Opportunity
Who has the need? Anyone with a smartphone could have the need. The potential customers can almost be anyone. There is a higher likelihood of middle aged and younger consumers but this doesn’t exclude people who are older. The nature of the need comes from somebody who has a smartphone and a computer or just one or the other. This person may need extra storage for a device, need to transfer files, or want to back up their device. Potential customers are currently solving this need with a similar product that is not as advanced as my product. Some are loyal but from the reviews I read many are not and some of the reviews were from customers who once were loyal and lost respect for the brand after using their product. This opportunity could be huge is marketed right and if the software and support is awesome.
Innovation
The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.
Venture Concept
Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people. I would sell all of them my idea and tell them to get to work!
The Three Minor Elements
1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.
2. I think the next thing for my venture would be to offer an online store option. Something like a subscription for online storage space or some other type of online option that supports my device. A stated amount of "cloud" space could come free with the device and then there could be incremental upgrades if you need, or would like, more space that is given for free. This creates another source of revenue and also opens the opportunity for revenue from advertisements that could be displayed on the cloud webpage and the login information from the consumers (email, phone number, etc...) could be sold to companies as well.
3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.
I only received one constructive criticism on my first venture concept. Andre Holliday said, "I think that your second minor element strays away from the main idea of your concept. You want something tangible, portable and works with consumer's devices. Your second point seems more cloud based which is a little inconsistent with what you are trying to market. Just a thought." As much as I appreciate Andre's comment I do not agree with him about the idea being inconsistent with my product. The point of my product is mainly to backup or store memory. The product will be able to hold large amounts of memory, but some people will need more space and some people will want to have a backup to the backup in case they lose the device or it gets damaged. This is where the cloud would come in. The idea of the second minor element was to come up with what is next for my product. I don't think that I took too big of a leap in saying the cloud would be the next step. This creates opportunity for more revenue and more options for the consumer.
After rereading my first venture concept I think that I did a great job and didn't need to change anything. However, I did add more detail to the second minor element to make more sense what the next step for my business would be.
Innovation
The innovation is a memory stick that is able to connect to Android and iPhone smartphones as well as computers. This device will have software that is phone friendly so that the product will be able to transfer files to phones as well as from them. The device can be used to create extra storage space for phones or computers, backup phones and computers, and transfer files from phones or computers to other devices. It works by simply plugging into the desired device, as it will have a lightning port connector, Micro USB connector, and USB 3.0 connector. You simply plug it and from there it is basically drag and drop. To reiterate I would be selling a memory stick with advanced capability. The price of the memory stick would be anywhere in-between $30-$80.
Venture Concept
Customers will buy this product for a number of reasons – easy to use, can create additional memory for your device, can backup your device, can be used to transfer files between devices, and can be used to transfer files to phones which is not easy to do on the iPhone currently. Customers would switch to this product because the other options right now do not always work as they are intended to, are not easy to use, and don’t have all 3 connectors in one device that my product would have. The competitors are companies like Sandisk who have accrued a fair amount of customer loyalty. Even companies that are as established as Sandisk still have some flaws, such as, problems with updates, faulty software, and poor device ergonomics. Everyone loves good packaging, fast shipping, good customer support, and the location of a business if the customer is to go to a store, so I would say all of these things are very important. I would organize a business consisting of a marketing team, software engineers, and a couple other people. I would sell all of them my idea and tell them to get to work!
The Three Minor Elements
1. I think the most important resource for the business would be the software engineers. I think the key to selling this product is to have a product that works better and offers more than the other products out there.
2. I think the next thing for my venture would be to offer an online store option. Something like a subscription for online storage space or some other type of online option that supports my device. A stated amount of "cloud" space could come free with the device and then there could be incremental upgrades if you need, or would like, more space that is given for free. This creates another source of revenue and also opens the opportunity for revenue from advertisements that could be displayed on the cloud webpage and the login information from the consumers (email, phone number, etc...) could be sold to companies as well.
3. I’d like to sell this venture and move on to the next one in the next five years from starting the venture. Hopefully it will earn me enough capital to be able to tackle something even bigger.
I only received one constructive criticism on my first venture concept. Andre Holliday said, "I think that your second minor element strays away from the main idea of your concept. You want something tangible, portable and works with consumer's devices. Your second point seems more cloud based which is a little inconsistent with what you are trying to market. Just a thought." As much as I appreciate Andre's comment I do not agree with him about the idea being inconsistent with my product. The point of my product is mainly to backup or store memory. The product will be able to hold large amounts of memory, but some people will need more space and some people will want to have a backup to the backup in case they lose the device or it gets damaged. This is where the cloud would come in. The idea of the second minor element was to come up with what is next for my product. I don't think that I took too big of a leap in saying the cloud would be the next step. This creates opportunity for more revenue and more options for the consumer.
After rereading my first venture concept I think that I did a great job and didn't need to change anything. However, I did add more detail to the second minor element to make more sense what the next step for my business would be.
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