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 consumers of the UF libraries and would stay there for many hours throughout the day and night. These students would be the ones who have this need when their phone or computers dies but they don’t want to move to find a charger or outlet. 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. The University can also use this product to describe how technologically advanced they are. Therefore, this would be mutually beneficial for both the students and the school.
Innovation
My product 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. Specifically, we are selling the per hour rate of some technological device being placed on a charging platform. To receive the most money, we would highlight the fast charging service as the service time can be cut in half for only $2 more. This would encourage students to spend more money if they don’t want to wait up to an hour for a full charge.
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 and convenience of 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. Therefore, this 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.
Summary: I received positive feedback from my first venture concept report. They ensured me that I am on the right track with the details of my business and thought the upcharge for the fast charging model. The creativity sets me apart from other businesses giving me a strong competitive advantage. Similarly, in the “What’s Next” post, my plan to work on other businesses after this one. This is so I can showcase what I learned from this company and expand it more with the next. Creativity and innovation are key!
Changes: I changed my venture concept based on my feedback by expanding on the different models within my business. The standard and fast changing models can be exploited to encourage people to spend more money overall. By pushing the difference of taking 1 hour versus 30 minutes to charge your technology for only $2 more. The cut in half of service time, people are more likely to spend more money. The only negative recommendation I included in my second venture concept is to keep everything practical in terms of usage, models, and implementation.
My product 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. Specifically, we are selling the per hour rate of some technological device being placed on a charging platform. To receive the most money, we would highlight the fast charging service as the service time can be cut in half for only $2 more. This would encourage students to spend more money if they don’t want to wait up to an hour for a full charge.
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 and convenience of 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. Therefore, this 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.
Summary: I received positive feedback from my first venture concept report. They ensured me that I am on the right track with the details of my business and thought the upcharge for the fast charging model. The creativity sets me apart from other businesses giving me a strong competitive advantage. Similarly, in the “What’s Next” post, my plan to work on other businesses after this one. This is so I can showcase what I learned from this company and expand it more with the next. Creativity and innovation are key!
Changes: I changed my venture concept based on my feedback by expanding on the different models within my business. The standard and fast changing models can be exploited to encourage people to spend more money overall. By pushing the difference of taking 1 hour versus 30 minutes to charge your technology for only $2 more. The cut in half of service time, people are more likely to spend more money. The only negative recommendation I included in my second venture concept is to keep everything practical in terms of usage, models, and implementation.
Hi Jessica! Your business idea is very new, and I believe that you will be very successful in this business. I agree with you that creativity and innovation is key! I don't think everyone has that gift so take advantage of your creativity and innovation because it sure seems like you got it. I would easily and happily spend an extra $2 to cut my charging time in half.
ReplyDeleteHi, Jessica!
ReplyDeleteI think you did a great job of utilizing your feedback and making the necessary improvements to your business idea and venture concept. I continue to believe that your best bet will be to exploit the fast-charging service because most consumers want instant results! The quick charging would make up for the very slight difference in price, so I still think you should direct a majority of your resources to the fast-charging model. Alright, I think this is my very last comment for the semester, so I wish you luck in your college career and beyond!