Problem
Concept/Functionality
1) Recipe sharing:
a) Combination of internal recipe contributions and user shared - find way to encourage users to share?
b) Crucial ranking algorithm and review system - later notification to ask users if they tried a recipe if they spend a long time on the page, then encourage a review Comprehensive categorization options - cuisines, fast, few ingredients, dietary
2) Pantry and shopping lists:
a) Users can create digital pantry with ingredients they have at home (customizable levels of detail), which allows a targeted search of recipes the user can make
b) Create shopping lists within the app - viewing a recipe where ingredients are missing from your digital pantry allows you to one-click add them to a shopping list - shopping list will reference what recipe the ingredient is required for
3) Social media element:
a) Customer profiles and content creator status - figure out a way to reward people whose recipes are viewed and rated the most favourably (similar to big tiktokers/twitch streamers etc)
b) Target customer base 21-45 y/o - algorithm will determine what kind of content is shown to different segments within ('Are you cooking for your family/date/weeknight?')
4) Monetization
a) Limit number of free recipes that can be viewed on a weekly basis - can unlock more by uploading a recipe of your own or premium subscription
b) Integration with Goodfood, Chef Plate, etc - meal kit services that provide recipes as well as ingredients - ad revenue and affiliate agreement
c) Shopping list integration with local grocery stores e.g Metro online delivery/Instacart
5) Roadblocks
a) Free recipes online - our advantage is the review system and aggregation
b) Foodtubers - offer partnerships to market and ultimately integrate them into this platform, exclusive recipes and content
c) Biggest competitor - Cookpad, very popular in Japan (approx. 92 mil users worldwide)
Task
Business model analysis Develop an analysis of the business model. How does it work? What is the core product or service? Leverage the Platform Business Model Canvas (from the "Platform Startups" case) to describe the key components of the platform business. Describe the types of network effects that you expect on the platform (e.g., same-side, cross-side, direct, indirect). What form do these network effects take: personal/community, exchange (marketplace), data, platform? Be specific and explain in detail.