Venture Building — Week 12
It’s been more than a month since my last update, and I’m back! As the title of this article suggests, I am embarking on something new — I have joined Team Project: ECHO*.
ECHO is a blockchain-based project which focuses mainly on the media and entertainment industry. One aspect of the product may come in the form of music, videos and/ or digital media pieces. ECHO took a project reset when I joined the team for all of us onboard to look at our brief with fresh perspectives.
To use an analogy of a vehicle to describe where we are at in this project, imagine building a car from scratch. Our team has the requirement specifications of the capacity of this car, its expected potential and the desired horsepower. How the car is going to look like, be designed and which technical parts we are going to use to put it together is still a process to be discovered.
Similarly, our team has identified 3 potential markets that fit the bill of our given requirements. We are in the midst of validating these markets through surveys, interviews and secondary market research.
Some challenges we are facing include our lack of understanding of the target market — especially in its differing culture and language contexts, and the lack of physical accessibility to the geographical location of this identified target market during the current 2021 global situation. These factors make the barrier of user empathy higher than in a market we have familiarity in and are in closer proximity with.
That being said, our team will continue to seek alternative ways where we can validate this target market despite the limitations. With our 3 potential markets validated, our team thinks we will be better able to make a decision on the focus market, have a clearer vision and begin designing our solution.
I can’t see the vision of this project clearly yet, but I’m excited to see where this journey of discovery takes our team. As how the process of design thinking goes, we have to trust the process. The design process it shall be that we trust — for the business model and the product.
Cheers!
