Week 9

We totally nailed today's presentation! Professor Kim said we have a very ambitious business proposal, and he was impressed that we made the application prototype. I'm proud to say that our group was one of the few that displayed an app/website (most of the other groups had pictures). Yet we could have done better because our goal was not just to complete this module but to think about making this product a reality.

I think our prototype, while showcasing our concept well, is still far from a market-ready version as defined in the previous lectures. This version has only simple page-to-page functionality, and it's missing the truly interactive elements that could elevate the user experience. I understand that achieving this will require more technical expertise, likely professional help, but I believe it's a crucial step in demonstrating our product's true potential.

This week's lecture on financial statements brought back memories of my high school and undergraduate accounting classes – a welcome refresher that boosted my confidence for this next phase. Our next step is to meticulously list all the necessary expenses and create a projected income statement. However, this raises questions: how do we accurately determine the funding we need and the ideal size of our team? While we can confidently project some of the expenses and potential income ourselves, the market's response to our product is harder to predict. This leads me to wonder: will a projected income statement, even without tangible revenue, be enough to convince investors to trust and fund our vision?

To ensure our financial projections are as robust as possible, we're seeking the expertise of a consultant with deep experience in the OTA industry. This additional insight will give us a more accurate picture of our expected expenses, helping us present a stronger case to potential investors. This also highlights the value proposition of consulting firms – they provide specialized knowledge that can be transformative for a startup like ours

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