Opportunity:
This opportunity exists because people
are now becoming more aware of what is harmful to them. Alarm clocks startle
you awake and that is not good for your heart and it is not a pleasant way to start
your day. This is a huge window of opportunity because most people do not even
realize that there is a need for a substitute product. The window will not be
open forever as someone other than me will come along and create a device that
makes my product and alarm clocks obsolete. My product applies to nearly everyone,
but I see that there might be a problem in convincing people to switch from
their reliable alarm clocks to my method.
Innovation:
My product is innovative because it is
one of a kind. It is a small pad that slides underneath your mattress. It is controlled
through an application on your phone and runs on wireless battery. You simply
slide it under your bed and open the application. You can then use the
application to set up a specific time in which you want to wake up and adjust
the strength of the vibration. After the vibrations go off and you are awake
you can then turn off the alarm through the application. I still have to work
out my production costs, but I would estimate to sell this product for $50.
Venture concept:
There are no competitors in this
market. The only thing I am competing with is the idea of alarm clocks. I need to
show people that they do not work as well as we want them to and that there is
a better way.
Hi Gonzalo,
ReplyDeleteI think that overall you did a very effective job in describing your venture concept. However, there is one aspect of your concept that I would consider re-evaluating. This aspect is the competitors section. Although there are no direct competitors who create the same product, I would certainly think of alarm clocks, smart watches, and other similar devices as competitors to your product.
Hi Gonzalo,
ReplyDeleteI found your venture concept to be concise and direct. You explained your business very well and I was able to clearly visualize your success. I found it interesting how innovative your product is, given that in my own venture concept I did not have much innovation involved. Overall great work!