XReco’s Joint Business Clinic Highlights

On Tuesday, May 30, 2023, we organized the first of three Joint Business Clinics for XReco. With over 40 participants from the European media, tourism, and mobility industry attending!

XReco aims at developing an eXtended Reality mEdia eCOsystem that consists of:

• A platform where users (consumers, distributors, creators) can create and transform XR content
• A library where users can manage, organize, search, and share their existing 2D and (created) 3D content.
• A repository where users can share, sell, and buy needed 2D, 3D and XR content
• An ecosystem where all this comes together based on a smart, blockchain-based, rights management system that simplifies data monetization and protection

The Joint Business Clinics represent an essential component of XReco’s integrated exploitation strategy. By utilizing a co-creative and human-centered approach, the Joint Business Clinics aim at gaining a deep understanding of the needs and challenges faced by potential users and exploring how XReco can deliver value to specific customer segments to address these needs and solve existing problems.

The first XReco Joint Business Clinic brought together experts from the media, tourism, and mobility industry. At the beginning of the Joint Business Clinic, we introduced XReco, presented the key benefits, and showed the potential it has to address the needs and gaps in the XR market. This led to fruitful feedback and discussions before we jumped into separate co-creative sessions.

During these two co-creative sessions, we asked the attending experts what current problems, needs, desires, and pain points there are in dealing with the development of XR experiences and their jobs to be done. These discussions fostered insights that were then collected on two canvasses. The first one is the Lean Canvas to create a more user-centric business model and built our XReco solution based on real-life problems. The second is the Value Proposition Canvas to gain an even deeper understanding of how XReco can deliver services that are gain creators and pain relievers for those using the services.

As such, the first XReco Joint Business Clinic provided a platform for engagement with business experts, allowing XReco to gain a deeper understanding of the customer needs and assess how it can potentially address those needs and solve existing problems. Our human-centered approach provided a platform for open dialogue, cross-functional collaboration, and alignment. With the Joint Business Clinic outcomes, we create applicable insights, refined concepts, and a deeper understanding that can be further developed and validated.

Bas, Business Designer at SOUND

By taking a human-centered approach, the Joint Business Clinic ensures that the XReco solution is tailored to meet the real needs and requirements of the market. The three consecutive Joint Business Clinics are a crucial part of the process for defining XReco’s integrated exploitation strategy and offer a unique opportunity for XReco to gain hands-on experience, gather fresh perspectives and innovative ideas, and validate its value proposition with potential customers.

Engaging with potential customers, users, producers, and consumers is central to XReco’s approach and the development and validation of aligned value propositions. Continuous and structural engagement with these groups through Joint Business Clinics, focus groups, and user interviews will help us better identify target segments, further understand the unique benefits and features of XReco, and validate our assumptions with user segments.

As such, we will consciously and continually ask the following questions, not only during Joint Business Clinics but during all development, to ensure that XReco is located smack-dab in the middle of understanding the needs of people, technology, and business:

• Desirability: Are we solving the right pain points for potential users and customers?
• Feasibility: How can we build XReco to make our solution healthier and stronger?
• Viability: Does our business model fit with the way XReco customers want to use and pay for our solution?

Joint Business Clinics are a valuable tool for assessing desirability, feasibility, and viability as it allows us to test, validate, and refine our assumptions and value propositions.

During the first XReco Joint Business Clinic participants worked together to co-create the following outcomes:

• Potential business models for the media, mobility, and tourism industry
• The unique value proposition for the media, mobility, and tourism industry
• Validated market and customer needs
• Identification of specific further requirements for the XReco ecosystem
• Identification of potential early adaptors

A heartfelt ‘Thank you’ to all participants for their invaluable contributions. Your support has been essential to this remarkable success. We are truly grateful for your exceptional support!