1) You. My name is Jessica Papagno and I am a senior working towards my combined degree with a bachelor’s in marketing and master’s in information systems specializing in data analytics and business intelligence. As a beginning entrepreneur, I plan on taking everything I have learned and putting it into practice in my new tech start-up.
2) What are you offering to customers? My product is to install wireless chargers on all tables in every UF library. This offers more time for students to study through the day and night in preparation for exams. As a service, we would be offering $3 per hour of regular wireless charging and $5 for fast changing. This business could be expanded to general UF classrooms, local restaurants, etc. and will also include a wider variety of wireless charging platforms as technology continues to develop.
3) Who are you offering it to? We are marketing to all UF current students who studies in the library. These would include freshmen through seniors as well as graduate students who never carry their computer or phone chargers around campus and also stay up late at night studying. These students would also put convenience over price.
4) Why do they care? Customers will pay for this service, so they can keep studying for their exams for how long they want. This would be a convenience factor for students that would be willing to spend a few dollars instead of walking all the way home.
5) What are you core competencies? Our service is very unique and new to the market that no one company offers. Right now, students have to drag around their chargers around campus to use multiple times a day. Once this technology of wireless charging is invented for all types of phones and computers, we would be the cheapest service of $3 per hour at each table in the libraries.
I believe all these elements above fit together very well. It perfectly describes the majority of all college students and their convenience factor. I got some great feedback from my first idea napkin. I took into consideration the price sensitivity to ensure the most students use the service. Another improvement from my feedback would be to expand it to many different locations after proof of concept.
Hi, Jessica!
ReplyDeleteWhat cool combined majors you're taking! Specifically the data analytics part, that's in high demand in businesses everywhere and you can become very successful with that knowledge and background. About your business idea, I like how you took many factors into account, such as the price sensitivity of students and the convenience factor. For me, I think your chargers would be a lifesaver whenever I forget my charger at home, which is a lot of the time! I think at this point you have really tailored your business according to your research and your target segment.
Hello Jessica,
ReplyDeleteFirst off, congratulations on going to earn two degrees. That is awesome! I wish you good luck when you start your tech startup. I work for a small business and it's so rewarding to see a company grow from the ground up. The sky is the limit for you! You have a wonderful business idea and the pricing strategy is very smart.
Hello Jessica, I agree that these elements do fit well together. One critique I would have involves paying by the hour for the chargers. I feel like this could potentially turn people away, especially college students. Some students will look at wireless charging and see a five dollar charge and may not want to pay that. A potential solution could be UF adding this into tuition or something of that nature.
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