The 1001 Startup Ideas – AI enabled book discovery and marketing platform from YoStartups is to create a book discovery platform which can help an average book reader make an informed choice as the number of books published is exploding every year. This will also enable authors and publishers to gaze the market feedback early and update their marekting and sales strategy.
Market Definition for 1001 Startup Ideas – AI enabled book discovery and marketing platform
According to Bowker Report (September 7, 2016), more than 700,000 books were published in the U.S. in 2015, which is an incredible increase of 375% since 2010. The number of new books published each year in the U.S. has exploded by more than 600,000 since 2007, to well over 1 million annually and there are about 13 million already published books on sale through other sources. The market is getting saturated, and the chances of a book getting shelf space in a store is less than a percent. The explosion of books has made difficult for a book to particularly stand out among other books on the similar topics. The ROI’s on marketing and the efforts to write is not as rewarding as they were in the past.
There is a market for potential audiences who are willing to read a particular book but are not willing to risk the time, money and effort involved.
Competitor Analysis for 1001 Startup Ideas – AI enabled book discovery and marketing platform
There are various companies listed below which are using computer algorithms to publish books and make recommendations based on user behavior.
Inkitt uses a computer algorithm to predict book success based on reader behavior.
Jellybooks is providing free books sponsored by either authors or publishers in exchange for reader’s data. This data is utilized further to make recommendations and match books according to a reader’s behavior.
Booxby has gone a step further to use Natural language processing and Machine learning to map reader behaviors with authors writing styles.
Pain Point & Target Audience for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The target audience for the startup would be the readers who are often perplexed while buying a new book as the decision is based on loose feedbacks or trial and error.
The primary concern for the publishers is the overall sales of books has been coming down in spite of good content being available. The publishers and the readers are both spoilt for choice as the number of books available is increasing, and the ROI’s are decreasing. For the readers, there is limited available time for reading because of other media choices available.
If the power of AI is leveraged properly to analyze and predict the readers’ behavior and choices before the books are published. It can save time, money and the go-to-market time for the publishers. For the readers, they don’t have to go through the painful task of reading something that does not suit their reading preference or taste.
Value Proposition for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The proposed start-up can provide a deep learning platform for the authors to upload their work and analyze their work to help them fine tune it based on the historical data on customer feedback, preferences and sales data. The AI can predict the success rate of the book based on data available from various selling platforms.
This increases the chances of the books getting published successfully, reducing the time and effort involved in publishing, marketing and selling the book. While the individual readers are getting books based on their reading preferences. It is a win-win situation for all.
Business Model for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The startup can work on B2B and B2C subscription based models.
It can tie up with various publishers and online book selling platforms and provide them bulk analysis services for a fixed monthly fee. For individual authors, it can follow a similar monthly subscription model but with limited features and fee.
Way to market for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The startup should start with collating and analyzing all the available data on book sales and reviews from online selling platforms, book review forums, and social media channels. Once preliminary data collation is achieved, the startup should work with some of the publication houses and refine its machine learning algorithm.
Milestones for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The start-up should tie up with local reading communities which can help them with initial data sets till the platform can recommend books based on their reading preferences. By the end of the year, the start-up should have tied up with one of the top e-book sellers like Amazon Kindle Publishing store or Barnes and Noble.
Investment Needed For Prototype for 1001 Startup Ideas – AI enabled book discovery and marketing platform
For developing and testing the platform pitch for raising up to $125k from accelerators like Rockstart AI Accelerator, Microsoft Accelerator, Y combinator etc. The basic tools like Tensor flow from google, Microsoft AI Platform or IBM’s Dr. Watson framework on which the algorithms can be run till the in-house AI reaches the desired accuracy for prediction.
Team Capability for 1001 Startup Ideas – AI enabled book discovery and marketing platform
The team must include a member with work experience with one of the big publishing houses who can leverage relationships to get access to data, and a data scientist to analyze data with the help of machine learning and deep learning techniques. You would also need a programmer who can code algorithms based on AI technologies like phyton etc.
Investors / Expert Take for 1001 Startup Ideas – AI enabled book discovery and marketing platform
With the books mostly going digital across the world and the rise of e-book publishing and selling platforms like Amazon, Barnes and Noble, Google play books, iBooks, etc. The data available for analytics is growing fast. With the internet penetration getting better across the world with access to better speeds, the opportunity is large.
The start-up would need to work to engage more and more book communities and the online selling platforms to give recommendations with better accuracy. With the AI platforms like Watson analyzing unorganized data like text , video, tweets, etc. which can define consumer sentiments. The possibilities are endless if we can analyze the data, presenting actionable insights.
More Ideas on Artificial Intelligence
1001 Startup Ideas – Preventing Copyright Infringement using AI
This 1001 startup idea article is from Yostartups, YoStartups is a Pre Accelerator and it empowers entrepreneurs to propel their business ideas into successful ventures. Yostartups’ core mission is to take the message of entrepreneurship to 1 billion people globally by 2020.
In case you are looking at scaling or launching a venture on similar lines, you can apply for our virtual acceleration program Excelrate on our website, Yostartups.com, Yostartups’ Excelrate program will help you in streamlining and structuring your startup idea. We have limited scholarships and discount packs for deserving startups, depending on the strength of your application, you may qualify for a discount.