Through developing the business model canvas for Backpak, I developed my knowledge of what is required for a start up. Through customer validation, market research, and feedback our group solved the problems of limited storage and battery life in cellphones.
Backpak is a phone case that protects one’s phone while also providing extra storage and charging the phone.
We started our journey believing that everyone with a smartphone would be interested in our product. We believed that most smartphone users ran out of storage frequently and charged their phones at least once a day. Using a survey we learned that our assumptions were correct.
Although we wanted to sell Backpak to all smartphone users, we recognized that starting with too large of a potential market would spread our resources and marketing too thin. Keeping this in mind we decided to focus on android users due to competitors we found when researching. However, after reviewing the results of our survey again, we switched our focus to apple because of the large share of the phone market that apple occupies. We determined that Backpak could be sold for $60 while the next closest competitor was selling their case for $250.
This project taught me the importance of customer validation.
Below is a copy of our presentation and picture of our final business model canvas:
