What's Next?

Existing Market

1. My next thing would be to make my phone app more visual and detailed with many more buildings and rooms. For my transportable, light-powered outlet, my next thing would be to sign licensing agreements with high schools and colleges so that I could put their logo on the outlets such as putting Gator logos to spread the love of the Gator Nation.
2. Interviews: (audio recordings based on questions in prompt)

     3.  When I asked people about the next venture in my field, some of my interviewees actually said that something with technology and electricity, which is exactly what my plan is. That was nice to hear because it confirmed that it was something customers wanted. Then, when I told people my actual business plan, they thought it was a really good idea, but they said that my phone app should be free so customers are attracted to it. Then, I would make money from the advertisements on it. They also said that maybe find a way to make the outlets cheaper so they're not as expensive to customers. When I told them my next plan of doing licensing agreements with schools, everyone thought that was a good idea as well because brands love marketing themselves.

           This feedback confirmed my previous expectations of my existing market and gave me a boost of confidence. I think there is true potential for growing in my existing market, and I think I can attack that by making both my app and outlet cheaper. This is a way my company can grow because college students are already tight on money, and making them pay for extra things is not always ideal.  Licensing agreements are only a first step in expanding into my existing market, but it has gotten good feedback, and then I'll move on past that.

New Market

1. A radically different market I could target would be to airports and airlines, specifically. This would target more high-end people who are looking to charge their many devices to help them possibly make more money or get ready for a long flight. 
2. My venture will create value for these markets because airports would want to buy these outlets and have them selling for only a couple dollars to people waiting in airports. Sometimes people have to wait for such long layovers and sometimes their phones or computers might die. In a case of a businessman, this could lose him or her a lot of money so they would be willing to pay for such device. I don't know if the airport as a whole or each individual airline would handle the sale of these, but it would definitely make money. Also, people traveling in airports would love the app because if they are waiting for a layover, they will want to try and find a seat with an outlet and hang out their until their flight. Although the airport wouldn't make money on the app, my company will for people purchasing the app for this reason. 
3. Interviews: (audio recordings based on questions in prompt)

     4.  When I told people about my business plan and how I was expanding that to airports, they said that it would definitely fit their needs. Especially in this day in age, people have to be connected to their phones or computers at all times. They said that sometimes when they're at the airport for a long time, it would nice to be able to have transportable outlets and to know where they are. When I asked them about what adaptations to this product and service I could make, they said similar things such as cheaper outlets and advertisements on apps. What surprised me though was one person said that you could buy out all the outlets so people are just using your company in airports. This is definitely going to be way down the road but very interesting.

          The feedback I received about moving into this new market confirmed my expectations. I think that being involved with the airport industry will be able to market to a wide variety of people but in common locations. Although it's a different industry, the people's needs are still the same because they want outlets and a way to charge their technology. The feedback did exceed what I was expecting a little bit because now I really see this new market to be just as attractive as my existing market. If my existing market proves to be successful, then I'll move on to this one and expand my company.