Please describe your proposed solution.
The central idea of this functionality is to provide future users with the possibility of making reliable real-time reservations where you can see available tables around you through a simple, agile, and robust mobile application (APP). Reservations are a common activity in many sectors such as hospitality, restaurants, transportation, entertainment, among others, all falling under the service industry where tourism, culture, and leisure represent a high volume of business with a solid foundation. However, the reservation process can be complicated and requires the parties involved to trust that the information provided by the counterpart is accurate, with adherence to deadlines and costs.
The initial implementation of our business idea is aimed at the restaurant, café, and bar sector, particularly those establishments offering light meals (tapas), snacks, and drinks, which have limited occupancy tables both indoors and on terraces. In these cases, the objective of the reservation is not planned well in advance, as is currently done in the restaurant (days/weeks) or hospitality (days/weeks/months) industries. The need to have a table within 10, 20 or 30 minutes, in close proximity to the place and time the need arises, is not currently addressed. It requires a reliable procedure and information exchange between the involved parties, with transparency and immediacy.
The business idea is based on the development of an APP that allows immediate reservations, incorporating smart contracts to provide security in meeting commitments, along with the automation of bonuses and penalties based on the acquired reservation commitments. One of the objectives of the APP is to simplify and make the process more secure and efficient by utilizing Cardano’s blockchain technology.
In this regard, blockchain technology is ideal for creating a platform that ensures and makes transparent the connection established between the two parties of a reservation. The use of smart contracts provides the ability to define clear and binding rules that automate and formalize the process. Consequently, intermediaries and their associated costs are eliminated, while minimizing errors and non-compliance issues often encountered in current processes.
The proposed platform will allow users to search for available tables in establishments, make immediate and reliable reservations, obtain location information, make payments, and provide authenticated reviews about the consumed services. This offers several significant advantages for both the user and the leisure establishment offering the tables:
- Leisure establishments can showcase their businesses and gain visibility through the APP.
- Reservations have a commitment from both the user and the establishment, supported by the technological capabilities of the platform.
- Both establishments and users gain valuable information about their activities, facilitating subsequent reservations or more effective management of availability.
- The simplicity and agility of the APP provide an effective tool for filling off-peak occupancy periods for establishments. The availability status of a table can be checked with just one click.
- The immediacy tied to commitment and reliability enables a type of reservation that is currently unattended, yet based on a very common type of consumption in widely spread leisure establishments.
- Incorporating payment within the platform simplifies and streamlines this process, saving time, resources, and costs for establishments.
- The integration of reviews within the platform ensures their reliability, as they are seamlessly integrated into the entire reservation, consumption, and payment process, secured by the traceability provided by the utilized technology.
- Having the menu/products of a specific establishment available in the APP optimizes the user's selection process and expedites future orders at that establishment.
It is worth noting that this new platform would significantly increase resistance to fraud based on altering commitments or the lack of reliability in reservations, leading to the loyalty of both parties and empowering the use of this new system.
Both users and leisure establishments will be able to download the APP for free, with a simple registration process. In the case of establishments that allow payment through the platform, they will need to complete a form in compliance with current regulations (KYC).
The revenue source associated with this business idea is based on applying a commission to the establishment for each reservation made through the platform, based on the total consumption. In its basic form, there are no additional costs beyond this commission. This type of monetization allows for greater market penetration, facilitating adoption by the establishments and increasing the options available to users, ultimately resulting in higher usage and business volume.
Additionally, we have planned for a second phase, which involves offering premium services such as exclusive offers and special discounts for frequent users, managing an exclusive list of establishments based on their capacity and frequency of offered tables, as well as the reliability of reviews and proven quality.
Regarding the target audience, the application would be useful for anyone in need of making a reservation at a bar, restaurant, or café. The potential market is broad and diverse, with significant volumes in cultural and tourist areas, generally characterized by extensive leisure activities.
In conclusion, the implementation of this real-time reservation system, utilizing advanced technology and the capabilities offered by blockchain, is a thoroughly researched business idea with months of analysis and identification of needs in the broad spectrum of the culture and leisure sector. The platform undoubtedly has the potential to simplify reservation processes, making them safer, more reliable, and efficient, which will undoubtedly attract a large number of users.
