Name of idea: Thermal Tirita

This report is dedicated to discussing the business canvas model of Thermal Tirita. It identifies different components forming the Thermal Tirita business model, analyzes interactions between those components in order to identify the key constituents of shaping and driving Thermal Tirita.

According to people's needs such as feeling comfortable, controlling everything in their lives and extreme weather conditions in some parts of the world, our team decided to invent a new hi-tech device for adjusting not only our clothes. We believe that our idea can achieve comfort not only for athletes but also for all kinds of people who want or need to keep the body at the right temperature every minute of the day. Our device will be a small invisible gadget or visible accessory, depending on your needs, for daily use or for sport activities.

Business Model Canvas is a strategic management template model that helps to create or improve business strategy. The business model is divided into segments and describes the whole idea with difficulties and opportunities. The customer segmentation shows how we grouped customers into distinct segments with common needs, common behaviors, or other attributes. The value proposition,  the bundle of product and services that create value for a specific segment, we tried to respond to the questions that are crucial for this part of the business model canvas. The distribution channel outlines how we will communicate with customers and reach customers to deliver a value proposition. The next customer relationship demonstrates what customer relationship we will build, how expensive it is, how they are integrated with the rest of the business model. The revenue streams summarize the details that show on our company's income, or profit and loss, statement. Then the report goes to the key resources, describes the most important assets required to make a business model work. Then in the next part, the key activities, describes the key activities that we should do, to conduct our business. The key partnership shows how we will try to find some partners and suppliers for the easier and successful performance of our business. Finally, the cost structure represents the business model elements results. 

 We already mention the suppliers, which means that in order to be able to produce such a product we will need resources. In the business canvas model, the building block "Key Resources", we have already described what kind of resources we need. On the other hand, we need a contract with partners, factory, technology, knowledge, our website, partnerships, employees, patents, licenses, branding, ad department, money, partnership with companies that can help us start up. And we thought about how hard it would be to copy us. It will be very difficult to copy them because we will use our knowledge, our technology, we will have our own factory with all the necessary machines and etc.

            Bank loans are a good leverage for startups, also companies that work only with supplying innovative products just to make it happen. But there can be also the partners. 
There is no better approach to solving challenges than the famous saying "two heads are better than one". In today's fast-paced environment, the "do it alone" approach is not the best strategy for growth. That's why we decided to have it, partners, and build a good relationship with our suppliers. 
            We have the knowledge, but for sure is not enough. We need more people who will help us with the production and the process as a whole for producing the product. Firstly we need the knowledge of the people from whom we will take the supplies.Such a glue material or other components, then we need the knowledge and ability of people who make something from all that supplies - our product. Then we need the people from the sector for this gadget to be able to perform its job. For example, how to be connected with the phone application and etc.

         Our product is an innovative and new technological device, and together with all the benefits it brings and the revolucionary enginee, it comes also our challenges to create a technology that still doesn't exist. This means that we are building a product from nothing, without a clearly reference of another product. This requires a lot of tests, a lot of patience and failures in the process until our final desired product. 

                As something completely new, we'll face the challenge of entering in a market that still doesn't have customers, what means that nobody is familiarized with that kind of product and will always have initial resistance to buy it at first. We need to make the customers confortable with the idea of aquiring our product, and maybe that's one of the biggest challenges. Fears of some technical problem, of sickness cause by the technology, the resistance to the advance of technology are aspects that our company would need to face. For us is important to sell the feeling to the customers, and make they feel that won't have technical problems or sickness, and to show how important the advance os this technology is and how it can help daily in different segments.

                Analysing our challenges we can describe the risks that we face during the process of developing and implanting our product on the market. Due to the technological challenges we face for develop the final product, the amount of money that was used was really big, what means that our investment in this product was high, but at the same time we know that we are entering in a new market and creating a base of customers ouselves, and this means that even with all our research and field research we face risks of the initial incomes that our company is going to receive be lower compared to the amount that we spent to invest, and this can end up for not motivate our investors, and the team. 

In the first week, we searched for our business ideas. We wrote many not-produced ideas and we discussed each one one by one. In the end, we choose the most agreeable idea and began to work on it. In the second week, we decided our customer segment and began to do our first field research. Our first field research was about choosing the three main problems and to understand how people solve these problems in their daily lives. We asked 10 people from different countries and we interviewed them. In the end, we recorded the answers and made the graphs. In the third week, we worked on our value propositions, identification of distribution channels, customer relationships, revenue streams. In the fourth week, we defined and worked on our key resources, key activities, partners and cost structure. And, we do our second field research. It was about our solutions about those problems that we were solving. We made a small demo and create a short story,just to get them closer with our idea, and asked people to get their feedback. We decided the price of our product according to people's feedback. In the fifth week, we worked on our elevator pitch to be more impressive in our presentation. In our last week, we worked together and finalized our business canvas model. 

       We are students at the Faculty of Management at the University of Primorska. We were doing this as part of the Principles of Entrepreneurship course. Our group is for five people. Alberto, Beyza, Dajana, Martin and Marcela. We all come from different parts of the world, such as Brazil, Turkey, Macedonia, Spain, and the Czech Republic, so we decided to name our group "Three Continents". 
     When we need to decide what type of product or service we will create in this course, our most common ideas were about the temperature of the furniture, to not carry the jacket in arms, to have constant temperature on the pillow as we want , to feel comfortable in our clothes, not depending on the weather, to stop wearing so many layers on running in the morning / night and to reduce the time spent in front of the wardrobe, for choosing the right clothes. From all of these "problems" that we allow had, we decide to make a product that will be very nice to have, and with which we will be able to control the temperature of furniture and clothes as we only want with wearing the gadget or putting the gadget on a willing place and controlling it with an app from our smartphone. 
We also discussed each building blocks in the business canvass model.