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Financial App Idea (and more)

Xavier X

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Long post incoming!! I apologize in advance.

As we all know, ideas by themselves are pretty useless, without the right execution.
Except if you're in the business of selling ideas, of course. :cool:

Like any entrepreneur, I have multiple ideas running through my head each time I see a need. A solution-oriented worldview.

Good thing is I have disciplined myself to not attempt chasing them all at once.

Since I never made an introduction post in my 2+ years on the forum, here is a condensed version.

About Me:

I'm 32, and primarily live in Boston. I have a degree in Communication, and spent most of my 9-5 years working in the Telecommunications industry. At first in a sales capacity, and then as a Business Specialist.

As a Business Specialist, I worked with businesses to streamline their operations with electronic communications and logistics.
The goal was to increase overall business efficiency.
These ranged from communication systems, payment systems to electronic field book keeping etc.

Seven years in this industry afforded me the opportunity of seeing first-hand how so many businesses were operated behind the scenes.

On the business front, I have forayed into multiple ventures over the last 15 years. Brick & mortar, online and offline-in-person. You name it!

Everything from web design (earlier years), small-scale computer/laptop export, sneakers/footwear export, apple product sales (ebay), video production equipment rentals, a full-blown visual-media production studio with four full-time employees on site (4-year run), a single-vehicle "limo company." :) and more.

Some of these did good, some, not so much.

While my 9-5 paid well, I resigned in December, 2013 to focus solely on building things I could call my own.
These days, my primary business is my media production service. After closing the studio, I restructured the business to a one-man show. Now, I only hire independent contractors, as needed (keeps overhead manageable).

Since I can do the majority of my post-production from anywhere, these days I spend my time traveling the world. Last time I was home in the US was December. I still maintain my clients in the US, and we correspond electronically while working on their projects.

I'm currently launching a new fastlane business in the production space. One that will finally divorce my time from my income (once the wheels are in full motion).

Thread Purpose

Why am I making this thread? To "dump" some of the more actionable ideas I know I'll likely not pursue. They might inspire someone to either work on them, or re-mold them into something more functional/useful. I'll post the ideas one at a time, over time.

Now to the thread.


IDEA 1: Rainy-Day App

No, that's not a name for the app, more of a description.

This app specifically targets slowlaners (in other words, the majority). However, its immediate value is for those who struggle paycheck to paycheck.
During my earlier work years, before telecoms, I worked two retail jobs. In those jobs, the four days preceding our bi-weekly payday was brutal for most.

People drove to work those days with nothing more than a prayer that the gas fumes propelling their cars won't run out. Not a dime for gas.
Lunch break for them was more like sit down and listen to your belly whine break.

Put plainly, full time workers were literally starving for a few days before EVERY payday.
In many cases, this resulted from a deprivation-overindulgence cycle, and not inadequate pay.
So, after starving for days, rather than manage their spending better, they eat steak dinners for the next 10 days, and starve the following 3-4. Rinse, repeat.

What this app would do is very simple, but solves a major problem in the lower ebbs of the labor force.

How it works

1:
The worker designates a small portion of their paycheck (say $60) to be paid into a separate direct deposit (the app).

2: Three days before the next payday, the $60 is forwarded to their bank account.

When you're in dire straits, $20/day for lunch and a few gallons of gas seems heaven sent.
These figures are only an example.

Monetization

Option 1: A fixed fee for each forwarded reserve funds. e.g $1 a transfer would be $2/month for a user paid bi-weekly.

10k users = $20k/month in gross revenue.
Scaled to 100k users = $2.4 mil annual gross, etc.

Option 2: Paid app + lead generation/ads for third-party financial services. Here, the users buy the app on the app store. e.g $4.99 one-time purchase, with in-app offers over time from partnered third-party financial services.
Free funds transfers.

Option 3: Free app + lead generation/ads for third-party financial services.
Free funds transfers.


Adoption

In all my years devising and providing technological solutions to businesses, I have come to find without a doubt that simplicity is key.
The more moving parts, bells and whistles a solution I offered had, the lower the adoption rate by the businesses.

I say that to point out; if you do a quick search, you might find something like this exists. However, it would most likely be rolled in with 100 other features of said financial app.

