Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please read the following case carefully then as you learnt earlier list only the components of Business Model that used by (VF)? Please read the
Please read the following case carefully then as you learnt earlier list only the components of Business Model that used by (VF)?
Please read the following case carefully then as you learnt earlier ist only the components of Business Model that used by WF? ENTREPRENEURSHIP IN ACTION Tanzeel ur Rehman, Cofounder and CEO, Virtual Force (VF) With a background in computer engineering Tanzeel ur Rehman worked in a number of roles in technology, business development and sales before earning an MBA at Babson College in 2013. Keen to share his vast experience, passion, and knowledge, ur Rehman hit on exactly the right kind business for him when he cofounded Virtual Force (VF) in late 2011 Based in Pakistan, VF is an innovation platform that supports startups, SMEs, and Chat with person who large enterprises in need of tech expertise in order to get their businesses off the ground Taner man cofounder and CV Since being founded in late 2011, VF has Force VF teher with steam grown to 50 staff members and worked with more than 30 startups on a range of diverse products in health care, home care, financing education, sports, agriculture, beauty, and clothing, among others. In providing this service VF offers a solution to one of the biggest challenges to early-stage tech startups in particular: finding the right expertise to build a testable product quickly and efficiently with the least number of resources possible. By taking this approach, VF enables startups to reach the market with a testable product available for customer feedback and further iteration where necessary. As ur Rehman says. "Not having the right tech cofounder and eventually not being able to build the correct product in a timely manner has been one of the most important causes of failure for many startups. We at VF identified this niche and then started working with startups, helping them build their products, taking the role of their tech cofounders." VF also takes a streamlined approach to its business model. Initially. VF started off with a tee- based business model where the startup would pay a fee for the services provided by VF However, the model has evolved to offer subsidized engineering and design services to startups in exchange for a percentage of equity in the product or the company itself. Through trial and error, VF quickly learned that many startups could not afford to pay the fees for this service, so a shift to an equity-based business model made more sense Tanzeel ur Rehman believes his business brings people together and satisfies two primary needs: the need for startups to find the right talent to help build and scale their products; and the need for his engineers to work on new exciting products. He states, "Startups in the US face a huge issue of finding the right talent for their product needs Similarly, engineers in Pakistan generally do not get to work on brilliant new ideas. For engineers, it is more fun to work on new and unique ideas that they can see scale up. We identified this gap and created a bridge between these two markets through VF. Our business connects talent from across the continents to work together and make that important dent in the universe. Success for ur Rehman is collaborating with great minds from all over the world to build unique innovative products. It is more valuable to see the sort of impact I have had. I had a chance to stay in the US and work in some organization, instead I worked to expand this business. Now in my company, brilliant minds of Pakistan get to work with brilliant minds of US and Europe. We are creating amazing products that are changing the world and we have created a company with a culture that is turning out to be a role model for other companies in Pakistan line It Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started