A compilation of academic and entrepreneurial practices in launching a high-tech baby monitoring device
Jayaprakash, Abhishek (2019)
School of Engineering Science, Tuotantotalous
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Establishing a business has always been a cumbersome task. It often begins with an idea. The steps required to convert the idea to a physical product relies on finding key insights. Finding key insights along with other factors such as product idea and team are of paramount importance in determining the success of a new venture. Key insights often are region specific and varies from one location to another and from one person to another. Not adhering to these region-specific insights could lead to confusion and unfocused efforts in establishing the business. This thesis aims to utilise academic guidelines and employ recommendations from successful entrepreneurs to establish a business. It acknowledges various aspects of establishing a business such as networking, patent analysis, revenue model calculations, marketing techniques as well as financing the business by creating a funding application that was successfully submitted to Business Finland in September 2018. A deductive based research was carried out consisting of both theoretical and empirical parts. Idea validation was conducted with various consultations from experts within Finland. Technology validation was carried out by conducting multiple tests on various subjects during 8 hours of sleep. Business validation was conducted by reaching out to the market and doctors via survey forms.