide a website for shoppers to search inventories of
Service
local malls.
Description
• Shoppers can compare online and choose cheapest
products.
Intended
Target
Market
• 6 major companies control Malls.
• Target at least one company to reach many malls.
• Target market: retailers and mall managers.
Discussion Question 1
Concept Statement for NearbyNow
Benefits of
Service
Special
Features
• Enhance the retail experience of all stakeholders.
• Buy online if a product is not available.
• Will provide future employment.
• Product can be reserved to ensure that it is still there when the
customer arrives at the shop.
• An exclusive feature to tell the shopper if a store
has a particular product in inventory and where
the cheapest place will be to buy it.
Discussion Question 1
Concept Statement for NearbyNow
Sales Plan
Management
team
• Conduct missionary work in the initial period to get
retailers to share their inventory plan.
• Create revenue through this partnership.
• Increase Profits
• Scott Dunlap will be the CEO of the company.
Entrepreneur in residence at Redpoint Venture.
Recently completed three successful jobs at Netscape.
• Former co-workers from E.piphany will be recruited.
Discussion Question 2
Gumshoe research
• What types of gumshoe research did
Dunlap benefit from, and what additional
gumshoe research could he have
conducted while he was investigating the
feasibility of NearbyNow?
Discussion Question 2
Gumshoe research
• Dunlop sat on a stool outside a mall and
offered incentives for response.
• He could have canvassed the
communities and conducted surveys.
Discussion Question 3
Conducting feasibility analysis
• Did you know that the majority of malls in
the United States are owned by six
companies? If now, how might you have
discovered this information if you were
conducting feasibility analysis for a
product or service that would be place in
malls?
Discussion Question 3
Conducting feasibility analysis
• Corporate Registry Websites
– Department of State, New York
• http://www.dos.ny.gov/
• US Department of Commerce
• http://www.bea.gov/
Discussion Question 3
Conducting feasibility analysis
• Business reports
– Bloomberg
• http://www.bloomberg.com/markets/companies/cou
ntry/usa/
– Business review USA
• http://www.businessreviewusa.com/
– The Wall Street Journal
• http://asia.wsj.com/home-page
Discussion Question 4
First Screen Analysis
• Complete a First Screen analysis for
NearbyNow. What do you learn from the
analysis?
4
3
4
5
2
18
Key
4-5 high potential
2-3 moderate potential
1 low potential
Discussion Question 4
First Screen Analysis
• Summary;
– Strength: business takes advantage of
environmental strengths (use of technological
advances), timely.
– Industry-Related Issues: strong growth rate,
operating margins can be high.
Discussion Question 4
First Screen Analysis
• Summary;
– Target Market issue: clearly identified, growth
potential.
– Founder related issues: experienced, skilled,
knowledgeable, team has been identified.
– Financial issues: more than one revenue
drivers, financial performances of similar
businesses is strong.
THANK YOU!