Transcript: "Welcome to our first progress update for China Buddy! We are overwhelmed by your support in the first round. Thank you for voting China Buddy to the first spot!
What you see here is the very first draft for our Business Model Canvas.
Our value proposition is to make foreigners feel at home abroad!
We focus on foreigners that freshly arrived within the last 3 months.
We will get into touch with our customers through local expat events, online- and in-app presence as well as through direct contact with universities and companies.
Marketing will focus on our presence in the app store, on local events, mobile ads, and SEO.
We believe that our key resources are our cross-cultural know-how as well as our connections to language students and programmers. Our key activities will revolve around understanding our customer needs, programming, and local marketing. Key partners will be universities, expat clubs, and relevant apps.
Major cost factors are programmers, translators, and live translators.
Our options for revenue streams are a premium version of China Buddy, in-app purchases, advertising fees, and fees to use our in-app live translation hotline.
We have developed a roadmap for our next steps. Our very next step will be to conduct a survey. China Buddy has the potential to significantly improve the lives of foreigners abroad. After our survey we will understand better what foreigners really value when they live abroad.
Thank you for watching! The team from China Buddy hopes to see you again during our next status update- and on the final day of the competition in Beijing."