Venture Concept No. 2

1)

Opportunity

The need that my business idea will address is that a lot of students forget their keys for their dorm. This problem adds to the level of stress that students feel during school and it’s a problem that can be fixed easily. This need is created because a lot of students are unorganized and always in a hurry to get place-to-place. Thus they are unable to find their keys or they forget them which is embarrassing and stressful. The window of opportunity to fulfill this need is small but very achievable because some of this technology is already in use but not for universities. This opportunity is large too because many universities will follow suit of other schools when they discover how useful the product is.

Innovation

The product that I’m creating is an app and scanner that will utilize the Bluetooth capabilities of smartphones as a key to dorm houses and rooms. The majority of college students always have their phone on their person which simplifies the process of accessing dorms. The Bluetooth from each phone will be registered to the specific scanner that is outside of each room which will only allow the occupants of each room to gain access to the room. The app will be free and the scanners will be sold for $50 a piece. The main way to make money from this idea is the maintenance and installation fees that will accompany the scanners. There will always be technical issues that arise at times because they are unavoidable, which means that we’ll be able to make money off of the maintenance of our systems.

Venture Concept

The innovation that I’ve created will solve the issue of college students forgetting or misplacing the keys to their dorms. College students are constantly on their phones and phones have essentially become an extension of our person which means students will always have them to be able to gain access to their rooms. I think it will be difficult to get universities to switch to this system but if I’m able to convince one school and have a positive impact on their campus, then it will be easy to gain access to other universities. Competitors are key companies and the companies that created the scanner that is attachable to key chains. These companies however, don’t offer the simplicity of using the phone and you still need to find your keys. The business surrounding the product would be built simply with departments in charge of certain aspects of the business to allow efficiency. There will be departments for the app, sales, the scanners, as well as maintenance teams that would be able to go out and fix any scanners that malfunction.

Three minor elements

1.     The most important resource that I have is my work ethic and my dedication to succeed when I set my mind to something. This will allow me to push through hard times and also continue to strive for more when I start to see success.

2.     The next innovation for my product is to not only gain access to rooms but to make this a universal key that can give you access to all things that previously required keys.

If I launched my ideal place in five years would be on a beach or golf course somewhere because I sold the company for a large sum of money and I was able to invest the money successfully so I could retire and enjoy the rest of my life.





 Unfortunately I didn't do the last venture concept assignment so I can't give any feedback or provide any details on how I changed my venture concept because I didn't receive any comments. However, I did receive feedback on my What's Next and the feedback was positive and everyone expressed how they thought my next ideas were solid if they could be done in the right amount of time which is something that I'm not sure of 
either.  


Unfortunately I didn't do the previous venture concept assignment so I can't provide a summary of any feedback because I didn't receive any. I think my concept is pretty simple and straightforward though so I hope it's good enough.