Venture Concept No. 2 – 29A

1.     Opportunity:

a.     Who has the need? Mothers, caregivers, and fathers of young children ages 14 and younger.

b.     Who are the potential customers? Potential customers are mothers and caregivers of children 14 and younger that have busy schedules and want to make sure their children are kept safe. Also, potential customers could be pet owners that are worried about their dog's safety when traveling in vehicles.

c.     Nature of the need: Hundreds of children have suffered by being forgotten in a hot vehicle, either causing a fatality or permanent severe damage.

d.     What are the forces or changes in the environment creating this opportunity? This is something that can happen especially during warmer months or in an area of hot climates year-round like Florida. It can happen to anyone, especially young, busy parents that have one or more young children.

e.     How is this market defined geographically and demographically? This market is typically found in metropolitan cities in warmer climates. The market is all caregivers, mothers or fathers that drive vehicles. I would define the demographic as young mothers in their late twenties to early thirties that are employed, but it is not limited to that demographic. There are mothers of all ages and fathers as well in all climates that are a part of this market.

f.      How are customers currently satisfying this need?  And how loyal are they to whatever they use now? There are no current ways to satisfy this need, so there is no loyalty.

g.     How big is this opportunity? This is a very large opportunity, not only in the US but worldwide.

h.     How long will the “window of opportunity” be open? The window of opportunity will be open as long as there is no current technology or product to satisfy it. Sadly children every day suffer because of this.

2.     Innovation:

My innovation would be a Bluetooth sensor device that can attach itself to either a child’s car seat or a typical car’s car seat. Its purpose is to sense when the car is powered off and a child is still detected in the vehicle. This device will then notify the caregiver via Bluetooth through an app. If no action is taken, this device can notify and contact the local fire station or police. My product would include a free app as well as 1 portable sensor device that can be for your car or child’s car seat. I would sell this product for a unit price of $60.00.

3.     Venture Concept:

a.     Solving the opportunity: This product will solve the opportunity mentioned above by being the only device on the market of its kind. It will prevent tragedies from occurring. Its purpose is to remind busy parents and caregivers and give them a sense of peace. One less thing they have to worry about especially when their schedules are packed and changed.

b.     What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  Well, since there is not anything like this product, customers will not have to switch.

c.     Who are the competitors?  What are their possible weaknesses or vulnerabilities?  So far, I don’t believe there are any competitors making a product like this. It is a new concept to the market.

d.     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? I think all of these things play a major role in defining my business concept. Without customer support, there would be no growth and no business. It is highly dependent on the engineering and software as well as the customer’s experience. The device must be able to work in times of need. The Bluetooth range must be far enough that it can still work when you walk away from the vehicle. I think the price point is very reasonable, and it will attract many customers. Distribution will start off in the United States and then hopefully with the success of the product, expand to a larger global market. I don’t think business location has any real role. I do think that living in a warmer climate will give me an advantage to local customers.

e.     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?  I would need to hire engineers and software designers to design the device as well as the compatible mobile app. This would probably be 4 employees. Then I would outsource my production to a factory for manufacturing. I don’t think I will need many employees to start off with. I would enlist the help of family in the business to run marketing and advertising as well as daily operations.

I think my most competitive resource would be my product innovation as well as my dedication and passion to this product. I think what’s next for this venture is a patent to include this in vehicles by selling this design to car manufacturers. Assuming I launched this product, I would hope that in 5 years my company has reached the hands of thousands. I would hope that my company grew enough to be sold overseas or to at least start getting sold overseas. As an entrepreneur, in the next decade, I want to be able to sell my company and design in order to manage any other future ideas or products. If my first venture were to be successful, I could sell it and use that money to launch another product or company.

4.     Feedback:

The feedback I received from my previous post was all positive. I was told my target audience was spot on and my concept was practical. How this idea is more than just a trend, and it can be around for ages. Also, I have mentioned in my previous assignments that this device could work for pet owners but never really included it in my elevator pitch or in my venture concept. I decided to include it in this venture concept because of multiple peers commented on it.

Another comment I received was how the Bluetooth part of the device could be flawed by distance range. I googled standard range for Bluetooth devices and it was approximately 100 meters, or 328 feet. I feel that that is a good enough range for a sensor to alert someone and for someone to be away from their vehicle. I would make sure the device is engineered to notify as soon as possible, so pretty much in the first couple of feet after the vehicle is turned off.

It would be similar to the image below, where the sensor would be under the car seat.