What this attempts to do is zero-in on one crucial need and dominate/deal squarely with that.



If you have read all the way to this point, hats off to you. :cool:
I'll be back with more from my idea book.

Let me know your thoughts, questions, suggestions and all that good stuff.
 

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I guess that if you thought of an app idea like this, there should be a market for it. Many people might struggle with managing with they paycheck, and an app that solve this problem might be helpful.

From what I saw in the App Store, there are a lot of app already with this kind of feature which allow he user to plan and make a budget for their expenses. Your concept is different but is based on the same idea. It might appeal some customers.

However, for monetization, I think that option 1 is too much of a barrier for users. I would not like to pay for something that I can easily do myself, but this is my personal point of view, people are different and the market need to be survey.

Option 2 is a business model that isn't that powerful anymore, and you might reduce a lot of customer conversion with this option.

Option 3 seems more users friendly. Maybe add in-app purchase to remove ads for users who are willing to pay.

Waiting for the next idea :D
 

ay47

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It’s a good idea. Would the worker need to have 2 direct deposit accounts then? It still requires the person to have enough discipline not to withdraw from the 2nd one?
 

GoGetter24

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I don't buy it. This app would be targeting a group with low capacity to pay, and who has no desire to control their finances (otherwise they'd just do so, it's not hard). It doesn't smell like a winner.

Unless you go dark option 3 (payday loan stuff), but I'd be uncomfortable eating that money.
 
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Xavier X

Xavier X

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I guess that if you thought of an app idea like this, there should be a market for it. Many people might struggle with managing with they paycheck, and an app that solve this problem might be helpful.

From what I saw in the App Store, there are a lot of app already with this kind of feature which allow he user to plan and make a budget for their expenses. Your concept is different but is based on the same idea. It might appeal some customers.

However, for monetization, I think that option 1 is too much of a barrier for users. I would not like to pay for something that I can easily do myself, but this is my personal point of view, people are different and the market need to be survey.

Option 2 is a business model that isn't that powerful anymore, and you might reduce a lot of customer conversion with this option.

Option 3 seems more users friendly. Maybe add in-app purchase to remove ads for users who are willing to pay.

Waiting for the next idea :D
Thanks for your feedback!

Addressing the statement "I would not like to pay for something that I can easily do myself."

When it comes to financial management, it's generally much easier said than done. In theory, it's easier to say "I'll put x amount of my paycheck away every week" than actually doing it.
People are generally prompted into certain beneficial recurring behavior by putting a defined "system" in place.

That's what an app like this prompts its user to do consistently.


It’s a good idea. Would the worker need to have 2 direct deposit accounts then? It still requires the person to have enough discipline not to withdraw from the 2nd one?
Thanks!

Yes, it would require the employee sets up two direct deposits with their employers. Many employers are set up to do that.

However, the second direct deposit goes to the app, and not to their personal account. That way they have no access to it until a few days before their next payday. This eliminates the need for the discipline you reference.


I don't buy it. This app would be targeting a group with low capacity to pay, and who has no desire to control their finances (otherwise they'd just do so, it's not hard). It doesn't smell like a winner.

Unless you go dark option 3 (payday loan stuff), but I'd be uncomfortable eating that money.
Thanks for your feedback!

However, your statement is exactly like saying:
"people don't need to read books like Unscripted, because people have no desire to improve their life/finances, otherwise they'd just do so, it's not hard."

Sure, many people improve their life and finances without reading a single book. However, discounting such books as a valid catalyst misses the overall point.

This app doesn't "target" anyone in the "take advantage" way you may/may not have interpreted it.
It provides a management solution with high potentials to ease their suffering, not worsen it.

Imagine someone walks five miles to and from their commission-only job, because they can't afford a car. As a result, they're unproductive at work from the fatigue. So, much lower sales income.
If only they could increase their income, they could buy a car.

Someone comes along and offers them rides to work for $2/month. Do you see how this offers a valuable solution, rather than focus on the worker's low capacity to pay?
Reduced fatigue = higher energy required in commissioned selling = More :moneybag::moneybag:.

As someone who was in sales for years, I can tell you confidently that "cost" is nearly irrelevant in the presence of actual "value."

