Big data for small retailers the winning idea at Innovation Bootcamp 2018
Exceptional focus separated the winners of the Innovation Bootcamp 2018 competition from the other student teams competing in the highlight in January of our Full-time MBA program.
Having identified the need for a customer insights platform for shopfloor managers at small-to-medium retailers, the Ando Data Services team set out to convince the judging panel of experienced entrepreneurs of their idea’s potential.
The idea showed not only exceptional focus on a market gap but also on an area of interest to one of the judges. Colin McLeod (MBA 1989) is a Melbourne Business School professor and alumnus who is also the Director of Kepler Analytics, which provides retailers with in-store analysis of customer visits, visit lengths, store movements and return rates.
“Successful entrepreneurs build their business around an insight into the market no one else has,” Professor McLeod said, when addressing the competing teams, whose other ideas included Skoober, an Uber-like service for school kids, Allereats, a food allergy service and #Testaraunt, a pop-up space for trying out food ideas.
The other judges included Georgia Beattie, CEO of Start-up Victoria, and Alison Hardacre (MBA 2001), an MBS alumnae and co-founder and Managing Director of HealthKit, a start-up whose health practice software is catching on globally.
Alison invited one of her newest employees, Michael Malone MBA (2017), to help with her judging duties. Michael was a member of last year’s winning Bootcamp team and is soon to head HealthKit’s new office in Ireland to help the company better serve its European clients.
“This competition highlights the importance of pitching well when time is limited,” Michael said. “You need to have a concise value proposition and understand your product, its market, the competition, and the risks and opportunities.”
Bootcamp organiser Associate Professor Kwanghui Lim backed Michael’s words, saying entrepreneurs need an idea that is focused on a target market, well-priced, easily articulated and simple for customers to engage with.
Everyone gained from the valuable learning experience where teams spend a week identifying, testing and refining their ideas.
“The week was intense,” Logan said. “Our team went through many ups and downs, but we persevered and finally landed on a clever idea. Mentors and guest speakers helped significantly, and it was great to hear about their experiences. We truly experienced the spirit of innovation.”
The Innovation Bootcamp subject is offered as part of both our Full-time MBA and Part-time MBA programs. To find out what else studying at Melbourne Business School offers, visit our Degree Programs and Executive Education pages.