Wednesday, May 27, 2009

ICT venture creation Course: My Business idea

Before actually starting my Business idea that i proposed for my course ICT venture creation, First i would like to tell the world out that how Entrepreneurship is important and how it can change the world. i would say that a single video gives the answer to all these questions.

here it is :


Our product is an online money advisor that tracks expenditures, aggregates data from multiple bank accounts and credit cards, builds saving plans, calculates taxes, and provides advisory on how to increase your balance. Its special feature is that it collaborates with your bank(s) and securely receives a copy of your transactions. Thus you don’t need to enter your expenses manually, or to keep track of multiple bank accounts and credit cards to know the health of your economy.
In brief, this product is a 24/7 “teller” for all your accounts, it is a full-time accountant analyzing your balance and calculating your taxes, it is a handy “piggy-bank” financing your projects, and is also an economic advisor informing you of investment options, bank rates, assets values…

Customer value
With more and more people suffering from the impacts of worldwide financial crisis, this service assists users with managing their money and building a solid financial ground for their household.
The service will be exclusive for Sweden as it has to follow the countries laws and regulations, and needs to collaborate with local banks. The service is intended for all people who have an income or any sort of revenue starting the age of 16. However, blogs, seminars, courses, and other forms of advisory will be available on the website with no age restriction on the viewer. The reason behind it is to encourage and promote education on money management and to prepare young teenagers for their adult responsibilities.
The service will be available online which gives the users the ability to check their accounts and access their advisor anytime and anywhere. The webpage will be also available for mobile devices or PDAs. In addition, the user will not have to do long data entries as the information about his/her accounts and transactions will be automatically gathered from the respective bank.

Market Size
In Sweden, 73% of all private bank customers use online banking[1]. Knowing there are about 3 million Swedes between the ages of 15 and 64[2], and assuming that they all have bank accounts, our service will primarily target those users that are already accustomed and familiar with online banking. Thus, we can estimate our target market size to be around 2 million users.

Unique selling point
All you need to know about your money in one place, at one time.
Revenue model
As a preliminary revenue model, the service will be free of charge for the users. Revenue will be instead generated from advertisement of banks and financial institutions as money placement options and investment options. A monthly fee will be charged on those parties.

There are several software that provide some of the features offered by (), mainly in terms of economy management, asset inventory, tax estimation… Among those competitors the following have captured our interest:

§ Mamut Home­: it is a British software available in Swedish version, that acts as a household manager by allowing families to manage their assets, expenses, loans, savings and other financial data. It has also features like travel planner, diet manager, shopping list generator… The software has a limited free edition and a standard edition that costs 38£. The strength of this software is its full coverage of all household aspects and its assistance in more than financial issues (diet, shopping lists…). However, its weakness is that the data has to be manually inserted by the users, which can be tedious when the family has large amounts of data, and which is inconvenient because of the chances of omitting or confusing certain information.

§ Din bokföring: is a Swedish online service which provides estimates for your taxes, interest rates, loans, rentals and many others. The service covers a part of the features provided by our product, as it does not hold any information about the user data or performs analysis on it.

More competitors are expected to be encountered throughout the project, and will be analyzed and presented at later stages.

[1] Source: Finanssektorns betydelse för Sverige, Finansplats Stockholm

[2] Source: CIA World Factbook,

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