Friday, July 31, 2020
Assignment 28 - Your Exit Strategy
I would plan to sell the business in around 3-4 years. At some point, I think it would not be worth working on and developing further and would be better sold off to some retailer or manufacturer. I think it could be a useful utility but at some point, I think it might be phased out by improved standards or by better solutions. My exit strategy has influenced the functionality that I plan to include in my service. Because I do not think I could sell off an application focused on crowdsourced data to a retailer, I want to support the use of manufacturer-provided information at some point.
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I think that selling the business after it has proven its effectiveness is a great idea. The potential of your product/service’s reach is tremendous, more than any of the other products in our group, and that kind of potential requires massive scaling and resources that I can’t even fathom. However, being that you were smart enough to think of such a product/service, maybe you could handle the growth. Maybe selling your business wouldn’t be such a great idea. You should consider your intellectual property options because an idea like this that can benefit such a massive scale of people and businesses is worth licensing out.
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