Venture Concept No. 1

Opportunity

·         As society is moving quickly towards a completely technological lifestyle, people are purchasing more electronic communication products.  These products need to be charged to be usable

·         My market would mostly be sold to colleges and high schools.  One day I hope that my product will also be found in public libraries, airports, and restaurants.

·         My customers are currently satisfying their need of charging their electronic devices with either stock or store-bought chargers.  My customers are not going to loyal to these products because my product will make their lives much easier.

·         This opportunity is huge.  There are so many people that could heavily benefit by using my product.

·         My window of opportunity will probably run out within the next five years.  There are a few companies that are currently researching this area so I would have to get the technology started as soon as possible.

Innovation

My innovation is called the Magnetable.  My product, in short, is pretty much a table that charges your electronics.  All my customers would have to do is place their electronic devices on the table and they would begin charging immediately.  The table would only need one outlet to plug into and then it would serve as a wireless charger for all electronics.  Each Magnetable would cost $5000 before taxes and I am very confident that they would sell for that price because I would be selling them to big companies and colleges. 

Venture Concept

·         The reasons that customers would want to switch to my product is because it would make their lives so much easier, which is why I believe that it would not be hard to convince my customers to use my product.

·         My competitors would be any company that has electronic products that would need to be plugged in.  The weaknesses of my competitors would be that people forget their chargers all the time and chargers also break very often.

·         Distribution would be very easy because most of my customers would be buying these tables in bulk because they would be providing the Magnetables for all of their customers.  The price of these Magnetables is relatively cheap for the service that it provides so I believe that it would not be very hard to convince larger businesses to buy my product.

·         I would have to hire a few engineers to design the table.  After that, I would hire about ten salesman to go sell the product.  Being the CEO of the company, I would be managing the company funds and allocating those funds towards product production, materials, and employee saleries

Minor Elements

1.       My “Secret Sauce” is that I am extremely personable and easy to talk to.  I feel very confident that I can pull anybody off the side of the street and convince them that my product is the best product in the world right now.  I feel that convincing large companies to buy my product would be even easier than pulling people off the side of the street.

2.       The next big product that I would start producing would be a portable universal charger for most electronics.  The charger would magnetically attach to your electronic device and begin to charge it upon contact.

3.       In five years, I want to have my product in every large university in the nation.  In ten years, I want to be recognized by larger businesses as a successful entrepreneur so that it would be easier to convince them to buy my products.  This venture will help me get to where I want to be because I believe that the product is a very brilliant idea and will become very successful throughout the world.