Not to mention we're talking about $2/month here, paid $1 at a time.
 
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Xavier X

Xavier X

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It's been months since I posted in this thread, but it's not abandoned. Here is Idea 2. :cool:

IDEA 2: Onward Travel Booking App

For those who travel often internationally, they probably already have an idea what this app proposes.
As mentioned in my introduction post above, I spend a lot of time traveling internationally. On two trips in the last three months, I have been denied boarding the aircraft at the boarding gate.
Why? I was traveling on a one-way ticket. I had to book an onward ticket to be let on. However, it just wasn't enough time to find the cheapest option, so I booked anything.
People who travel like I do typically never buy return tickets, because we make a decision on where next to go while at our destination.

For the most part, this works well. However, airlines are getting more stringent on one-way international flights for non-residents of the destination.

App Primary Purpose:
To find the cheapest and instantly bookable transport ticket out of the destination country - by land, air or sea.
As far as my findings go, there is no travel search engine that does this.

How it Works:
1. User in need of legitimate proof of onward travel enters their destination country, e.g Brazil.
2. The app pulls up every available flight, train, bus, ship, camel and donkey leaving Brazil to every nearby destination outside Brazil, and presents the cheapest options.
3. The user books that ticket.
They rest assured they have spent the least amount possible, and avoid the risk of arrest or deportation for presenting fake travel documents to an immigration officer.

Current Solutions in the Market:
1. Most of the current available solutions are borderline illegal, and the operators borderline scammers. They simply create/generate fake onward travel itineraries for people and charge $20 and up.

2. Another group (who typically claim to be registered travel agents) charge $30 and up to create a "legitimate" itinerary and then cancel it a few days later. However, the legitimacy they claim is anyone's guess.

Those who don't mind putting a few hundred or a few thousand dollars on hold typically book a refundable onward ticket and cancel it once they arrive their destination. However, a large chunk of travelers don't want to put thousands on hold for this.
They would rather part with a small amount and have peace of mind at the airport.

Monetization:
1. The primary monetization on this would be identical to what obtains on existing travel search engines like Kayak, Google Flights etc. It's a referral business, or an affiliate arrangement.
You send business to the transport company and you get a cut. Whether by direct deals or through an affiliate network.

2. Free travel packages like tours could be bundled in with each purchase (for actual destination), to offer more value. Since some might not use the onward ticket, the tour could be of value at the actual destination. So, referral revenue from tour companies, as they can upsell from free packages.

Adoption:
There is already an existing global need for this, with a large target market of travelers. Most of these people (myself included) would eagerly use this if it was available.

On the two trips I was denied boarding; first one, I had to quickly book a non-refundable onward ticket for $105. In that process, I ended up missing the flight and had to come back the next day.
Second case twelve days ago, I had to quickly book a non-refundable bus ticket for $95 AND ended up missing the flight again. However, this time, while I sat there in my frustration, I saw the passengers coming back out of the gate. The aircraft didn't function.
It took about forty minutes for them to arrange another aircraft, at which time I had been emailed the bus ticket details, and was allowed to board.

Of course, like every idea, its kinks need to be kneaded out, but as far as the need for it? It's absolutely there.

I wonder if @Fox or any other frequent international travelers have found themselves needing this at any point.
 

404profound

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It's been months since I posted in this thread, but it's not abandoned. Here is Idea 2. :cool:

IDEA 2: Onward Travel Booking App

For those who travel often internationally, they probably already have an idea what this app proposes.
As mentioned in my introduction post above, I spend a lot of time traveling internationally. On two trips in the last three months, I have been denied boarding the aircraft at the boarding gate.
Why? I was traveling on a one-way ticket. I had to book an onward ticket to be let on. However, it just wasn't enough time to find the cheapest option, so I booked anything.
People who travel like I do typically never buy return tickets, because we make a decision on where next to go while at our destination.

For the most part, this works well. However, airlines are getting more stringent on one-way international flights for non-residents of the destination.

App Primary Purpose:
To find the cheapest and instantly bookable transport ticket out of the destination country - by land, air or sea.
As far as my findings go, there is no travel search engine that does this.

