Project 3: Kwanbin Lim, Jun Kwon

Your team member names

Kwanbin Lim, Jun Kwon


What the business will be doing/selling (be as specific as possible)
The business will be selling Smartphone application. We will offer translation program and sell translation application. These days, most of people use smart phones or tablet PCs. Smart phones and tablet PCs are crucial method of communication between people and businesses. Communication through Smart Phones and tablet PCs are simple and comfortable. Due to increase of usage of Smart Phones and tablet PCs, different companies developed variety kind of applications for Smart Phone and tablet PC users. This translation application would help people studying foreign language and help in global businesses.


Where will the new business be located (anywhere but the US)?

We are planning to open our first market in East Asia part including South Korea, Japan and China. Opening a first market in East Asia will be a good choice because countries in South Asia have variety of businesses with foreign country and people in those countries think learning foreign language is mandatory education. After we start this business in Asia, we are planning to extend our business globally. Our final goal is to expand our product to worldwide.


Are there existing businesses like yours already? How will you set yourself apart?

There are similar kinds of applications are already available in the app store, however those applications are often too expensive or remain at naïve level, often useless for most people.
To set apart from Google and many other linguistic companies, we are planning to make this app as an open source. Local users will be able to edit and shape it into more commonly used phrases, which may not necessarily grammatically correct.


What do you think is the biggest challenge you will face in getting this business started?

Finding large number of user base is critical for open source applications, such as this mobile application we are developing. Free applications are already flooding the app store, but it doesn’t guarantee the success. Rule of thumb of successful business is approaching to its customer with quality product/service with appealing price point; both needs to be well balanced. Our primary goal is create and offer high quality translation app for free to any smartphone users. And generate profit from the in-app advertisement.