Venture Concept No. 1

Opportunity –

Who have the need: people who want to ensure their efficiency of working by controlling the use of cellphone.

The nature of the need: The need of performance of working that will lead to good performance and potential for promotion etc.

-        What are the forces or changes in the environment creating this opportunity?

People are more and more concerned about their cellphone usage and its impact to their own lives.

-        How is this market defined geographically and demographically?

The product is intended to be purchased by people of all professions around the world who are concerned about their cellphone usage.

-        How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

There aren’t much approaches to solve this need. Cellphone manufacturers are integrating features informing users about their cellphone usage. In terms of hardware, there aren’t many of such products with comprehensive user-friendly functionality.

-        How big is this opportunity?

I think this opportunity really has potential since nearly everyone has a cellphone now. And people are increasingly concerned about cellphone usage.

-        How long will the “window of opportunity” be open?

Until similar product is being available for purchase.

Innovation –

My product is a comprehensive solution for helping cellphone users avoiding distractions form their cellphones. This product doesn’t only simply locks up the phone, it also includes safety and convenience features. Simply locking up a phone will sometimes cause danger in extreme conditions. So, safety is the priority of this product. This product features a spring-loaded eject mechanism that will enable user to get the access to the phone in a fraction of a second. Secondly, convenience is critical since phone is also a productivity tool, this product provides users with basic functions of the cellphone such as phone call and voice mail. The built-in Bluetooth high definition speaker and noise cancelling microphone with high signal to noise ratio will ensure crystal-clear sound during the phone call. This product comes in two designs, streamlined and modular. The streamlined design is suitable for being a aesthetic stand-alone system while the modular design is more suitable for being used in professional environment. Modular design allows for Thunderbolt 3 addons like docking station, multi in one card reader, portable SSD, and hard drive mobile rack. The modular design takes productivity to a whole new level. The prices of the products will be $65 for the streamlined design and $85 for the modular design with addons priced between $45 to $350.

Venture concept –

-        What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

This product has essential features tailored productivity without having any redundant one. How hard it is for them to switch actually depends on how competitive the new competitors are since nobody is selling such product.

-        Who are the competitors?  What are their possible weaknesses or vulnerabilities?

Competitors will be companies who sell vault-like cellphone lock up devices. Their product only lock up the phone.

-        What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

The price should hit the sweet spot of the market since it is not a necessity, packaging shouldn’t be too extravagant because of the product’s cost, customer support doesn’t need to be robust since the product has very few moving parts and software is embedded.

-        How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture? 

This business needs about 5-10 people to operate. Warehousing and shipping will be outsourced to Amazon and other retailers. 1-2 employees would be the developing team for new products and improvements on current ones. Another 1 -2 employees would be the customer service team and 2-4 employees would be responsible for contacting with suppliers, OEM manufacturer, and retailers.