How it Works:
1.
User in need of legitimate proof of onward travel enters their destination country, e.g Brazil.
2. The app pulls up every available flight, train, bus, ship, camel and donkey leaving Brazil to every nearby destination outside Brazil, and presents the cheapest options.
3. The user books that ticket.
They rest assured they have spent the least amount possible, and avoid the risk of arrest or deportation for presenting fake travel documents to an immigration officer.

Current Solutions in the Market:
1.
Most of the current available solutions are borderline illegal, and the operators borderline scammers. They simply create/generate fake onward travel itineraries for people and charge $20 and up.

2. Another group (who typically claim to be registered travel agents) charge $30 and up to create a "legitimate" itinerary and then cancel it a few days later. However, the legitimacy they claim is anyone's guess.

Those who don't mind putting a few hundred or a few thousand dollars on hold typically book a refundable onward ticket and cancel it once they arrive their destination. However, a large chunk of travelers don't want to put thousands on hold for this.
They would rather part with a small amount and have peace of mind at the airport.

Monetization:
1.
The primary monetization on this would be identical to what obtains on existing travel search engines like Kayak, Google Flights etc. It's a referral business, or an affiliate arrangement.
You send business to the transport company and you get a cut. Whether by direct deals or through an affiliate network.

2. Free travel packages like tours could be bundled in with each purchase (for actual destination), to offer more value. Since some might not use the onward ticket, the tour could be of value at the actual destination. So, referral revenue from tour companies, as they can upsell from free packages.

Adoption:
There is already an existing global need for this, with a large target market of travelers. Most of these people (myself included) would eagerly use this if it was available.

On the two trips I was denied boarding; first one, I had to quickly book a non-refundable onward ticket for $105. In that process, I ended up missing the flight and had to come back the next day.
Second case twelve days ago, I had to quickly book a non-refundable bus ticket for $95 AND ended up missing the flight again. However, this time, while I sat there in my frustration, I saw the passengers coming back out of the gate. The aircraft didn't function.
It took about forty minutes for them to arrange another aircraft, at which time I had been emailed the bus ticket details, and was allowed to board.

Of course, like every idea, its kinks need to be kneaded out, but as far as the need for it? It's absolutely there.

I wonder if @Fox or any other frequent international travelers have found themselves needing this at any point.
That definitely sounds like a need, at least on the surface. Would be worth validating with a few folks.
 
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Xavier X

Xavier X

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That definitely sounds like a need, at least on the surface. Would be worth validating with a few folks.
I participate in a few travel forums, and ran a travel forum some 10 years ago.
The need to quickly search for cheapest outbound tickets from a specific country has always been a topic of discussion. The dreaded "proof of onward travel." Yet, a legitimate solution primarily for this still isn't available.
If it is, then they're not doing a great job at getting the word out there. So either way, an opportunity certainly exists.
 
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Xavier X

Xavier X

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ZF Lee

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Wow! What an awesome contribution you've made there.

According to the SBA, 66% of all businesses will fail within 10 years, and according to Forbes, 90% of startups ultimately fail.

With that said, I guess someone should tell MJ to close down this forum. There's no need for us to be here since the odds are stacked against us, amirite.. amirite? :(
I'm not in the app department, but I know that not every app in the store is aimed to be a giant money making biz.

A lot of folks make apps just for fun, for learning, or to extend their portfolio for clients to look at. Or as a promo tool to lead folks into their sales funnels.

So don't worry about the stats!

As long as you have a monetisation strategy, where folks are willing to pay for good stuff, it will be fine.
 

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Xavier X

Xavier X

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I'm not in the app department, but I know that not every app in the store is aimed to be a giant money making biz.

A lot of folks make apps just for fun, for learning, or to extend their portfolio for clients to look at. Or as a promo tool to lead folks into their sales funnels.

So don't worry about the stats!

As long as you have a monetisation strategy, where folks are willing to pay for good stuff, it will be fine.
True. However, my response was only sarcasm.

Also, as I said in the original post, I have no intentions of pursuing any of the ideas I'll be posting in this thread. They're ideas I believe have potential, but these days I try to focus my energy on one or two things at a time. No time to chase 10 shiny rabbits running in different directions.
 

