Venture Concept No. 1

Opportunity:
As my friends and I have walked many times into the libraries on campus, we often find ourselves leaving very quickly due to the lack of outlets. UF's libraries seem to have a shortage of outlets, and there's a very few selective and popular seats that have access to some. This problem is definitely one that impacts the community because about everyone in our country these days is hooked to their phone, laptop, or tablet. Most people love studying in libraries because of the lack of distractions compared to their apartment or dorm, but because of this outlet problem, people are forced to leave the library or not even come at all. This opportunity I found seemed just to be with college students studying in libraries, but as this class progressed, I realized this is a problem in most public areas of study such as public libraries or places like Starbucks and Panera. This is a big opportunity because right now, there is no way for customers to satisfy this un-met need. Because of this, I don't think the "window of opportunity" will be there much as longer as it's a widely known problem, but I think that I have the most hands-on experience with it.

Innovation:
My opportunity is a two-fold problem because students don't know where all the outlets are in the libraries, and there is simply not enough outlets for the amount of students studying. Thus, I will provide first a service in the form of a phone app that will show every outlet on a multi-floor map  and show if it is open or used with green and red dots, respectively. To do this, each outlet will need to have a sensor that will register with my phone app, which I will need to implement in all current outlets, which I don't know if I will be creating or have it done by another company. This is a vital but also slow step in the beginning phases of my idea, but once it's completed, my app will be ready to go. I will sell my phone app through Apple and Android phones for $1. Secondly, the main problem is the shortage of outlets, and I will try to provide a product that will fix this need through a light-powered, transportable outlet. I'll be honest, this product is where I have slight skepticism because I don't technically know if it's possible, but I do know there is nothing like it currently on the market. This outlet will look the same and be able to hold 2 three prong chargers just like a normal outlet. It will function from the light through the windows or from the fluorescent lights above, and I will try to gather as much knowledge from the energy sector to see if this is possible and if I or they can create one. Because I don't know exactly how much it will cost to make, I don't know how much I will sell it for, but I can estimate around $20 each.

Venture Concept:
My product (phone app) and service (light-powered, transportable outlet) will solve the un-met need I addressed that students don't know where every outlet it is and there's just a shortage of outlets. My customers will want to buy these because they will be able to locate and stay longer on their computers which will help them make more money or better grades. Right now, I don't really have any competitors because the app is completely new, and the only competitor for the outlets are the portable phone chargers, but those only have USB connection. Thus, I don't think it will be very hard to get customers to switch to my good and service because there is nothing currently on the market like it. The weaknesses of my whole company are based around the ability to produce the products such as the sensor and outlets but I won't know that until I start production. My business concept around my app will be simple and appealing. For my outlet, my business concept will rely on affordability and customer service that will be readily available to come fix any sort of problem or question. For my business, I will be located in one big city where I will have a factory to produce the outlets and where my employees will work based around my phone app. This will be my only physical location, but then in towns that these outlets are most used (such as college towns), I will have employees who will travel around their town assisting in customers service that won't need an actual office.

Most Important Resource:
My most important resource will be my similar age to customers. My age is something that will separate my company from others because I will know exactly what my customers needs are and how those evolve over time.

Next Step for Venture:
For my app, I will next try to progress it with the ability to show more buildings and the details of that on each map and floor. For my outlet, I will next try to make it most efficient by capturing all the energy from the light and use it to power my outlets. As I talked about in my last post, my next thing could be to do logos and licensing agreements with companies that want to market their companies on these outlets.

Next Step for Me:
If this product is successful, I hope to be a thriving entrepreneur in a field that hits home with me and many other people in this day in age. I will hope to expand this to all level schools nationwide and to expand it to businesses as well who succeed around their technology. In the next 10 years, I will hope my business is successful, and then I would sell it to make some money to start a new business.