29A – Venture Concept No. 2

Opportunity

• Who has the need?
• Anyone with a cell phone.
• The nature of the need?
• This need comes from the design of cell phones today being quite fragile. They often break or cracked when dropped, which makes customers have to pay a lot of money for repairs or replacements.
• What are the forces of changes in the environment creating this opportunity?
• The current cellphone market puts so much emphasis on the software within the phone and the sleekness of the design that the durability of the phones have been neglected. This opens the opportunity for phones that are more durable to enter the market.
• How is the market defined geographically and demographically?
• This market would do well around the world and amongst all demographic levels. It saves everyone money and gives them more bang for their buck.
• How are customers currently satisfying this need? And how loyal are they to whatever they use now?
• Customers are currently satisfying this need by buying phone cases and other accessories to help protect their phones. The phone cases tend to be on the bulkier side, taking away from the sleek design of the phones. The accessories tend to work for a period of time before having to go out and buy another. They aren’t very loyal to these methods due to the inconveniences of them.
• How big is this opportunity?
• This opportunity is pretty big seeing as almost everyone owns a cell phone. Improving the durability of these phones will be a great service to everyone.
• How long will the, "window of opportunity" be open?
• I think the window of opportunity will be open indefinitely if the major phone companies do not begin to build their phones to last longer.

Innovation

• How is my product/service innovative?
• My service is innovative in the sense that it builds off a concept that is already established. Instead of trying to change something completely, I would like to improve it. This way both the consumers and companies benefit.
• How does my product/service work?
• My service works by manufacturing different models of cell phones with materials that are built to be sturdier. It will take nothing away from the sleek design or software of the phone. We will sell to the phone companies themselves
• What exactly am I selling and for how much?
• I am selling the phones that are manufactured with materials that are more durable. I will charge the phone companies the price it costs to make the phone normally plus an extra fee for the service.

Venture Concept

• How my innovation solves the discovered, 'opportunity.' 
• By manufacturing stronger phones, phone companies will have a more positive image because their products will last longer. Also, customers will be more satisfied since they won’t have to worry about repairing or replacing their phones as much, saving them a great deal of money.
• Why will customers by my innovative service/product?
• Customers will by my product simply so that their phones will last longer. Mistakes happen, phones drop, and phones get damaged. With my service the phones will be built to better withstand these types of situations. The customer will not have to worry about repairing or replacing their phones.
• What are the reasons to think customers would switch to this new product? How hard will it be to get them to switch?
• It will not be hard at all for customers to switch to my product. It is essentially the same phone that they had before, but more durable. Having a phone that can withstand more will be a great benefit to everyone.
• Who are the competitors? What are their possible weaknesses or vulnerabilities?
• The competitors will be the manufacturers of protective phone accessories. Their weakness are that the accessories are completely separate from the phones. Customers have to go out and buy something extra to help protect their phones. With my service, it is just the phone. Literally all you do is buy the phone, and it comes equip with the protection that the customers are looking for.
• What role does packaging play, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?
• Packaging and marketing play a huge role. My business will begin as just a manufacturing company, supplying the phones built with sturdier materials to the phone companies such as Apple and Samsung. As my business grows, I will open my own stores so that the phones can be bought directly from me.
• 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?
• First, I would gain access to a factory, supplier of durable materials, and the equipment needed to build the phones. Then I would hire around 10 employees to work and oversee the production of the phones and about 5 more employees to oversee the shipment and delivery of the phones.

3 Minor Elements

• What is my most important resource or, "secret sauce?'
• My most important resource is my determination. I believe staying focused will get me to where I need to be. As long as I continue to work as hard as I need to, everything will fall into place. Even though I know I am certain to face failures along the way, I just have learn from them and keep pushing on.
• What's next for my venture?
• I want to expand my service to other portable devices such as videogames.
• Where would I like to be in 5 years?
• In five years I would like to be at the top of well-known business that sells portable technological devices that are more durable than their standard counterparts. I would like to have several different locations around the country and the world.

Feedback

The feedback I received focused on narrowing my audience. Will I focus on selling directly to the consumer or selling to major companies? I believe that I should start out by selling to the major companies and then later on expanding to the consumers.

How my Venture concept changed

I haven't changed my venture concept.