IEOR 185: Challenge Lab, S17

For this week, I interviewed a risk management firm on their thoughts and needs for cloud and data security.  They were definitely interested in our product, as they collaborate with highly sensitive and confidential information from big clients.  However, they were still reluctant on sharing more information about their cloud security with me but were interested to speak further as our product and idea becomes more planned out in the future. Now, we are working on our budget and preparing a rough timeline of goals to achieve before our presentation to the judges.

For the past week, we have continued working on our customer interviews and finalizing the market that we will be targeting.  We are continuing to work on our value proposition. I have tried talking to a contact in the financial industry but was unable to get a conclusive response from her.  I am now awaiting a response from a risk management firm. I understand that it may be difficult to get a response from potential customers through our email and phone call channels, so we are working on finding other ways of contact.  I have spoken to others about new methods of getting a response, and they have suggested networking events or just spontaneous meetings with people around me.

We have started to fill out the Value Proposition Canvas and identified key points such as our target customers, our customer relationships, and our channels for reaching out to potential customers.  We found that it may be easiest to reach out to mid size firms that need our cloud security technology and those who have recently established their own local cloud-based storage.  After we establish these relationships, we may develop our technology to involve customers at a more personal level (e.g. app for a personal computer).  Moreover, we will develop a closer relationship with our clients by providing customer support and an online forum for them to discuss any shared problems.  We are in the process of reaching out to potential customers. Our group dynamic is great - we have been working well together!