Walterbl

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As far as I know, getting a literally last minute cheap deal is very hard. And don't most flight searchers online already do exactly what you said? (Look at all the airlines, show you the cheapest)
 
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Xavier X

Xavier X

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As far as I know, getting a literally last minute cheap deal is very hard. And don't most flight searchers online already do exactly what you said? (Look at all the airlines, show you the cheapest)
It is hard - which is why there is a need for a tool that does the scouring for the best/cheapest possible option. Flight, bus, train etc.

No, not a single one (as far as I know) does this. I use Google Flights and similar travel search engines on a daily basis. What they do is show you the cheapest fares from one specific location to another specific location.
What this app proposes to do is to show cheapest fares from one specific location to the cheapest international destination.

So, with Google Flights for instance, you enter From "Location A" TO "Location B"
Then it spits out the best fares from there to Location B.

With this app, you enter From "Location A" TO "Cheapest International Destination"

Get it?
However, if you are aware of a web or mobile app that does this, please let us know.
 

GoGetter24

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According to the SBA, 66% of all businesses will fail within 10 years, and according to Forbes, 90% of startups ultimately fail.
You've just admitted that, at a minimum, you've got 10x better odds starting a startup generally, and 33x better odds with business generally.

And that's excluding discussion as to what a "fail" would involve. I'd say a business that makes money for 10 years and then needs to be wound up is technically a failure, but actually made money for 10 years.

To want to get rich is to focus on the highest odds chances of success. To simply decide "I'll make an app" and "it will make me rich" is the wrong order and is illogical.

What this app proposes to do is to show cheapest fares from one specific location to the cheapest international destination.
Skyscanner does this already. You just select "anywhere" and it orders destinations by cheapest first.

What you're thinking of doing is done to death already, and for free, by big guns. Time to take a completely different tack.
 
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Xavier X

Xavier X

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You've just admitted that, at a minimum, you've got 10x better odds starting a startup generally, and 33x better odds with business generally.

And that's excluding discussion as to what a "fail" would involve. I'd say a business that makes money for 10 years and then needs to be wound up is technically a failure, but actually made money for 10 years.

To want to get rich is to focus on the highest odds chances of success. To simply decide "I'll make an app" and "it will make me rich" is the wrong order and is illogical.
You're either not sure what constitutes a "start-up" or you just feel like having an argument.
Your general premise is it's risky and has a high potential for failure, therefore, seek safer grounds. That's quite the anti-fastlane approach.

You know what has nearly 100% odds of making you some money for 40 years? A nine-to-five.
By your logic, the logical thing for us to do is change this forum to a resume and job-seeking forum, rather than discuss that riskier endeavor called business.

An "app" isn't relegated to an icon on your smartphone put out by a kid in his basement. Every website that performs an advanced function is an app - a web app. Skyscanner is an app, Google Flights is an app.
Except I am totally getting you wrong, your point is - "don't provide any solutions in web or mobile tech application, because the odds are not in your favor." Got it!


Skyscanner does this already. You just select "anywhere" and it orders destinations by cheapest first.

What you're thinking of doing is done to death already, and for free, by big guns. Time to take a completely different tack.
This part of your post is a lot more useful to this thread.
Sure, Skyscanner has a similar tool, but no, it does not do exactly what this app proposes. It does it partially. Saying it is "done to death" is quite the dramatic statement.

Also, since you missed it the first and second time; I have no intentions of pursuing any of these.
This is an idea dump thread - for anyone to dust, fine tune and implement as they see fit.

To address the Skyscanner feature:
Skyscanner's "Everywhere" feature is very similar to what this app proposes. However, Skyscanner is a flight search tool, and not a real-time one. Skyscanner displays "best prices within the last 15 days."
My personal experience with Skyscanner over the years is many of the prices shown are no longer available when you actually click through to the airline to book it.

So what makes them very different? This isn't restricted to flights, like Skyscanner is. This is a general transport ticket search. This app would search flights, buses, trains and sea tickets, and display real-time prices. Also free to use - as the primary monetization revenue comes from the transport companies.
Typically, buses offer the cheapest price point. For instance, two weeks ago, I booked a bus ticket online (at the boarding gate) on my way to my current location - in order to be let on my flight.

