Venture Concept No. 1 The Wireless Charging System

The opportunity behind the wireless charging system is the convivence factor of being able to charge multiple phones at once in a home or business, without having to have them plugged in or tied down in any way. The people who have the need are households with kids who are home a lot and use their phones a lot. This type of household could use this product because they will no longer have to worry about losing phone chargers and jockeying for charger position throughout the house. The nature of the need arises when the customer's phone needs to be charged at any time, they can connect to the wireless charging system, and have their phone charged in the background, without it being an immediate issue. This allows the kids at home, or the employees at the office to focus om their most immediate concerns, and not just how much battery they have left on their phone. The changes in this environment that create this opportunity is people’s increasing interest in goods and services that aren’t necessary, but convenient. The modern consumer values products that makes their daily life easier, and that is exactly what the wireless charging system does. The market for this product is middle class families and business owners, and there really aren’t geographical boundaries. If a person has a smart phone and wants to have it seamlessly charged at anytime in the day this product is for them. Customers are currently satisfying this need through carrying a cord with them throughout the day or a portable charger, and I feel like customers would be pretty open to the idea of the wireless charging system. I would say this opportunity is bigger now than it will ever be. Many people want a better way to reliably charge their phones, and soon companies will start to come out with ways to satisfy the need. I would say the window of opportunity will be open for another five years before the market becomes saturated with products similar to what mine does.

The wireless charging system is incrementally innovative just because there are already good ways for people to charge their phones, but this is just a quality of life improvement. I am selling the wireless charging system with a $200 price tag. When you buy the wireless charging system, one of our trained technicians will come and install it at your home or business. Once installed, up to 12 people can wirelessly charge their phones through Bluetooth with this device. Like stated previously, it is mainly a convivence good in the fact that is nice to have, but it is definitely not a necessity.

My innovation will address the problem of people’s phones dying frequently by providing a constant and convenient wireless charge while the product is turned on. Customers will want to buy my product for the convivence factor. A mother of 3 kids aged 8-16 doesn’t have the time, energy, or patience to keep up with 6 or more phone chargers is the ideal customer for this product. The number of new chargers she has to buy a year (due to the fact her kids lose so many) would total to be way more than the cost of the wireless charging system. Besides saving money, the wireless charging system will also save the mom stress. With 3 hyperactive kids always on their phones/tablets in the house besides jockeying for chargers they also fight for outlets. The wireless charging system would completely eliminate that scenario because there would be no need for chargers, or to fight for outlets to plug the charger into because it is all done wirelessly. The only real competitors that I have are portable charger companies, but they are priced at a point way cheaper, and do not satisfy the charging need to the extent that the wireless charging system does. Customer support and experience would play a pretty big role in promoting the product. In my opinion, the best success we are going to have with getting the product out there is having a child go over to their friend’s house and use our system and go home and tell their parents about it. Being based in Orlando, I feel like I could utilize my local contacts to get the ball rolling and let word of mouth keep that ball rolling. I would organize my business by first hiring another company in the central Florida area to make the charging system units for me, and if it was too expensive I would ultimately end up doing it myself. I would have no more than 10 employees, and most of them would be in charge of the manufacturing, and I would do the marketing and sales myself.

I think my most important element is going to be my personality. When I start something with a certain goal in mind I will relentlessly work until that goal is complete, and I will give it everything I have. I feel like these characteristics will help me continue on with my venture, even when everything gets tough. The next thing I have planned for my venture is to create a wireless charging system that can be used at restaurants and bigger business that has the capacity to charge up to 25 phones at the same time. As for me, in the next five years I see myself in a career field that I enjoy, and already emerging as a leader in my position. This first venture will give me the confidence to show me that I am an independent person that can accomplish great things if I put my mind to it.