Leaps of faith & Completed Start-up dashboard

Below you can see the initial leaps of faith. We have tested number 1 and number 6. The answer to number 1, if we will be perceived as an app with extended value compared to TripAdvisor, the question was more made in general than specific just with TripAdvisor. We had a wide range of answers. The most positive that really loved the idea told us that they would like to have an app like that and that they think that we have found a gap in the market. There was also people that didn´t see any use of the app at all and thought that TripAdvisor, Facebook and Instagram was enough. The answer to number 6, about the costs to develop the app, we could see that it varied a lot, regarding to what kind of functions requested. An app that can provide us initially with just the minimum that we will need costs about 15.000 € and if we want functions more or less like Instagram we have costs about ten times more at least. We are planning a lean start up and to develop the platform during the first year. So we are calculating that the initial price will be about 15.000 €. Findings and summary (17/1-17)1. Will we be perceived as an application that provides us with an extended value compared to TripAdvisor (differentiated value)? We can confirm that this is a leap of faith among people that are not very interesting in finding “that” restaurant but just “a good” restaurant. For them the app does not provide any extra value. Among the people that we have as a target market that are really looking for “mood-food” they understand exactly the difference and welcome it. 2. How to get the customer platform up-to-date and desirable on an large scale, in order to make it interesting and motivation to use?This is still a leap of faith and that is why we decided to narrow it down and make the start up only in Barcelona using our selves and our network as test test pilots for filling the app with interesting content. The lean up start also gives us the possibility to gradually update the digital platform to be adjusted to the consumers. 3. How to reach the right customer segment, which will be willing to use our application?Still a leap of faith. We are hoping to develop an interesting platform by the lean up start and in close contact with our friends. We are also hoping for the spread of WOM.4. Is it possible to monetize our application in long run, and will restaurants be willing to advertise themselves on our app?We see it as possible to monetize the app in the long run. About restaurants willing to advertise is still a leap of faith.5. Will it be possible to prevent TripAdvisor (and others) from copying our idea?Still a leap of faith. Maybe TripAdvisor has an interest in narrow this function about restaurants categories.. Maybe they choose to do their platform wider with more functions instead. 6. What will be the final total cost of developing the application (in terms of both developers and software)?Leap of faith. As there is a big price difference in app development we still don't know the final cost.