24A – Venture Concept No. 1
Opportunity
At the start of this class, when I was still on the road in developing my venture, I had a huge segment that I thought would use my product, but in feedback and as the class progressed, people made me understand that I needed to hone in on one segment and not multiple. The segment I have chosen since then is college students. The nature of the need I will be supplying for is completely convince based, which is a pro for a busy college student. Nothing really in the environment creates this opportunity, though for colder weather I feel like this product would be successful because soups, hot coco, etc. can be heated instantaneously to keep the user warm on the go. People are currently satisfying this need with the use of a Thermos. They are loyal to this concept of having the contents of the thermos stay warm, but my product would be a step up from that in that the cup would not just keep the contents warm, but warm it instantly and continue to do this even when it cools off. I feel like this window of opportunity will alway be open because this product will make college students lives easier, allowing them to study late, run errands, and have classes all day without worrying about their next meal.
Innovation
Essentially my product is a cup with a heater on the bottom that heats the contents of the cups on the go. I will sell it for $35 and when the heater goes out they can go to the store they bought it from and get it recycled for free. The heaters will be restored and put on other cups that come it. I will also implement a buy one, give one system as well. That way when someone buys one, one is given to the local homeless shelter because this product would be perfect for the homeless that have no kitchen access. The cup will come in different colors and designs to appeal to everyone, and you could order speciality sports teams or initials for an extra $5.
Venture Concept
I feel like costumers will switch from the competitor the Thermos because this product is a new and improved version. This cup heats on the go, making it something that costumers will want. I will need a multitude of different employees in varying places, because the heaters need to be replaced and recycled. I can have a set number of employees at each store to sell the product and do the replacing. I can act as costumer support, answering questions and helping out getting sales by pitching my product.
Minor Elements
My public speaking skill will help me pitch and sell the product to large crowds. What is next for my venture is probably scheduling further meeting with an engineer to understand the concept of the heater and figuring out its battery life a little better. In five years with this venture, I would hope that people are finding my product useful and that I have figured out all the nooks and crannies. In the next decade as an entrepreneur, I would love to keep coming up with idea and grow from the feedback and skills I have gained from this class.
People love the concept of the Thermos and how it can keep food hot for up to five hours. I feel like me expanding on that and having it heat at the simple push of a button is going to appealing for so many people. My product will also be great in saving money as well, because if your coffee get cold, you don't have to go to Starbucks and get another. When someone is studying all night or busy on the go, they don't have to resort to spending money on food, especially fast food. They have an easy and healthier alternative.
At the start of this class, when I was still on the road in developing my venture, I had a huge segment that I thought would use my product, but in feedback and as the class progressed, people made me understand that I needed to hone in on one segment and not multiple. The segment I have chosen since then is college students. The nature of the need I will be supplying for is completely convince based, which is a pro for a busy college student. Nothing really in the environment creates this opportunity, though for colder weather I feel like this product would be successful because soups, hot coco, etc. can be heated instantaneously to keep the user warm on the go. People are currently satisfying this need with the use of a Thermos. They are loyal to this concept of having the contents of the thermos stay warm, but my product would be a step up from that in that the cup would not just keep the contents warm, but warm it instantly and continue to do this even when it cools off. I feel like this window of opportunity will alway be open because this product will make college students lives easier, allowing them to study late, run errands, and have classes all day without worrying about their next meal.
Innovation
Essentially my product is a cup with a heater on the bottom that heats the contents of the cups on the go. I will sell it for $35 and when the heater goes out they can go to the store they bought it from and get it recycled for free. The heaters will be restored and put on other cups that come it. I will also implement a buy one, give one system as well. That way when someone buys one, one is given to the local homeless shelter because this product would be perfect for the homeless that have no kitchen access. The cup will come in different colors and designs to appeal to everyone, and you could order speciality sports teams or initials for an extra $5.
Venture Concept
I feel like costumers will switch from the competitor the Thermos because this product is a new and improved version. This cup heats on the go, making it something that costumers will want. I will need a multitude of different employees in varying places, because the heaters need to be replaced and recycled. I can have a set number of employees at each store to sell the product and do the replacing. I can act as costumer support, answering questions and helping out getting sales by pitching my product.
Minor Elements
My public speaking skill will help me pitch and sell the product to large crowds. What is next for my venture is probably scheduling further meeting with an engineer to understand the concept of the heater and figuring out its battery life a little better. In five years with this venture, I would hope that people are finding my product useful and that I have figured out all the nooks and crannies. In the next decade as an entrepreneur, I would love to keep coming up with idea and grow from the feedback and skills I have gained from this class.
People love the concept of the Thermos and how it can keep food hot for up to five hours. I feel like me expanding on that and having it heat at the simple push of a button is going to appealing for so many people. My product will also be great in saving money as well, because if your coffee get cold, you don't have to go to Starbucks and get another. When someone is studying all night or busy on the go, they don't have to resort to spending money on food, especially fast food. They have an easy and healthier alternative.
Hi Sara;
ReplyDeleteYour post does a great job on putting together your concept’s description. In fact, I appreciate the idea of your “Thermos” and the way it can keep food hot for up to five hours. Also, I find myself buying coffee multiple times during the day, which not only makes me waste money but time. Thus, I think your product will save not only customers’ money but also time. Go Gators!
Hi Sara,
ReplyDeleteGreat job on your venture concept. I was surprised when completing this exercise that my alternative market seemed to be an easier and larger market than my primary objective. I think a charging port for the heater would be a great idea for retail. My family and I sit outdoors for sports events during winter and it would be great to have a cup that would keep my tea or hot chocolate hot for a whole game. Insulated cups are okay but lose their temperature after a short while in the cold.
Hi Sara,
ReplyDeleteThe content of your venture concept was good but had various spelling errors, please proofread it next time. I do however, see a potential flaw with the business. How often are the heaters supposed to last? It seems like a big part of your business would be the replacing of the heaters and batteries for free. I feel that you should focus on making your heater and battery more reliable so that they last longer and you can devote fewer resources to replacing heaters and more towards research and development for new designs.