24A – Venture Concept No. 1

Opportunity
Our potential customers for this wireless charging service around campus would be current full-time students aged 18-22 years old. These students would have the need because they are the main visitors of the UF libraries and would stay there for many hours. They would be the ones who would have this need when their phone or computers die but they don’t want to move to find a charger. This market of customers would be defined geographically since the chargers would only be placed in libraries around UF. Customers are currently satisfying their need by asking others for chargers or carrying around their own and searching the walls for an open outlet. They are loyal to their solution now out of necessity but would be open to a better solution. This is a big opportunity to be exploited as more freshmen get admitted to the university.

Innovation
My produce would be a wireless charging platform built into the center of tables around UF libraries that would be compatible with all types of computers and phones. We plan to make money by hour usage of the platform for $3 per hour of standard charging or $5 per hour of fast charging. Exactly, we are selling the per hours rate of some technological device being placed on a charging platform.

Venture Concept
Customers would use this product because it is a simpler solution to their current problem. Students need to have their technology charged at all times in order to continue working on their projects and exams. It would not be very difficult for them to switch if they are already in the library or surrounding areas because all you have to do is place your phone on the table to start charging. Our competitors would be the wired charging cords that students would bring around campus. With that option, they could charge their device anywhere they go by being portable. Customer experience would be the top priority because they need to provide a much more sufficient charge to be seen as worth its price.

The three minor elements
1) What we have that no one else could copy is the ease to this product. There is nothing students have to do to get an adequate charge on their device other than just placing it on the charger. The convenience and ease of this product gives us the unfair advantage.
2) The next opportunity we want to tackle with this innovation is expanding the service to many restaurants and coffee shops. If we get a deal with a major restaurant chain then these built-in charges can be used around the nation.
3) In five years with this venture, I would like to see a major technology company arise starting with this product. To see it expand to other products and developing a full blown company would be most ideal.