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Gadgets

Young ideas mean business

Award-winning innovations show they have commercial potential
13/03/2012
Sasiwimon Boonruang

hotelSoftware programs developed by the young as entries in innovation contests are today proving they also have great commercial value.

At least one of the four gold award winners from the Samart Innovation Awards 2011 has already shown their talent in the business world, one is about to set up a company, while the other two are fourth-year university students who plan to make commercial use of their programs.

The Samart Innovation Awards 2011, a contest organised by Samart Corporation and the National Science and Technology Development Agency (NSTDA), recently announced the 13 winning projects from a total of 150 projects submitted last year...

...The team from NewLine proposed a reverse auction technology to solve the problem of room over-supply that hotels often face and improve their unsatisfactory booking systems.

Customers can choose the location of a hotel from Google Maps, then find vacant rooms in each hotel participating in the reverse auction.

The business model matches supply with demand and allows tourists to get rooms at the lowest price while hotels have an innovative channel to manage their vacant rooms.

Marwin Chirapaisarnkul, the team leader, explained that the reverse auction is a win-win deal for both tourists and hotels.

"Vacant rooms" or "over-supply rooms" are rooms that the hotel business would like to create revenue with, by selling them for less profit, but quickly. "It's better than leaving the rooms unoccupied," said Marwin, who was inspired by the reverse auction of hotel rooms when he went to the United States, allowing him to a get room for 1,500 baht, instead of the normal price of 12,000 baht

He noted that he has a plan to commercialise the program by proposing it to a small number of hotels and resorts first. "It needs to have investment funding for the future program development and I have a plan to make it for the Asean market as well

(Source: Bangkok Post, Gadgets, Young ideas mean business, Award-winning innovations show they have commercial potential, 13/03/2012, Sasiwimon Boonruang, link

Business Plan Competitions

business plan - a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals (See Wikipedia)

business plan competition - a competition in which teams of future business people compete to create the most promising business idea; provides practice to MBA students and other students in putting their education into action in the business world, also a place where venture capital firms find new startup businesses to fund (See Wikipedia List , a list of competitions from NY Times & Wharton's)

business model - a plan of how a new business will deliver value to customers: "The essence of a business model is that it defines the manner by which the business enterprise delivers value to customers, entices customers to pay for value, and converts those payments to profit: it thus reflects management’s hypothesis about what customers want, how they want it, and how an enterprise can organize to best meet those needs, get paid for doing so, and make a profit" (See Wikipedia)

auction - selling things by competitive bids, selling to the person who offers that best price การขายโดยการประมูล, การขายทอดตลาด (See Wikipedia)
forward auction - an ordinary auction, buyers compete to obtain a good or service and the price typically increases over time
reverse auction -  a type of auction in which the roles of buyers and sellers are reversed, sellers compete to obtain business and prices typically decrease over time (See Wikipedia)

he means business - meaning: he is serious

young ideas mean business

award - a prize or a sum of money that is given to someone following an official decision รางวัล
award winners
innovation - a new way of doing something นวัตกรรม
award-winning innovations

commercial - for business purposes
potential - the possibility of success ที่มีศักยภาพ ที่เป็นไปได้
commercial potential
make commercial use of
commercial value - can be sold by a business to make a profit
have great commercial value

award-winning innovations show they have commercial potential

software - the computer programs that make computers work, that allow you to do things with computers (examples, do artwork, write documents, do accounting, etc)
software programs - Same as "software programs"
software development - creating new software and computer programs
program development -
same as "software development"

innovation contests - a business plan competition
proving - showing that something is true

Software programs developed by the young as entries in innovation contests are today proving they also have great commercial value.

talent
- a natural ability to be good at something, the natural ability to perform some job or task well ความสามารถพิเศษ
talent in the business world
set up a company -
start a new company (do everything to make it operational)

At least one of the four gold award winners from the Samart Innovation Awards 2011 has already shown their talent in the business world, one is about to set up a company, while the other two are fourth-year university students who plan to make commercial use of their programs.

contest - to compete for something โต้แย้ง ถกเถียง
contest - to take part in an election or other competition ลงแข่ง, ลงรับเลือกตั้ง
submitted - formally given to someone so that they can make a decision about it ยื่น ยื่นเอกสารเพื่อการพิจารณา

The Samart Innovation Awards 2011, a contest organised by Samart Corporation and the National Science and Technology Development Agency (NSTDA), recently announced the 13 winning projects from a total of 150 projects submitted last year...

proposed - suggested (but not yet chosen or decided upon)
proposed a reverse auction technology
room over-supply - too many rooms, room supply greater than room demand
unsatisfactory booking systems
Google Maps - an online service that offers many different kind of maps by Google (See Wikipedia)
vacant
- empty; when a building or a house has no one working, living in it, or renting it ที่ว่างลง
vacant rooms - hotel rooms without people staying in them
participating - when a person is part of an activity

...The team from NewLine proposed a reverse auction technology to solve the problem of room over-supply that hotels often face and improve their unsatisfactory booking systems. Customers can choose the location of a hotel from Google Maps, then find vacant rooms in each hotel participating in the reverse auction.

innovative - using new methods or ideas เกี่ยวกับการปรับปรุงใหม่, ที่เต็มไปด้วยจิตใจปฏิรูปใหม่
channel - to use your energy, ability, etc. for a particular purpose ใช้ความสามารถที่มี to direct something into a particular place or situation ใช้ไปในทาง
innovative channel - a new and useful way to do something
win win deal - a deal in which everyone gains, profits, wins

The business model matches supply with demand and allows tourists to get rooms at the lowest price while hotels have an innovative channel to manage their vacant rooms. Marwin Chirapaisarnkul, the team leader, explained that the reverse auction is a win-win deal for both tourists and hotels.

revenue - income from taxes or business activities รายได้
profit - money that you make from selling goods and services after all your costs have been paid กำไร
unoccupied - no person living inside the room, house, apartment, office, etc (same as "vacant")
inspired by - the idea for making or doing something was given by
commercialise the program - make the program into a product or service that customers buy (and your company makes a profit from) 
investment
- taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
funding - money given for a particular purpose; the money supporting a project การให้เงินสนับสนุน
investment funding - money for a business (money put into a business by investors) 

"Vacant rooms" or "over-supply rooms" are rooms that the hotel business would like to create revenue with, by selling them for less profit, but quickly. "It's better than leaving the rooms unoccupied," said Marwin, who was inspired by the reverse auction of hotel rooms when he went to the United States, allowing him to a get room for 1,500 baht, instead of the normal price of 12,000 baht

He noted that he has a plan to commercialise the program by proposing it to a small number of hotels and resorts first. "It needs to have investment funding for the future program development and I have a plan to make it for the Asean market as well

About the author

columnist
Writer: Jon Fernquest
Position: Online Writer