Rocky Lui and John Wong, two good friends who wished to build a fresh Internet enterprise together, located an interesting strategy in Amsterdam that they desired to import in North America: it had been a system based on crowdsourcing where followers could help a common musicians simply by raising money for them. Both the entrepreneurs imported the main business model of the company Sellaband. com and added a few features to differentiate themself from the existing competitors.
Nevertheless , once the company was created, many problems happened: -A new competitor, Slicethepie. net, premiered one month after MusicJuice, backed with a large plan. -There had been additional costs and holds off on the rendering of the internet site. -Rocky was lacking code skills and John did not have any kind of management skills. This led to the destruction of the relationship between the two friends. -Two of the 4 revenue streams were ineffective, which result in an deficiency of income. -Most in the people experienced the thoughts and opinions that the web page presented not any interests To conclude, the fundamental complications were the lack of experience and skills through the two founding fathers, the lack of curiosity from the internet site and the not enough revenues. With all this situation, MusicJuice had a number of options to enhance its worth proposition. For example , it could boost its marketing campaign or offer more possibilities for users on their website, like voting pertaining to his preferred artist or raise cash for videos or catalogs. These solutions would ensure that the website to obtain more users, which is the basic element of the idea of crowdsourcing.
For my personal part, I do think that they can take advantage from the aid of an outsider. For example , that they could contact venture capitalist or business angels. With their experience and knowledge, they can give wonderful advices for the two small entrepreneurs. Furthermore, it is an opportunity for Rocky and John to have financing for startups.