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.
Feedback
Based on the feedback I
received from both peers and potential consumers, I understand the changes that
should be made to the product, as well as the highlights of the product. When
presenting my idea, many individuals claim it is well thought out and can be
extremely useful. However, changes can still be implemented. I believe the most
beneficial update we can add to our product would be a call feature, as
recommended by a potential consumer. Moreover, some individuals are concerned
with the installation of the product. Given that this product revolves around
technology, there are endless possibilities in regards to updates and upgrades.
Therefore, we will add a call feature to the reserve battery and decrease the
difficulty of installations so that our consumers may be satisfied.
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.
Feedback
Based on the feedback I
received from both peers and potential consumers, I understand the changes that
should be made to the product, as well as the highlights of the product. When
presenting my idea, many individuals claim it is well thought out and can be
extremely useful. However, changes can still be implemented. I believe the most
beneficial update we can add to our product would be a call feature, as
recommended by a potential consumer. Moreover, some individuals are concerned
with the installation of the product. Given that this product revolves around
technology, there are endless possibilities in regards to updates and upgrades.
Therefore, we will add a call feature to the reserve battery and decrease the
difficulty of installations so that our consumers may be satisfied.
Hey LeeAndrew,
ReplyDeleteAfter reading your second attempt at your venture concepts I see that you have made some small improvements that really made a positive difference in your post. Receiving feedback and making changes based off of it are very important and can make a real difference, especially when trying to start a company from the ground up. I think its great that you made changes based off of the feedback you received.
Great post! I like that you include the statistics of how many people struggle with dead phones, and how many people do not carry backup power sources with them. This proves the need for a product like yours. I think that you have a great idea and that many people could benefit from it. I like how detailed and specific your venture concept is. I think that another very important resource in your case is finances for research and development. Developing a product like this is going to take a lot of time and testing!
ReplyDeleteHey LeeAndrew,
ReplyDeleteAwesome post and great job going really deep into detail regarding the numerous different aspects of your product. I think the improvements you have chosen to make really add to the value of your product and help to elevate it above what your original concept had hoped to provide. Keeping up with technology will always prove to be a challenge but the concept presented shows a willingness for innovation and change. Great Post!