29A – Venture Concept No. 2
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. In my What's Next blog post, I explored another segment. The new segment was busy parents/office workers. In the feedback on the post, a peer liked the idea of the expansion of my market and said that this segment has the same convince mentality. As my business progresses, I would love to grow my market to all different groups.
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 come with a charging port of the heater. In my first venture post, I had a whole plan to have customers bring the cup back to the store and have the heater replaced and recycled to a new cup when the battery life was restored, but I got so many questions about the battery life on my feedback post that I feel it would be smarter to stick with a charging port the comes with the cup. I still want to keep the buy one, give one concept. That way when someone buys one, one is given to the local homeless shelter. 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 customers 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. In my What's Next blog post, I explored another segment. The new segment was busy parents/office workers. In the feedback on the post, a peer liked the idea of the expansion of my market and said that this segment has the same convince mentality. As my business progresses, I would love to grow my market to all different groups.
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 come with a charging port of the heater. In my first venture post, I had a whole plan to have customers bring the cup back to the store and have the heater replaced and recycled to a new cup when the battery life was restored, but I got so many questions about the battery life on my feedback post that I feel it would be smarter to stick with a charging port the comes with the cup. I still want to keep the buy one, give one concept. That way when someone buys one, one is given to the local homeless shelter. 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 customers 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;
ReplyDeleteI believe you have a great concept for your Thermos venture. Enabling customers to keep their coffee and food hot for hours and while on the go is a fantastic idea. I will undoubtedly be one of your customers if you end up developing this product, which I hope you do. I am one of those that are always on the go and end up spending a lot of money on coffee. Being able to save some time is also a plus for me. Go Gators!
Good job on Venture 2 Sara. I like your product. If it was sold in stores I would absolutely purchase one or two. I’ve been sitting in the cold at soccer games and it is not even worth bringing a hot tea or coffee because it doesn’t stay warm long enough in my insulated cup. They sell hot chocolate and I try to drink it in a very short amount of time before it loses its heat in the Styrofoam cup. I ‘d like to see your cup developed and I’d like to see them with licensed teams on them, so I could get the Florida Gators logo on them.
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