Lastly, the added value provided by the utilization of advanced technologies sets the platform apart from the competition, emphasizing an evolutionary change in this type of system. This allows for greater transparency in the business, based on revenue generation through the application of a commission to reservations and premium services.
Mi Mesa, has exciting plans to integrate our platform with blockchain, specifically leveraging Cardano’s blockchain.
The first step is to generate a utility token on the Cardano blockchain. This token will enable us to implement Smart Contracts and harness the benefits and features offered by blockchain technology. In an initial phase, we will conduct tests on Cardano's preprod network, creating custodial wallets to familiarize ourselves with the process and understand how it integrates with our platform. As we progress, our goal is to migrate this token to Cardano's mainnet, empowering each user to have their own wallet and interact directly with the token.
The utility token will serve several purposes within our platform. Firstly, it will be used to reward users for their loyalty, frequency of use, and in case of any incidents they may have encountered. We aim to incentivize our users and encourage greater engagement on the platform by offering tangible benefits through this token. It is important to note that this utility token will not be available for sale or listed on any market.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our proposed solution makes a significant contribution to the Cardano ecosystem by leveraging its blockchain technology to introduce MiMesa, a groundbreaking reservation application. By integrating with Cardano, MiMesa brings numerous benefits and fosters the growth and adoption of the ecosystem.
One of the key contributions of our solution is the utilization of Cardano's blockchain for secure and transparent transactions. By implementing smart contracts, MiMesa establishes agreements between restaurants and users, ensuring that reservations are honored and providing an immutable record of the transaction. This not only minimizes risks such as overbooking and last-minute cancellations but also instills trust and reliability in the reservation process
Furthermore, MiMesa showcases the power and potential of Cardano's blockchain technology. By incorporating smart contracts for each reservation, we highlight their efficiency, security, and automation capabilities. This demonstration paves the way for wider adoption of smart contracts in various industries beyond hospitality, thereby expanding the utility and value of the Cardano ecosystem.
In addition to the technological advancements, MiMesa contributes to the overall growth of Cardano by promoting real-world usage. By providing a user-friendly and practical application, we enable individuals to experience Cardano's benefits in their everyday lives. This increased exposure and usage contribute to the network effect, attracting more users and businesses to the Cardano ecosystem.
Moreover, the integration of Cardano into MiMesa creates a tangible use case for the ecosystem, emphasizing its real-world value. By enabling users to make reservations, access menus, view location details, and leave verified reviews, MiMesa demonstrates the versatility and utility of Cardano beyond financial transactions. This broadens the perception of Cardano as a comprehensive blockchain platform with wide-ranging applications.
In summary, our proposed solution significantly contributes to the Cardano ecosystem by leveraging its blockchain technology. Through MiMesa, we showcase the secure and transparent nature of Cardano's transactions through smart contracts. Furthermore, our application promotes real-world adoption, expands the use of smart contracts, and highlights the versatility of Cardano beyond financial use cases. These contributions collectively strengthen the Cardano ecosystem, attracting more users and businesses, and positioning Cardano as a leading blockchain platform.
How do you intend to measure the success of your project?
With a vast number of restaurants worldwide, including an estimated 300,000 in Spain, 2 million in Europe, and millions more across the globe, the potential user base for our project is enormous. If successfully implemented, the impact on the Cardano ecosystem could be significant, with far-reaching benefits for productivity and growth.
We will make ready the APP for storing crucial data to measure relevant metrics used to assess the performance and effectiveness of various aspects of an app,
- User Acquisition.
- User Retention.
- Engagement Metrics (the number of interactions per user, the number of reservations made and reviews posted)
- Conversion Rate (focused on confirmed bookings).
- Revenue Metrics (ARPU, LTV, or the total revenue generated).
- App Performance (app crashes, app load time, or app responsiveness, monitoring a positive user experience).
- Social Sharing Metrics (number of shares, social media reach, or referrals).
- App Store Metrics (app ratings, app reviews, or the app's position in app store rankings).
