Business Development

As part of the Formula Student competition, the teams must develop a fictitious business selling a Formula style race car or a physical or digital part of it.

A complete development of the business’ structure, operations, product or service, finances, and future expansion plans must be developed and pitched in a 30 second video and 10 minute presentation for a set of judges, followed by a Q&A session to delve deeper into the business.

The whole event mimics a pitch at Dragon’s Den/Shark Tank.

Client
Revolve NTNU

Year
2021-2024

Methodology

Product Development

A product connected to the race car is developed based on real-world timeliness and relevance.

Market Analysis and
Marketing Strategy

To ensure a profitable business, analyses such as SWOT, PESTLE, TAMSAMSOM, deep dives into the primary and secondary market, as well as competitors and risks lay the foundation for B2C and B2B strategies.

Customer Research, Service, and Journey

Analyses of customers are conducted in order to provide the best possible customer service and smooth customer journey from discovery to purchase.

Production and
Manufacturing

Plans and strategies for production, manufacturing and delivery are made, including locations for suppliers, offices and partners.

Cost Analysis and
Financial Model

The financial aspect wraps it all up, including a 10-20 year plan for key data, such as ROI/ROE/ROA, expected revenue, profit margins, break even, costs, and more.