As a successful Virtual Reality startup based in Hangzhou, China, we are working hard to develop our new, US branch. Our startup has grown from 1 founder, to a team of 34 in just three years. Our US team is currently 1. Our collaboration goals will be strongly focused around the topics of market research, business development & CRM pipeline building, & other research including securing investment. Our goals are to transplant and optimize the success we have found in China for the US market.
Key milestones may include and are not limited to:
-Market research: researching the US market and finding key information/data on which types of clients are best to target for Virtual Reality services during normal times, and during COVID
-Helping to build a cost-effective, efficient CRM system with a continuous pipeline of prospect clients for us to meet with
-Researching grant programs, etc. that can help us grow stronger under a limited budget
-Researching investors/investment funds that we are a good fit for as a company in order to secure funding to enable the growth of our US branch
-Developing a US-focused marketing strategy and website optimization (SEO)
Research & Development
Sales & Business Development
Experiential Learning Program Details
|School||Long Island University C.W. Post (LIU Post)|
|Engagement Format||Capstone - Small Team Consulting Project - Students work in small groups of 2-6 directly with faculty and host company project champions on developing real solutions to real-world challenges.|
|Meeting Day & Time||Mondays 2-5|
|Student Time Commitment||15-30 Hours Per Week|
|Company Time Commitment||1 Hour|
|Touchpoints & Assignments||Due Date||Type|
Key Project Milestones
September 28, 2020 - Market Plan
Market research for FXG involves researching the US market and finding key information/data on which types of clients are best to target for Virtual Reality services during normal times, and during COVID. Some guiding questions to consider include:
- What is the valuation of the Virtual Reality Market?
- Who are key competitors in the Virtual Reality Market?
- Where are the low hanging fruit in this industry?
- What are the biggest challenges? Are these challenges specific the US? How do they vary from the challenges in China?
- Has COVID impacted the industry? If so, how and what impact does the have for FXG?
- What does the future of the industry look like?
- What can FXG do to gain and maintain a competitive advantage in the next few years?
- Who are the customers? What are they behavioral patterns? What is the best channel to access customers and users?
A 1 – 3 page document outlining student understanding of the market FXG is going to enter into, and how that market is different from that of the home country, and what suggested changes should be made to current strategy, if any. Condense this research into a viable market plan for FXG.
October 12, 2020 - Develop a CRM system
As FXG expands in to new markets, they need help in building a cost-effective, efficient CRM system with a continuous pipeline of prospect clients for us to meet with. Students can start setting up a CRM system while keeping the following in mind.
- What are the pros and cons of each CRM system?
- What is the current system used to manage clients? What is working well about that system? What isn’t working well about the current system?
- What information is most important for FXG and how will that information be relayed in an effective manner in the CRM?
- How easy is it for clients to interact with the CRM system?
- How do costs of the CRM system affect FXG? Are these cost justifiable?
- How much manual labor is required for the CRM system?
A 1 pager explaining how the new CRM works, why it was chosen, and how it will help manage the new clients in the US.
November 2, 2020 - Grant Research
FXG needs to research grant programs that can help them grow stronger under a limited budget. Researching investors/investment funds that we are a good fit for as a company in order to secure funding to enable the growth of our US branch. Students should consider the following when finding grants:
- What the qualifications are for the grant?
- How much funding will be awarded?
- What are key deadlines?
- What are the acceptance rate of proposals?
- What are common feature of accepted grant proposals? What are common features of rejected grant proposals?
- What are the different conditions upon receiving specific grants?
A 1 – 3 page guide with a timeline/calendar explaining key information about the grant process along with important deadlines to meet.
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