Venture Concept No. 2

Venture Concept No. 2

Image by, m_hweldon

Opportunity:

            My potential customers range from young adults to elderly. The nature of the need is a revolutionary device that can be customized to fit individual needs to become more productive, happier, and healthy. Questions related to this opportunity are:

·         What are the forces or changes in the environment creating this opportunity?

o   As technology grows, it shapes how we do things. We create technology to enrich our lives, not control them. Currently, it feels like our tech has some sort of control over our lives. People are walking around like zombies. They are looking down at their phones, glued to their smart devices. Social interaction has decreased. Children are staying inside more often, playing video games, or busy creating an illusion of a social interaction on the web. Our language has changed through a text application. It is short, abbreviated, and auto-correct is relied upon. Is our smart devices becoming smarter than us? Part of my business strategy focuses on getting technology back on track. Using tech as a tool to enrich our lives again by making us more intelligent, stronger, and productive for a healthier happier life.

·         How is this market defined geographically and demographically?

o   My market for this smart device is for developed countries, and corresponding demographics.  

·         How are customers currently satisfying this need?  And how loyal are they to whatever they use now? 

o   Customers are currently satisfying this need to a certain extent. They are very loyal to their current smart devices. My smart device will put their satisfaction on an entirely new level. However, there is a new market of customers that are not being satisfied with this need. This new market is the deaf culture. With my new smart device, deaf individuals can utilize this device for communication using the hologram feature.

·         How big is this opportunity?

o   I believe this is a huge opportunity in the realm of revolution. However, it can be put in perspective as a small change in enriching lives.

·         How long will the “window of opportunity” be open?

o   The window of opportunity won’t be open long. Even though there are elements of this concept that seem too futuristic, the time is now. Companies have already attempted different versions incorporating this technology in a variety of devices, such as Google Glass, and Athos smart clothes.

Image by, IDG Connect

Innovation:

            My current project is the product, Ori. Ori is a smart watch that is putting a new perspective on how socially interact. Hopefully, it gets people looking up, walking around, and going outside. This watch is made to be customizable with applications available to download like your smart phone, except it contains elements that can be revolutionary. It’s going to use a combination of cloud storage and electromagnetic waves for data transmission. Similar to how self-driving cars interact. The most well-known element is its holograph ability. Holograms have not been built in a cellular format before. Technical research will be set in place. With Ori, you can receive calls and texts on the watch. There will be an ear piece that you can take out of the side of the watch for private phone conversations. There will also be an option to see the person you are talking to by setting up a holographic image for a more personal contact. This can be one that is already recorded or live. The recorded holograph can lip sync your conversation. The first prototype will only be able to record. If you don’t want to hold up your wrist, you can swipe the holographic image on a platform. You can pay for things with a touch of your wrist. You can link your bank account or credit cards to your watch. That way, you will never forget your wallet. It will have diagnostics of your health. Such as track your heart rate, or tell you if you’re dehydrated by body temperature levels using infrared waves. Similar to how the forehead thermometer works. This can change the way your health professionals will treat you.

Venture Concept:

            This innovation will help address customer needs by changing the way we interact with each other. As Steve Jobs once said, “Customers don’t always know what they want”. (2015, Harvard Business Review) Customers will buy this innovation, because it is different, and exciting!

·         What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch? 

o   I don’t think it would be too hard for customers to switch. This is new technology. Customers are excited for new and different things. There are some that may refrain at first, because it is something that’s unfamiliar. However, one of my ideas is a joint venture with a familiar tech company for an easier transition. There is also a new market of customers (deaf culture) that have no switching costs, because this need is not being met.

·         Who are the competitors?  What are their possible weaknesses or vulnerabilities? 

o   My competitors are technology companies like Apple and Alphabet Inc. Their possible weakness is tough to consider. I would be going up against loyally branded companies. I would probably have a smoother transition by partnering, and then branching out later on. Their vulnerability is adhering to people with disabilities. My product could be very valuable to the deaf community, and this could give me an edge.

·   What role does packaging, your price points, distribution, customer support, the customer experience or the business location play (if any) in defining your business concept?

o   This would depend on my costs to create the product. However, I would like the price of my product to be within reason. The price would start off close to six hundred dollars. This is similar to a new cell phones price average. This device can be affordable with service plans similar to AT&T’s Next plan.

·         How would you organize a “business” to support the ongoing production of your new product, service, or process? How many employees? What roles are in the venture?

o   I would need a mechanical and software engineer, as well as a couple of scientist in the beginning. From there the business will grow with numerous roles available.

Three Elements:

·         My most important resource is my experience and leadership. Building a great team is going to be a huge factor in a successful business. This is what is going to make it hard for competitors to copy.

·         The next opportunity I would like to tackle is the development of AIs. As far as the current product goes, there will probably need future improvements with the hologram feature.

·         In the next decade, there will be more innovations directed towards “smart gear”. This first product helps start the plan of developing smart gear.

Image by, jrodthoughts

Summary of Feedback:

            I received some pretty valuable feedback for my venture. Mazal saw a whole new market for my product that I didn’t see. This made me really excited for this product. Holograms became even more important for my product as an element because it is vital to my new market, the deaf community. Now, Ori really can change how we socialize. I’m also aware that this product has a lot of design elements that need to take place. Mazal referred me to the Incubation Center for help with this. I thought this was wonderful, and a great point in the right direction! Another factor of my feedback was the curiosity of price. Since this product has new technological advances that are not fully developed yet, it is hard to determine the cost of my materials. However, if I had to decide on a price without this knowledge, I would chose a price that is similar to smart devices currently. This would make my product affordable, and competitive. The only negative feedback I received was regarding the concept of people being “glued to their smart devices”. In which, my hologram feature would not make this any different. I understand this point. However, I’m hoping that the rest of the features combined will change this. I hope my smart device will help people become more active. At least with holograms, people can see past them in order to multitask.

Changed Venture:

·         I added the market of customers that weren’t being satisfied by smart devices.

·         I added a price point in order to give my audience a better perspective on how my product will be affordable and competitive in the market.

·         I changed my image for a better feel of the new potential revolution for my product.

·         I found a new strength which could be a weakness for my competitor in my new venture.

I have found that more of my customers would have low or no switching costs for my product.