The growing electricity rate in Australia has forced companies and government to develop an idea which can keep a record of the total electricity consumption of each household. Collection of such a large amount of data would require upgraded technologies and high investment which is very difficult at the initial stage. Getting an investor who finds it a feasible business is another difficult task as it is a big project (Cui, KumarPM, &Gonçalves, 2019). And before starting to work and launch on this idea it is important to compare the idea based on some factors like financial demand, industrial growth potential, innovative idea and so on.
According to the financial demand, the projects are big and the cost required for developing and IoT hardware would be much high. In terms of growth potential, the company would earn by providing data to the Australian government and Australian electricity boar. Based on the growth potential smart electricity consumption will help households to cut the expenses by switching off the light when not required and will help the government to reduce the cost of renewable source of energy used for electricity production.
Since the project is for the welfare of the people and for reducing the use of a nonrenewable source of energy. The potential investor would of electricity board of Australia and the Australian government. We are seeking for the time, trust, money, patience, Genuine belief and commitments of the founders, traction and scalability of your business, have a good management team, reasonableness in evaluating your business plan, viable exit Strategies and some guidelines from their part (van Werven, Bouwmeester, &Cornelissen, 2019). The guidelines must ask the people to get the product installed in their house to track the electricity consumption at their place. In return, the company would provide them with the analyses which would help them to curb the hike in the price of electricity in Australia. The company would offer interest of various forms to the investors as one described above.
The worst situation of this project would be that the company cannot earn anything from the audience which it is targeting as it is a data-centric project to understand and evaluate the electricity consumption rate of the households in Australia. So the earning that the investor may be looking for would not be achieved in the coming one or two years. As it will take one or two years to analyze and understand the data collected with the help of data scientists to find out a solution which can help decrease the rate of electricity in Australia.
A data breach can also occur and thus the company need to invest money in the security and safety of the collected data through encryption methods (Yang, &Xue, 2020). It is a very sensitive business and will take time to cross the breakeven point.
The best part of the business would be it would use the data collected to decrease the rate of electricity in Australia which thereby will help solve the major issue faced by the citizens.
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Cui, Z., Kumar PM, S., &Gonçalves, D. (2019). Scoring vs. ranking: An experimental study of idea evaluation processes. Production and Operations Management, 28(1), 176-188.
van Werven, R., Bouwmeester, O., & Cornelissen, J. P. (2019). Pitching a business idea to investors: How new venture founders use micro-level rhetoric to achieve narrative plausibility and resonance. International Small Business Journal, 37(3), 193-214.
Yang, P., &Xue, H. (2020). Design Idea of Professional Talent Evaluation System Based on Mobile Internet. In Data Processing Techniques and Applications for Cyber-Physical Systems (DPTA 2019) (pp. 943-951). Springer, Singapore.
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