Venture Concept #1

(For this assignment, I will focus on the emergency reserve battery.)

Opportunity

The opportunity I have identified involves individuals whose smartphone batteries may drain frequently. According to research conducted by Veloxity, all smartphone owners reported needing a charge from 1.8 to 2.4 times per day. Due to the frequent “deaths” of phones, and the rise of violent crimes in the United States as recorded by the New York Times, the individuals in the market need an alternative power source for emergency situations.

Although the market is widespread across all smartphone users, I will focus on males and females belonging to the Millennial Generation and Generation Z. This target market puts a focus on individuals that may most likely experience battery drainages throughout a typical day.

Consumers are currently satisfying the need for a reserve battery by either carrying a backup battery, such as a charging phone case, or by carrying a charger. However, 85% of smartphone owners do not carry an alternative power source.

If crime continues to escalate, and phone batteries continue to be limited in terms of power supply, then this need will continue to be unmet unless a reserve battery is developed.

Innovation

My product consists of an emergency reserve battery that can be implemented into any smartphone. The battery can be installed by the user or by professionals at a local electronic store for an additional fee. The emergency reserve battery activates once the phone’s primary battery is drained. Once activated, the user can press the phone’s buttons in a custom pattern to alert local authorities and close friends/family of their location. This product works by being charged while the phone’s primary battery is being charged, but restraining from activating until the phone’s primary battery is drained. The emergency reserve battery would be sold at online retailers and in electronic stores for $30-$45 depending on costs associated with development and manufacturing.

Venture Concept

This product guarantees that the user’s location will be known if they were to ever encounter a dangerous situation. Upon enabling the custom button pattern, the consumer’s whereabouts will be known by local authorities which will then dispatch units to the user’s location. Consumers will purchase this product because safety is of utter importance, especially in today’s society of increasing crime. This product will provide consumer’s the confidence of being alone with a “dead” phone. As of right now, there are no competitors in the market. However, in the future, phone manufacturers may implement a reserve battery into smartphone models.

I believe most of the costs associated with this product would be based on research and development. Given it is technology, the product can continuously be upgraded.

The business would be composed of roughly 30 individuals with about 15 of those specializing in the development of the reserve battery. The remaining employees would specialize in the marketing and finances relating to the organization. This business would most likely require a small warehouse in order to develop and distribute the product.

Resources

The most important resource I have would be a strategic and determined mindset. Given that my team and I would be developing a technological product, this mindset would allow us to accept failure and keep pursuing our goal from a variety of angles. As the business owner, I would try and find individuals that match this mindset to work for my company.

What’s Next for the Venture?

Given that this product is meant for individuals to feel safe once their only means of communication is useless, I think it’s absurd to charge such a high price for the reserve battery. However, profits need to be made. Because of this, I plan to decrease the price of the reserve battery over the next few years to roughly $20.

Moreover, I would like my organization to partner with large phone manufacturers. This partnership would allow for our product to already be implemented into the smartphone before it reaches the consumer’s hand.

What’s Next for Me?

Assuming this business launched, I would like to own multiple business and/or become a successful investor. This first venture would set the path for my future. It would allow me to understand the world of business on a personal level. It would also allow me to know what not to do in the future in terms of running a business.