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Why New story's Business Model is so successful?

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New story’s Company Overview


New Story is an innovative, forward-thinking company that leverages cutting-edge technology to address one of the world's most pressing issues: housing. With a keen focus on creating sustainable, safe, and affordable homes, New Story operates at the intersection of humanitarianism and technology. The company's pioneering approach combines 3D printing and proprietary software to design and construct homes in a matter of days, not months. This significantly reduces the cost and time required to build, making housing more accessible to disadvantaged communities worldwide. The company's mission is not just about building homes, but also about creating communities that empower residents to lead fulfilling lives. Business Model: New Story's business model is underpinned by a blend of innovation, collaboration, and social responsibility. The company partners with local governments, non-profit organizations, and private entities to identify communities in need. Then, using their revolutionary 3D printing technology and software, they design and build customized homes that meet the unique needs of each community. By leveraging technology, New Story can drastically cut construction costs and time, making it possible to provide affordable housing solutions on a large scale. The company also involves the future homeowners in the design process, ensuring that the homes built are not just functional and safe, but also culturally sensitive and community-oriented. Revenue Model: New Story operates primarily as a non-profit organization, relying on donations, grants, and partnerships for funding. The company also generates revenue through its proprietary software and 3D printing technology. They license this technology to other organizations and governments looking to implement similar housing solutions, creating a sustainable revenue stream. Additionally, New Story collaborates with corporations for corporate social responsibility (CSR) initiatives, providing companies an opportunity to invest in sustainable and impactful projects. This diversified revenue model enables New Story to continue its mission of providing affordable, safe, and sustainable homes to those who need them most.

https://www.newstoryhomes.org/

Country: California

Foundations date: 2014

Type: Charity

Sector: Consumer Services

Categories: Non-profit


New story’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: design/aesthetics, provides access

Functional: simplifies, organizes, integrates, connects, informs


New story’s Related Competitors



New story’s Business Operations


3D printing:

3D printing, so-called additive manufacturing (AM), relates to methods used to build a three-dimensional item by forming successive layers of material under computer control. It has already transformed prototyping, and we are beginning to see the technology's promise in mass customization, medical, and home usage. Engineering, architectural, medical, industrial design, and construction are just a few industries that utilize 3D printers.

Collaborative production:

Producing goods in collaboration with customers based on their input, comments, naming, and price. It represents a new form of the socioeconomic output in which enormous individuals collaborate (usually over the internet). In general, initiatives based on the commons have less rigid hierarchical structures than those found on more conventional commercial models. However, sometimes not always?commons-based enterprises are structured so that contributors are not compensated financially.

Crowdfunding:

Crowdfunding is the technique by which a large number of people contribute to a project. Contribute modest sums of money to support a new business endeavor. Crowdfunding leverages the ease of accessing vast networks of people, connecting investors and entrepreneurs through social media and crowdfunding websites. It can increase entrepreneurialism by widening the pool of investors further than the traditional ring of owners, relatives, and venture capitalists.

Donation-based:

Crowdfunding for charity purposes is a collaborative effort by people to aid charitable projects. Civic crowdfunding is a kind of charity crowdfunding in which money is collected to improve public life and space.

Innovative retail banking model:

The design has no resemblance to a bank but more to a coffee shop. There is free wifi and a large number of iPads accessible for internet use. Automated teller machines (ATMs) are located around the perimeter of the coffee shop, allowing customers to conduct financial transactions. The workforce consists of a mix of coffee shop patrons and banking personnel who circulate and make themselves accessible. If you need services not available through an ATM, fully trained bank personnel can offer all services typically available at a conventional bank branch.

Low cost:

A pricing strategy in which a business provides a low price in order to drive demand and increase market share. Additionally referred to as a low-price approach. The low-cost model has sparked a revolution in the airline industry. The end-user benefits from low-cost tickets as a result of a revenue strategy that seeks various sources of income. Ryanair was one of the first businesses to embrace this approach.

Low-budget innovation:

Fast-moving consumer goods businesses produce co-created items with early adopters through sample testing based on user observation and involvement. As a result, fast-moving consumer goods businesses may obtain a greater new product success rate while incurring fewer development expenses via a low-budget innovation business strategy. That is referred to as low-budget innovation.

Open innovation:

A business concept established by Henry Chesbrough that inspires firms to pursue out external sources of innovation in order to enhance product lines and reduce the time needed to bring the product to the market, as well as to industry or release developed in-house innovation that does not fit the customer's experience but could be used effectively elsewhere.

Social stakeholder:

Social responsibility will only be accurate if many managers embrace moral leadership rather than immoral leadership, organizational management, and business ethics that engage morals and values in corporate governance. In a nutshell, it addresses the concept of who or what really matters.

Sustainability-focused:

Companies that manufacture fast-moving consumer goods and services and are committed to sustainability do ecological impact assessments on their products and services. While research-based green marketing needs facts, green storytelling requires imagination and location. Employees responsible for the brand definition and green marketers collaborate with product and service designers, environmental groups, and government agencies.

Target the poor:

The product or service provided here is aimed towards the bottom of the pyramid rather than the top. The target of the flawed business model is a financially feasible strategy that helps low-income communities by integrating them in the value chain of a firm on the demand side as customers and consumers and the supply side as producers, entrepreneurs, or workers in a sustainable manner. While the business earns a little profit on each product sold, it profits from the increased sales volume often associated with a large client base.

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