Venture Concept No.1

-
24A

Opportunity
Individuals who do not have that much time, such as busy moms, students with a full plate, and in general, anybody who does their laundry. I came up with this idea when I realized how I was wasting my time re-drying and re-running the dryer machine. 
·      The forces or changes in the environment creating this opportunity is the forgetfulness of humans. We forget to check the lint before drying out clothes causing the machine to have to be re-run.
·       This market is defined geographically and demographically by households and laundromats. 
·      Customers are currently satisfying this need by re-running their dryer when they forget. They are definitely not loyal to that technique since it causes their utilities bill to increase and their time to be wasted. 
·      I think this opportunity is big because these busy individuals would be saving a lot of money and time which is very valuable to the person on the run. I think this window of opportunity is very wide, it will be open for as long as this problem is fixed.

Innovation
My invention is basically an addition to dryers. It would be an LED light that would be placed next to the on/off button so that individuals would not have a chance to miss the light if it is on. If there is lint detected in the dryer, the LED light will shine a bright red color. I would be selling the light to manufacturers or individuals, and I would have some LED lights that are easy to install for the individuals. To manufacturers, the LED light will go for $40 and for individuals, the LED light will go for $15-$20. There will also be a free app that can be programmed to said washer and dryer so that individuals can add more time or stop the machines if they think their clothes should be dry enough. 

Venture Concept
Some reasons that customers would start using this product is because it would save these individuals time and money. Also, if a running dryer has too much lint in it, it could potentially start a fire. If the individual is not home, their house could burn down! As of right now, I don’t think there are any competitors that I know of. I think this innovation is brand new and untouched by the market. Packaging would either be in a nice little box for the individuals who want to self-install or given to the manufacturer in a factory setting. There would be customer support easily accessible to the customers through the app.

The Three Minor Concepts
1. I believe my persistence and drive to make my invention into a reality is my important resource or “secret sauce”. I believe in my product and my drive shows that.
2. I think the next opportunity would be to talk to manufacturers and get their take on my idea. I would also work on my prototype and pitch them my elevator pitch.
3. After launching, I would hope that my invention is useful and popular with my target audience and I would start brainstorming another invention since I like this process and solving problems.



Comments

  1. Christopher ZislinApril 13, 2020 at 9:09 AM

    Hey Deborah, I agree that this project is one that could revolutionize washing and drying and is the start of many more inventions to come! Really the only competitors I can think of are the well known appliance companies that re already out there but maybe this is the start of a new field.

    ReplyDelete
  2. Linnea LindemanApril 13, 2020 at 11:48 AM

    Hi! I've really liked your idea as I've followed it over the few weeks and I even thought of it the other day when I was doing laundry and had to keep coming home to see if it was done yet. I hope that this idea goes far. I can't think of any competition you have with this because this is such a unique idea. Great job on the post! You're really good at being concise with your ideas.

    Linnea

    ReplyDelete
  3. Ethan ENT 3003April 13, 2020 at 5:09 PM

    Hey Deborah,
    Throughout this entire semester, you have used amazing organizations skill to make your assignments easy to read and comprehend. Even on this long assignment, your work is fun to read. By adding in your price points, and reasons for being a serious company, you have a more enjoyable style that doesn't sound like most business concepts. Your signature style is another aspect that will continue to set you apart from your non-existent competitors.

    ReplyDelete

Post a Comment

Popular posts from this blog

Forming An Opportunity Belief

-
4A Beginning Point: After revisiting my big list, I think an opportunity exists to fix drying machines. Sometimes, when I run the dryer, I forget to clean the lint out of the dryer, which causes my clothes to be somewhat damp after the dryer buzzes. This causes me to rerun the dryer, which raises utility expenses at my apartment. The unmet need for this problem would be for the dryer to indicate whether or not the lint has been cleaned. Everyone with a dryer would most likely have this need. This need has always existed, and always bugged me. The opportunity probably exists for 80% of people who own or even use dryers. Prototypical customer: The prototypical customer would be anyone who owns or even uses a drying machine. The target audience ranges anywhere from teens and young adults to adults.  Interviewee 1 (prototypical customer): I spoke to a male senior here at the University of Florida while at Library West.  ·        H...
Read more

Your Exit Strategy

-
28A I think I plan to stay with my business until I am either comfortable financially, or ready to retire, whichever one comes first. I have selected this exit strategy because my grandparents are entrepreneurs and I am following in their footsteps. My grandparents own a chain of condos. They ran it until they were ready to retire, and they have made it into a family business because now my aunts and uncles run it and it will go to my cousins and I one day. I think this exit strategy has influenced the other decisions I have made by leading me to another contact in this industry, I know my grandparents work with a laundry company to get discounts on their bulk purchases for the condos and houses they rent out. This exit strategy has helped me realize and remember their connections that I can use as another opportunity.
Read more

Celebrating Failure

-
26A For New Year’s this year, I made a resolution to reach out to my friends and family more. I am normally really busy and I tend to forget to update/get updates from my loved ones. My resolution consisted of calling or face-timing my friends and family at least once a month, or bimonthly. I managed to keep my resolution up for the first month, I called one person a day and made sure to text my parents every night. Slowly, I noticed myself stop calling my loved ones, but I still wanted to catch up with them so I would send an occasional text or interact with them on social media. I guess you could say I failed at keeping up this resolution because I haven’t called any of my loved ones for a while since school has gotten more stressful. However, during this pandemic I’ve made more time to reach out to my friends and family, making sure they are ok and catching up with them. I learned that life can get busy, but you should always make time for the ones you love and make sure that t...
Read more