In Technology Based Entrepreneurship we had to write a business plan and an investment pitch to try and acquire funding for a new product. This product had to have a quick return potential and need funding in order to proceed with the creation. What our group came up with was a mobile application that would use the built in camera to scan the bar code of various foods and tell you whether or not you were allergic to the specific food. We called the application Picky Eater. From this I developed mock ups of what I thought the application should look like to allow the user to input what food they are allergic to, and how to use the application to scan a bar code.
After that was completed we generated potential business models and came up with selling the application in the iPhone market initially for $10. This price was relatively higher then other applications in the market but I thought that because it is such a life threatening application to have that users would pay a much larger price then average.