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Carry Protocol: Project Update Report (December)

carry protocol | 01.11| 184

Hello members of the Carry Community!

December has been a busy month for Carry team. We’ve been working on the product development with a new methodology as well as discussing with our partners for collaborations in the future. Let’s find out more details in the following article!

Carry News

1. The New Move of Product Development: Lean Startup

1) Lean Startup Discussed in Techfin Asia 2019

In December, Techfin 2019, the first techfin conference in APAC region was held in Korea. At the two-day conference, speakers from different countries and enterprises has delivered how they are responding to the fast-growing IT and techfin trends. Speakers from the global financial sector explained their challenges encountering the emerging trends and future plans to overcome it.

Among the topics that haven been discussed in the conference, there was one common model mentioned and explained by several speakers: Lean Startup. For example, MetLife introduced how they’ve been getting the business insights from startup business competitions, and Citibank explained their innovation labs around the world for the new business. Among the many topics covered, Lean startup was the hottest issue to explain how to start and build a new business model. With the recent development of techfin industry, many techfin companies applied ‘Lean Startup’ method and has become a new trend in the IT industry.

2) Lean Startup as a New Business Trend

Then, what exactly is a Lean Startup? The speech by Terry Oh, Head of Citi Korea Innovation Lab, explained in his speech “Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup” at TechFin Asia 2019 that Lean startup refers to a business method for a company or a team to build a new business as they define the problem, give an idea, make a prototype, test with real consumers, and iterates the process until they find our the best outline of their business.

The most popular example of lean startup business is Dropbox. Before it became a large cloud service with numerous registered users, they also had challenges for offering a new solution. Since they couldn’t make sure that people will actually use this product before launching it, they decided to test the product with the lean startup model. Dropbox has offered MVP video demonstration to the users, and analyzed their responses. If the video showed more than a certain level of responses among the users they saw this as a proof of value in the market. Another example of lean startup businesses are Airbnb and Foursquare.

<Design Thinking, Lean Startup, and Agile>

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

3) Lean Startup: Pros & Cons

A major advantage of Lean Startup methodology that emerged very recently in 2010, is that you can experience the product development process quickly. You can increase your chances of success by creating a product in a short time, measuring the performance, and then incorporating it into your next product improvement. Also, you can test a negative idea which can be potential risks of your business. This will help you decide the business direction with fewer resources. For example, Airbnb found out if travellers are willing to stay at a total stranger’s house instead of the hotel chains, and Zappos tested if people will buy shoes online without visiting and trying them at an offline store.

<The process of Lean Startup>

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

On the other hand, the downside of lean startup approach is that it can make the macro-level business strategy weak. Focusing on what consumers want, and incorporating it over and over again, can make the macro-business plan very vulnerable. In the worst case, the product can be something totally different from what it aimed for, and the team may lose the way to continue.

<Lean Startup: Client-Centric Thinking>

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

2. Lean Startup used for Carry’s product development

1) How Carry team decided to apply

Last July, Carry team implemented the MVP field test. Through the test, we gained a lot of insights and could find the potential to expand Carry’s service to the public. Instead of developing a platform which only focuses on data management and monetization model, Carry team decided to make a service for mass consumers whose main value proposition has wider resonance to largest demographic, with data management and monetization features. Following this decision, we’ve used the lean startup process to find out our target segments and their needs quickly and accurately.

Although defining the problems, making new prototypes, and getting insights from the tests needed our time and resources, the whole process was meaningful because it has helped us understand the right target and product value. We would like to make a valuable product that can be widely used for consumers’ real life. During the development process, we will try to increase the chances of success when launched, rather than releasing an app built quickly and failing in the market. Additionally, since Carry has a clear vision for building the ecosystem, we have less risks to lose our macro-level strategy.

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

2) Carry team’s Latest Progress

As explained, we applied the lean startup approach to better understand our target segment and the potential product value in the market. We’ve conducted several interviews, and tested different versions of prototypes. We’ve already finished developing the first version of our new service application mentioned in the last newsletter, and for now we are testing the product to launch.

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

Recently, we have been conducting hundreds of tests in-house, online surveys, and face-to-face interviews on the service in a closed-beta format. Following the tests, we’ve analyzed the result and updated the service features. While updating and adding the new features on the product, we’ve considered that 60% of the features may be never used, according to the survey presented below. Therefore, our next goal will be observing and analyzing customer insights and selecting the most valuable features for our product.

*source:

Accelerate Innovation and Digital Transformation: Design Thinking & Lean Startup

By Terry (Chang-Yun) Oh, Head of Citi Korea Innovation Lab, Citibank Korea

The team is waiting for the product launch and the expansion of the Carry ecosystem. We’d like to share the customer insights with the supporters around the world, but sadly our first version will focus on Korean market first with Korean language applied. We will share the updates and the results from Korean market often with the global community!

3. Announcement on the New Roadmap for 2020

Our Plan for 2020

While testing and developing the new product from October last year, we’ve also been discussing the token models to be applied on our products internally and with our partners.

After several simulations to test which models have more potential to succeed, we have selected two services for release in the first half of this year. To summarize, Carry team’s plan for 2020 will be as following:

We’ve planned two services to launch in the first half of this year: 1st and 2nd Carry Enabled Services. Last year, we explored more possibilities to expand the token economy and increase success rates as previously announced in white papers or MVP field tests. As a result, we’ve considered launching two products having different value propositions, to flexibly respond to the market situation and needs in the fast-changing market.

We will introduce each service step by step. Each Carry-Enabled-Service will offer the customers Carry tokens as a reward for sharing the data, and we will be very careful to introduce our features to those customers who haven’t tried cryptocurrencies or blockchain related services. We will set policies for buying/selling, and staking the tokens for advertisers and customers, and we assume this will create a positive effect on the liquidity. Both services are targeting Korean market first, with the help of our core partners’ customer database. Our final goal is to reach over 10M customers with the two Carry Enabled Services.

We think the year 2020 will be a very important year for Carry Protocol, since it is our very first step to commercialize and build the ecosystem among real customers. We look forward to sharing updates of Carry’s ecosystem and product very soon. Thank you for continued support!


Carry Protocol: Project Update Report (December) was originally published in carryprotocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

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