Business analysis of a culinary innovation project
The target of this Final Degree Project (FDP) is to show the work I developed as an intern in Telefonica I+D (TID) During four months, I worked within the Product Innovation and Research department where I was part of a culinary innovation project. This project has been carried out in collaboration with Ferran Adria and elbulliFoundation. The culinary industry has a constant need to improve and change. Chefs, culinary schools, foodies, etc. aim to create unique and appealing dishes. Thus, this is hand in hand with innovation and, therefore, with TID. This project (from now on Foodly) aims to solve the problem that all the culinary industry face: the need of being creative and innovative when cooking. Foodly consists in the creation of a digital and paid service, a website and mobile app, that allows chefs to get sound inspiration using Big Data analysis. Its database uses chefs' knowledge and chemical compounds. Its main objective is the creation of new innovative and creative recipes. Big Data analysis and knowledge have combined to reveal the perfect dish. Cooking is a complex world and Foodly aims to involve anyone who wants easier than ever before. It is the answer to all food lovers. All of us can become innovative and original chefs with just a click. To carry out this FDP, it has been considered necessary to explain the beginnings of TID into the culinary world and its on going collaboration with Ferran Adria during the past years. Also, Foodly's technology has been briefly described. However, this FDP is mainly focused on the business part because that was my assigned task at TID. For instance, competitors and target users have been analysed. Also, the pricing models, market size and business models have been studied throughout the project. Finally, it has been really important to thoroughly study the costumers using part of the Lean Startup methodology "Customer Development" Many conclusions have been made. To begin with, it is going to be an under subscription paid application, where you will pay depending on the use you made out of it. However, there will be a functional part for free. Also, foodies, chefs and culinary schools are going to be our main target users. When examining the competitors, it has been considered what should not be applied to Foodly and what should be. Moreover, when analyzing the market size, it has been demonstrated how this project is highly profitable and a global opportunity.