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 is water proof and 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.
The only feedback that I received was that my idea was a great one and that my customers cannot wait for my product to be out in the market. One person did ask if my Magnetable was waterproof. I stated that my product was, in fact, waterproof. This was the only change that I made to my venture concept.
Hey Jonathan,
ReplyDeleteGreat concept for a business venture! Creating a table that would essentially charge mobile devices without having to have them plugged in would be amazing. Have you thought about doing maybe a smaller design for the home...kind of like a coffee table or hallway table? I was thinking that your concept being business to business is very smart, but you could gain more incremental sales though doing a smaller more home friendly version. Also, I know your secret sauce is not something that can not be easily replicated, however, what other secrets do you possess outside of yourself to keep the fire going? Just a couple of questions and food for thought I had. If you'd like to check out my blog post it is, http://entreprenue-whaaat.blogspot.com/2016/04/venture-concept-no-2.html.
Hello Jonathan,
ReplyDeleteI've seen products that are similar in the sense that they come in contact with your phone and charge them, but nothing as large as a table. Most of the products that I know about are small platforms about the size of the phone itself. I like the idea of an entire table and I like the Nicolas's idea that you could sell one to consumers because I think they would be interested in such a product as well. Good luck in your venture, you can check out my venture concept in the link below.
http://rogerstrobert.blogspot.com/2016/04/venture-concept-no-2.html
I really love this idea! I think if you were to actually pursue this and create a business, you would be extremely successful. It's a great idea to incorporate it into public places like airports and libraries too. You have a very good idea of your businesses' potential and I like that you included the product was waterproof too. Good job! Here's the link to my post if you're interested http://rachelcmead.blogspot.com/2016/04/venture-concept-no-2-rachel-mead.html
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