FHWien Entrepreneurial Journalism Fall 2021

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Group C - Low-budget life - tips for the desperate

List Names of Group Members Here

Daniel Stornig, daniel.stornig@edu.fh-wien.ac.at

Marietta Trendl

Anna Lena Seeber

Markus Hagspiel

Martin Ziniel

Introductory Venture Updates

📋 Summary - WHAT we’re creating

We help students with little money find exciting free or low-cost services and products by creating a social media page, which they can follow.

This will include:

An Instagram page/ website / newsletter including:

- financial advice

- low budget recipes

- free event recommendations

- list of bars where the beer costs less than 4 euros => where to eat well and cheaply

- memes

- Do it yourself manuals

- Where to get free stuff :)

🏋️‍♂️Motivation - WHY we’re doing this

When I first moved to Vienna, I had very little money and couldn’t afford much of anything apart from my daily bread and wine. This was, sadly, detrimental to parts of my social life. I couldn’t go to meet people at clubs and bars half as much as I would have liked to and whenever I made a purchase that felt vaguely unnecessary, I would feel bad about it. In retrospect, I would have liked to have a comprehensive list of free and cheap options, that would have allowed me to free myself a little from my financial restrictions.

The community we want to serve consists of people who feel limited by their financial restrictions. People who need to find cheap options for fun things. Our product should be more light-hearted, so we might be serving more of a “want”, rather than a “need”, because people who live in real poverty have bigger problems than cheap drinks and free books.

I doubt we’ll get any measure of fame and fortune out of this, so this would be a bit of a passion project. That being said, we would make efforts to cooperate with sponsors to make this endeavor somewhat financially viable.

We have different interests in our group, which means that each of us can lean into their passions, in finding free or cheap options for what they most enjoy doing. For example, I enjoy reading, and would love a comprehensive map of where I can find the open libraries in Vienna. Someone else might enjoy bars that offer cheap food and drinks. Another person might love cinema and know about all open air showings of films and so on.

We’re curious to discover just how many free services and products you can find if you’re willing to search for them.

🧑‍💻Persona - WHO we’re serving

Include a few sentences about someone(s) you’re aiming to serve. This person is either a real person you have in mind, or representative of the people you’re aiming to reach with your product.

For example:

Emily works in a marketing agency developing project plans for 5 clients. She spends her weekdays with 10+ tabs open on her laptop juggling multiple deadlines and needs to find ways to work more efficiently so she can free time up for creative projects and personal goals.

Later on, you can dive deeper to create a more fully fleshed-out persona. Here’s a helpful resource for that 👇

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And later on you can use

this persona template⁠

to create a fully-fleshed out persona outline 👇

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Students and people entering the workforce in Vienna who do not have a lot of money but still want to take part in events and just generally have a fun life, while saving money.

Persona 1:

Peter is 22 years old and just moved to Vienna. He loves to cycle, but his bike is broken at the moment and he cannot afford the repair. However, he would love to fix it on his own. Therefore, he is looking for a place, which offers the tools and some advices cheap or even for free.

Persona 2:

Anja is 26 years old and studies Engineering in Vienna. She loves to go to cool pubs, museums and happenings in the city. However, these hobbies are quite expensive for her. So, she looks for cheaper places, special offers for museums and free happenings around the city.

🔗 Links — WHERE we’re creating

We don’t have a protoype yet, but we are planning on sharing our content on Facebook and Instagram.

🎈 Inspiration — HOW we draw ideas/energy

one company which is very famous in Austria we get inspired from is 1000 Things. (

https://www.1000things.at⁠

) This page provides people with great ideas about what to do in austria. Sometime they also have low budget tipps. They also have a great instagram page with 126.000 Followers.

We also get inspired by places like the siebenstern cafe. They have a public fridge which can be filled with left overs and everyone that needs it can take it. It’s places like this cafe that makes low budget living possible.

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https://goodnight.at/⁠

is a website similar to 1000 Things. They post things to do and great locations for every season especially for young people. They open your eyes for new things that are great and cheap or for free.

There are also several facebookgroups that share tipps and tricks on how to live cheap in a city. In those groups people inspire each other and help each other out. They have a great community which gives us hope, that we are able to create a strong community.

Last but not least we get inspired by each other and our friends. Since we are all students we know the struggle and know some trick and hidden places in vienna. Being in the bubble that we want to serve really helps to see the important things.

🤨 Question — ONE thing we’re exploring...

One of the questions we’re exploring is how we’re going to make money with our idea and how to find a good revenue stream.

Need help with this? Potential questions might include:

Which customer group to focus on first

Which particular customer need is most pressing

What collaborator or partner(s) I should prioritize

How to validate whether people actually want/need this

Which type of content might be most valuable

💶 Revenue — Money may come from...

The potential revenue streams we’re considering include:

Cooperation with companies that want to introduce new services and products to potential customers. Those companies often need people who take part in market research to test if the product is able to go into mass production.

Ads on the website / newsletter