Venture Concept No. 2

1) Venture Concept Description:

            Opportunity: As my friends and I have walked many times into the libraries on campus, we have found that 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 are hooked to their phone, laptop, or tablet. This opportunity I found seemed just to be with college students studying in libraries, but as this class progressed, I now realize that this is an opportunity I could target to travelers through airports. Many people traveling always want to charge numerous devices, especially if they are businessmen who rely on their technology for their success and wealth. It also will attract people who are preparing for a long flight or who have long layovers. This means that my business could target to 2 markets, and I think that 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 first part of my business is a phone app that will show every outlet on a multi-floor map for libraries and airports 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. To make revenue on this, I will make the app free to attract customers but then use advertisements to make personal revenue. Secondly, I will also make a light-powered, transportable outlet, and I'm still researching the logistics of how this product will be made, but I do know nothing is like this on the market that can hold 2 three-prong chargers just like a normal outlet. 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 $10 each. Based on my previous assignment, I found that an innovative change I can make to my company will be to do add logos to these outlets.  These companies will most likely be relating to these travelers such as restaurants in the airports or products that deal with airplanes. For outlets with logos, I will obviously charge a little more probably around $20. 

            Venture Concept: My product (phone app) and service (light-powered, transportable outlet) will solve the un-met need I addressed that students and airport travelers don't know where every outlet it is and there's just a shortage of outlets. These 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. I think my new market of selling them to airports so they can sell them to travelers, will be very successful, and with the addition of company logos on them, I think that this will elevate my company. Airports and specific airlines will buy these because it would attract more travelers to their airlines if they would sell these additionally to passengers. The weaknesses of my whole company are the questions 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. My business will be built on the idea that my product and service will help you succeed more whether that be in the classroom with students or ability to speak to clients as a businessman in an airport. Because of this new market with airports, I will just have one location 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 I will have independent contractors who will work regionally for my company and travel to airports and college towns assisting in customer service and selling. 

            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: My next step will be to really expand in this airport market and to specifically, strategically sell to different airlines in the logos on outlets. I will also want to make my app user-friendlier, but the change I will make is for the advertisements to be built around airplane and traveling deals because those will attract my customers.

            Next Step for Me: If this product is successful, I hope to be a thriving entrepreneur, and I will hope to expand this to all schools nationwide and to expand it to airports as well who succeed around their technology. In the next 10 years, depending on how successful I am, I will probably sell my business and possibly the technology built around the outlets.

2) Summary of Feedback: From my "Venture Concept No. 1," I received mainly positive feedback saying that I did a good job on the assignment giving a good summary on the opportunity and how I was going to capitalize on that. People definitely believed that this is a great opportunity as many people have this problem frequently. On the other hand, I received some solid, constructive criticism. One point said that I should make my app free, and then make money off advertisements, and also received this advice from my "What's Next?" post which confirmed that is what consumers want. Another point was that I should market this idea to buildings being currently constructed as I will be able to sell my product easier and for the ease of implementation on my side. In my "What's Next?" post, I also received similar positive feedback, but I also heard some great points on how to adapt my business. Multiple people said that my "new market" that I established selling to airports would probably be more successful than my "current market," which I didn't realize at first until now, but that using a third-party extension could really extend my business. They said that travelers will be more likely to buy into my business, especially because they will be more wealthy than college students. Also, people liked my new change such as adding logos to these outlets so that companies can advertise their companies on them and I think that this will really be successful in the airports. 

3) Changes based on feedback: Because many people loved my idea of my new market targeting to airports, I added that my business has a new opportunity by adding a new market of travelers and businessman in airports who I can sell my products to. I think that this is where I can actually earn my most revenue, and the feedback I received surprised me on that idea, which is why the main changes to this venture concept revolve around this new market. One change I made based on feedback from multiple assignments was to make my app free and then make money on advertisements. Now with this new market, I expanded my idea of logos because I realized that I can do more than just college mascots. I think I can really make money if I sell them to airports and airlines specifically because they will compete to buy these and advertise their airline and the deals they might be giving out. And with this same idea of advertising on my outlets, I will make a deal with them where they can advertise specific things on my phone app too. For my outlet technology, I am still doing research on the specifics for the creation of it, so I didn't switch anything there. Based on my feedback, I found many places of changes that I could make, and I think this really helped me find ways to make my business more successful.