That said, if you can point me in the direction of any website or mobile app that does just what I have mentioned above, I'll appreciate it. Since it's something I'll personally use.
It shouldn't be hard, since it's been, you know.. done to death.
 

GoGetter24

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Rome2rio: discover how to get anywhere

Also massive work, and the few successful apps rely heavily in network-effect investment, i.e. VC & huge marketing budgets.

As one guy, you should focus on finding one, narrow, specific unmet (or poorly met) market need and target it with a more monetization friendly vehicle, e.g. a desktop app (price brackets are over 10x what mobile apps are), a niche service website (apps are overkill in almost all monetization cases, can just use a mobile-ready website), a physical product + eshop.

One thing to remember: the higher the price points, the easier to make advertising work without venture capital, because it just becomes a conversion rate & net product revenue & ad cost equation. A mobile app, especially like what you're talking about, is insanely hard to monetize without fat VC capital behind it, which is why 99% of them are a complete waste of time. You want high margins.

Fastlane is not about gung ho "to hell with the odds" foolhardiness. It's about maximizing the chance of getting rich & free.

Go back to the drawing board with "get rich" as step 1, and vehicles as a broad list as step 2, with mobile app only one of the options.
 

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So, with Google Flights for instance, you enter From "Location A" TO "Location B"
Then it spits out the best fares from there to Location B.

With this app, you enter From "Location A" TO "Cheapest International Destination"
i like the idea but i have one problem for it.

Namely how hard is to already existing companies to implement it?

I'm not sure if loyalty to app that does this one thing would be strong enough to keep it
in face of others giants implementing it too.

But there is also a bright side of this. (In fact two bright sides)

One way you could make a buck of it is to make a "flash in a pan" app - earn until competition catches up then dissolve it.

Or.

You could gain initial user base of repetitive travelers via your innovation and then offer them full blown ticket buying service (Loc A to loc B).
This way you'd keep your app afloat.
 

LiveEntrepreneur

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I participate in a few travel forums, and ran a travel forum some 10 years ago.
The need to quickly search for cheapest outbound tickets from a specific country has always been a topic of discussion. The dreaded "proof of onward travel." Yet, a legitimate solution primarily for this still isn't available.
If it is, then they're not doing a great job at getting the word out there. So either way, an opportunity certainly exists.
Sounds like a great idea, I think you're onto something.
 
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Xavier X

Xavier X

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@GoGetter24



I am familiar with Rome2Rio, and no it does not do what this proposes.
My guess is you haven't taken the time to read the overview post about this idea.
Essentially, take Skyscanner's "Everywhere" feature and combine it with Rome2Rio's multi-transport mode. It's that simple.

Also, for the fourth time, I am not pursuing any of this personally. Please speak to the validity or invalidity of the idea itself, not my personal pursuits.
I am NOT looking for an idea to pursue, I already have a fastlane project at hand, in addition to my existing business.

So please show me an existing web tool that will display the cheapest International air, bus, train and sea tickets from:
Colombia to Anywhere, in a single search. I'll wait..

If you do in fact provide it, that would be great.
 

Walterbl

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What this app proposes to do is to show cheapest fares from one specific location to the cheapest international destination.
Oh, I get it now. I had not absorbed the details. Sure, this looks very good! At least it has novelty. Cool idea.
 

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Xavier X

Xavier X

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i like the idea but i have one problem for it.

Namely how hard is to already existing companies to implement it?

I'm not sure if loyalty to app that does this one thing would be strong enough to keep it
in face of others giants implementing it too.

But there is also a bright side of this. (In fact two bright sides)

One way you could make a buck of it is to make a "flash in a pan" app - earn until competition catches up then dissolve it.

Or.

You could gain initial user base of repetitive travelers via your innovation and then offer them full blown ticket buying service (Loc A to loc B).
This way you'd keep your app afloat.
That's a legitimate issue. However, many businesses are faced with the same problem at the onset.
To hope for zero competition in the marketplace is unrealistic in most scenarios outside of true invention and patent fields. Even with that, there's still competition, just not duplication.

