Festrack:
Business

the details of the financial and technical aspects of our business. Use the shortcuts below to quickly scroll to a topic, or browse yourself

COntent

Business

Description of the value of the PSS, the revenue strategy and the daily activities

Market

Report about the market Festrack enters and competition that Festrack faces

Strategy

Description of how the PSS should be introduced to the market

Logistics

Description of the main processes and activities of the venture

Financials

Overview of profit maximization strategy, cash flow projection and break-even analysis

Future steps

Discussion about future steps, the desired investment and possible risks of the venture

Business Description

Festrack is a tracking service system that aims to improve the experience of festival visitors by simplifying their payments, shortening their ques and offering an option to find their friends. Festrack is also interesting for festival organisations and festival facilitators, as Festrack’s digital payment method increases spending behaviour of visitors and its tracking system offers analytical data on visitor behaviour...

Market

A context analysis has been done regarding the market and competition. This gave us good insight into the future environment of Festrack. The financials and events were analysed before the Festracker was compared to the existing competitors. It could be concluded that the event market is increasing and that there is no product on the market that has the exact same functions as the Festracker. Some products are similar, but the Festracker stands out because of the tracking function.

Market introduction

The PSS is targeted at organisations and facilitators of festivals. The goal is to get them to invest in the PSS and implement it at their festivals. It is not likely that large festivals are willing to use the PSS only based on theoretical research. Then the festival will not have enough confirmation that the PSS is profitable for the festival organisation. That is why the first step in convincing the organisations and facilitators to use the PSS is done by testing it at a small free festival, think about a maximum of 5000 people...

Logistics

Logistics can be defined as the detailed organisation and implementation of a complex operation or process. This should be thought out to make sure that nothing is overlooked. All of the main processes of the venture are discussed, from developing and operating the PSS to providing customer service.

Financials

To make sure that the venture is viable, an elaborate financial projection is made. Many variables are complicated and therefore a lot of estimates are used. The estimations are made by doing research on what specific parts and services approximately cost nowadays. These numbers are subject to change. To make this projection more reliable, most variables are overvalued.

Future steps

The next step should be to develop the PSS even further by making a working prototype. This will lead to more knowledge about the possibilities of the PSS. A working prototype can also help to persuade any investors. Without an investment, Festrack will not have enough money to start generating revenue. It is important to know how much money is needed and what the possible risks are.