For our final project in Strategic Innovation in Product/Service Design, we were asked to develop a new business concept for an interactive product or service and a go-to-market plan. We had to consider the concept from all angles, including problem/solution, potential market, existing competition, our advantange/secret sauce, the economic viability, and the risks & opportunities associated with our project.
The system of college text book purchasing is broken. They're unjustly expensive and are used sporadically over the course of one semester. Our solution, NextBook proves a flexible platform for students to make and save money by lending and borrowing unused textbooks from each other.
NextBook allows lenders to post their unused textbooks to the site and set their own competitive rates. Borrowers can search for their desired title, find the best rate & time, and rent the book for only the amount of time they need it. NextBook has the potential to save borrowers up to 80% the cost of purchasing a text book, while simultaneously putting money back into the pockets of lenders on previously purchased text books.
By making use of an already existing inventory, Nextbook does not tie up capital in textbooks or brick-and-mortar distribution centers. With the rise of tablet devices, the future of the physical book is in jeopardy. However, the $9 billion text book industry is expected to keep producing books for the better part of the next two decades. In fact, as physical books give way to ebooks, Nextbook can emerge as the default college exchange platform, regardless of the good or service being traded.
Partner in Crime :: Erin Moore