Your make or break element is execution effectiveness.
 
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Xavier X

Xavier X

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Oh, I get it now. I had not absorbed the details. Sure, this looks very good! At least it has novelty. Cool idea.
Yeah, on the surface it's easy to think "but don't all travel search engines do that?" before fully understanding the "To Everywhere" and "All Transport Modes" aspects.
 

LittleWolfie

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IDEA 1: Rainy-Day App

No, that's not a name for the app, more of a description.



People drove to work those days with nothing more than a prayer that the gas fumes propelling their cars won't run out. Not a dime for gas.
Lunch break for them was more like sit down and listen to your belly whine break.

When you're in dire straits, $20/day for lunch and a few gallons of gas seems heaven sent.
This is basically Edenred's business model google luncheon vouchers.

You could adapt this to your jurisdiction? Or perhaps build a fuel version?
 
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Xavier X

Xavier X

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This is basically Edenred's business model google luncheon vouchers.

You could adapt this to your jurisdiction? Or perhaps build a fuel version?
I read through Edenred's website, and they're actually not similar business models at all.
Edenred is a straight-up food voucher seller.

Only similarity is they could ultimately reduce employee hunger.
 

LittleWolfie

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I read through Edenred's website, and they're actually not similar business models at all.
Edenred is a straight-up food voucher seller.
.
Did you check out the tax laws in the UK too, that make it work?
They sell vouchers to the employer's for part of their employee's pay which can then be redeemed for food at a later date. Since they have no monetary value, they can't be spent on anything else. They even have an app,. So apart from the lakc of fuel how is this not your model? Take money from pay save it and send it back.

The vouchers are an extra step due to the scheme being introduced in 1946 (the UK had a wide scale problem like this after ww2.)

I'm sure a more modern version could work as you describe, if you don't need to maintain back compatibility with ww2-era technology.
 
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Xavier X

Xavier X

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Idea 3: Cinema anti-Bootlegging Technology

In 2016, the US movie/TV industry lost approximately $8.9 billion to piracy. That number is expected to be $11.6 billion in 2022.
Can bootlegging be wiped out completely? Absolutely not. However, it can be made much harder and reduced. The more it's reduced, the more value the industry gets.

For anyone who doesn't know how "bootlegging" of movies work, the most typical example is:
Mr. BootlegMcgee walks into a cinema on movie opening day. He is equipped with a concealed camera, and from the viewing seats he records the movie in question. He goes home and uploads it to his online platform, or sells it to online platforms.

Potential Solution/How it Could Work:
This only concerns the cinema stage of movie releases. At the point it gets to DVD, none of this matters.

It is nearly impossible to implement a policy where people are stripped of their phones and any recording device. Therefore, the goal is rendering those devices incapable of capturing anything on the screen.

As mentioned earlier, I have a degree in Media Production, and have run a Media Production business for the last nine years. So, I know about cameras.
Camera lenses work very similar to the human eye. If someone flashes a strong light source in your face, particularly in a dimly lit room, it hinders you from seeing what's behind that light.

Simple concept in theory, but gets complicated. In order to make it work, these must apply:
1. You have to put a light source between the screen and the audience.
2. The light source has to be insignificant to the human eye.
3. The light source has to be fully or partially blinding to camera lenses.

Placing said light source facing the audience will result in a video capture of white light, or heavy light/image distortion. There are many placement options, but no need to go into that. All of that is useless if a light source meeting these requirements can't be isolated.
There are also many health concerns when dealing with light sources. This is certainly not for a rookie, as it is a major undertaking requiring high level optics experts.

Monetization:

The cinemas themselves have little direct incentive to implement this. However, the industry does. Without the movie industry, the cinemas can't survive, so they will bend to the will of the industry to make it a "standard." Positioning a technology product like this on a "lease" basis, as opposed to one-off unit sales can be a cash cow.

The US alone has about 5500 cinemas.
5500 cinemas being required by the MPAA (Motion Picture Association of America) to lease your patented technology (as a prerequisite for major movie screenings) at $500/month = $2.75 million/month.


p.s: As with every idea I post here, I have no intentions of personally pursuing them. However, they could light up something on someone else's path. Directly or indirectly.
 
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