While some of these benefits can be measured quantitatively, we also recognize the importance of qualitative measures, including user opinions and feedback. Let's explore the potential benefits and their realistic measurement within the Cardano ecosystem:
<u>Increased Adoption:</u>
By introducing MiMesa and integrating Cardano's blockchain technology, we provide a compelling use case that can attract a substantial number of businesses and users. As more restaurants join the platform, the adoption of Cardano within the hospitality industry will grow. Measuring the number of participating restaurants and users actively utilizing the application will be an essential metric to track this adoption. The larger the user base, the greater the impact on Cardano's ecosystem.
<u>Expanded Network Effect:</u>
A successful implementation of MiMesa would contribute to the network effect within the Cardano ecosystem. With a growing user base, the liquidity and usability of Cardano would increase, attracting more businesses and individuals to participate. Tracking the growth in the number of users, interactions, and transactions within the MiMesa application can provide valuable insights into the expansion of the network effect and its impact on Cardano's productivity and growth.
<u>Positive Reputation:</u>
A key measure of success lies in the positive reputation built around Cardano through the success and satisfaction of MiMesa users. User opinions and feedback play a crucial role in assessing this aspect. As users have a seamless and secure experience with the application, they are likely to view Cardano as a reliable and innovative blockchain platform. Conducting satisfaction surveys and gathering user testimonials can provide valuable qualitative insights into Cardano's reputation and its association with the project.
<u>Ecosystem Expansion:</u>
MiMesa's success would showcase the versatility of Cardano beyond financial transactions, paving the way for the expansion of its ecosystem. As more industries and sectors recognize the potential of Cardano's blockchain technology, it opens up opportunities for growth and innovation. Although challenging to measure quantitatively, the exploration of partnerships, integrations, and collaborations resulting from the project can indicate the expansion of Cardano's ecosystem.
In conclusion, with a vast number of restaurants in Spain, Europe, and worldwide, the potential user base for MiMesa is substantial. A successful implementation of the project within the Cardano ecosystem has the potential to drive increased adoption, expand the network effect, enhance Cardano's reputation, and foster ecosystem growth. By combining quantitative metrics such as adoption rates and user engagement with qualitative measures like user opinions and ecosystem expansion, we can gain a comprehensive understanding of the project's impact on Cardano's productivity and long-term growth.
Please describe your plans to share the outputs and results of your project?
To spread the project's outputs over a reasonable timescale and maximize its impact, we have devised a comprehensive plan for dissemination and collaboration. Here's how we intend to share the outputs, opportunities, and leverage the results for further research and development activities:
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<u>Industry Partnerships</u>: We will actively engage with key stakeholders in the hospitality industry, including restaurant associations, culinary organizations, and technology providers. By forming strategic partnerships, we can share the outputs of the project and collaborate to promote the adoption of MiMesa and Cardano's blockchain technology. These partnerships will enable us to reach a wider audience and leverage existing networks to amplify the project's impact.
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<u>Conferences and Events</u>: We plan to participate in relevant conferences, trade shows, and industry events focused on technology, hospitality, and blockchain. These platforms provide opportunities to showcase the project's outputs, present case studies, and engage with industry professionals and decision-makers. By disseminating our findings and success stories at these events, we can inspire further adoption and collaboration.
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<u>Publications and Whitepapers</u>: We will publish research papers, articles, and whitepapers that document the project's methodology, findings, and insights. These publications will be targeted at academic journals, industry magazines, and online platforms focused on blockchain technology, hospitality, and innovation. By sharing our knowledge and experiences, we contribute to the broader research community and inspire future research and development activities.
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<u>Online Presence and social media</u>: We will establish a strong online presence through a dedicated project website, social media channels, and online forums. These platforms will serve as a hub for sharing project updates, success stories, and engaging with the community. By actively participating in relevant online discussions and leveraging social media outreach, we can reach a broader audience and foster collaboration.
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<u>Feedback Loops and User Engagement</u>: We will actively seek feedback from users, including both restaurants and customers, to continuously improve the project's outputs and address any potential issues or limitations. User feedback (see metrics) will inform further research and development activities, allowing us to refine the application, enhance user experience, and explore new opportunities for innovation.
In summary, our plan for spreading the project's outputs involves forming industry partnerships, participating in conferences and events, publishing research papers, establishing an online presence, collaborating with universities and research institutions, and engaging with users. By sharing our findings and successes, we aim to inspire further adoption of the project, stimulate collaboration, and leverage the results for future research and development activities.