Wave Apps Business Model

For the past two weeks, in entrepreneurship I have been working on a business model canvas. After being placed in different fruit groups, ours being Avocado (my favourite!), we were told to select a start up company to do our business model on. After looking into a few company’s we landed on Wave Apps. If you have yet to hear about this company, you should definitely take a look, especially if you are an entrepreneur! We were then told to research and find a set of 9 building blocks within the company.

As a fourth year marketing student and a consumer the easiest parts to find were Customer Segments, Value Propositions, Channels and Customer Relationships. However, out of these four blocks I found that Value Proposition was the easiest to find. Whether you are studying marketing or just a consumer, it is easy to see that each company presents specific products and services that differentiate themselves from their competitors. Meaning that the way company’s are run and presented is influenced by what influences consumers to choose one company over the other. By having both customer experience as well as a few years of marketing under my belt, it was easy to find the key aspects of the company that would entice their customer segment to choose Wave Apps. As a hopeful entrepreneur, it was also easy for me to find the value propositions, simply because I was looking for what I liked about the company and where they were meeting my needs.

In contrast the hardest building block to relate to Wave Apps was Key Partnerships. Although many companies have partnerships with specific companies or businesses, for example buyer-supplier, this particular company offers a different type of product making it difficult to find specific networks.  By offering software that is supplied through the Internet, it was difficult to narrow down what would motivate a partnership.

Although there were many ups and downs within this project, I found it very interesting to look so deep into a company that is still in the works. As consumers, we generally don’t find companies until they have reached a much higher level, in which, they have already established a strong consumer base. With this being said, make sure to take a peak at this website (www.waveapps.com) and one day you’ll be using the website to manage your own business.