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.

My Unfair Advantage

Resource 1: Patent 

Valuable: If I can get a patent on my product it will make it infinitely valuable because I am the only one that will be allowed to use that kind of technology and will have a competitive advantage in the market. 

Rare: A patent would definitely make what I have even rarer.

Imitatable: The product would not be so unique if I were to acquire a patent it could not be imitated by anyone else, and if it was it probably wouldn't have the same capabilities.

Non-Substitutable: There really isn't a way to substitute a patent.

Resource 2: Location: Orlando

Valuable: Orlando is a growing hub of technology and industry and would be a great place to start the business, especially with all of my connections in the area.

Rare: Orlando is known for being a tolerant and upcoming city and will attract a lot more potential contacts and customers.

Imitatable: Orlando is such a unique city in Florida because it is one of the only main cities not on the coast, and this is because its economy is moving away from manufacturing and toward more technology oriented[e1]  industries.

Non-substitutable: There are other cities like Orlando that are up and coming in the tech industries.

Resource 3: My adaptability

Valuable:  It will allow me to keep the business a float while the market is changing, and the company faces adversity.

Rare: A lot of people don't want to change, and in that way,  I feel like it is a rare quality

Imitatable: it is imitatable, and a lot of other people have this quality, but not everyone has it. I feel like this quality will assist me in achieving my goals.

Non-substitutable: This quality really isn't substitutable, you just have to have it or you don't.

Resource 4: Social Capital in Orlando

Valuable: Helps with connections to get my business started.

Rare: My parents have a vast amount of connections with various entrepreneurs that have started their own businesses.

Imitatable: No one has the exact network that I do therefore it cannot be imitated.

Non-substitutable: It could be substituted with other people’s social capital.

Resource 5: My Determination 

Valuable: It is very valuable and will keep me going when things get tough.

Rare: It is not that rare, but very valuable.

Imitatable: It is one of those things you either have it or you don't.

Non-substitutable: It cannot be substituted, like stated before.

Resource 6: A unique product 

Valuable: There is nothing like it on the market, therefore it makes the product unique and special.

Rare: The uniqueness of the product already makes it rare by default.

Imitatable: With it being the only product on the market that can wirelessly charge phones, this makes it special, but it can be imitated.

Non-substitutable: It definitely could be substituted by a portable charger or charging your phone normally.

Resource 7: The ability to see from many different perspectives 

Valuable: This is valuable because it allows me to see the product from a competitor's viewpoint, or that of a customer.

Rare: I feel like it is something that is hard to do, and therefore, something that not that many people can do.

Imitatable: Not really it is another all or nothing sort of deal.

Non-substitutable: Not really it is another all or nothing sort of deal. 

Resource 8: Positive Attitude

Valuable: This may seem cheesy, but a positive attitude can get you through a lot of tough situations.

Rare: I think it is rare, many people like to complain, and blame their circumstances on other things.

Imitatable: Determination is similar in the same aspect because they both keep you going.

Non-substitutable: When it comes down to it, nothing can truly substitute a positive attitude.

Resource 9: Keep Manufacturing Local

Valuable: Keep the jobs in the community.

Rare: Not that many technology companies do it.

Imitatable: Plenty of other smaller community-based businesses do it, but usually not tech companies.

Non-substitutable: You can’t really substitute being local, you either are, or you aren’t.

Resource 10: The people

Valuable: Finding good employees is very important, and I have a few go to people that I would include when I start my venture.

Rare: It isn’t that rare, but it is vital for success, as many other businesses have good associates.

Imitatable: You cannot imitate any person’s exact decision-making capabilities, or their personality.

Non-substitutable: You cannot really substitute good people, you either have them or you don’t.

I believe that my unfair advantage is my determination, no matter what the circumstances are I will get the job done and not ley my venture down.

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Elevator Pitch No.3

Reflection on Feedback: The number one piece of feedback I got from my last pitch from everyone was to include the price. Since I have no idea how much it would cost I estimated the price at $200 which is probably a little low, but at least I still have a number to work with. Everyone seems to like the part of the pitch where I talked about phones taking over the world, but I decided to take that out just because it took up a lot of precious time I could have spent better explaining the practicality of the product. I feel like this time in the pitch is better spent especially since it is obvious to the average person that phones are taking over the world.
What I changed: I put the estimated the price in, and took out the anecdote about phones taking over the world for greater focus on the features of the product.

Reading Reflection No. 2

How to Fail at Almost Everything and Still Win Big, Scott Adams 

1. The general argument of the book is that failure is not a scary thing, and that it is necessary in order to learn from your mistakes and achieve success. The book is more of a general mindset book, and not on that specifically tells you how to run your own business.
2. The book connected what I have learned from ENT 3003 that all these exercises we have been doing are for a reason, we are supposed to see that out target market was wrong, or our assumptions about consumer behavior were wrong. Scott Adams wants us to know that failure is okay, and it is in fact essential.
3. If I had to design an exercise for this class centered around the book it would be to go out and try new things to see how well you can do them. But go out the next day and try them again, and you will begin to learn that the more you practice something, the more you fail, the better you will get.
4. My biggest 'aha' moment throughout the book was when  he was explaining how his own failures lead to his success as a comic artist and who it was essential. This made me realize that I need to go out of my comfort zone more in order to see more success in all aspects of my life.

Growing our Social Capital

Domain Expert in my Industry

1. His name is Steve and he recently sold his software company. He lives in Orlando, Florida.
2. This person fills the domain expert slot because as a software developer, he has technical skills that he may be able to utilize to help me develop my product.
3. I found him through my mom, because he was a friend of hers, but I had never met him before.
4. I went over to his house and asked him of the idea would be possible given his knowledge, and he said he was going to look into it and get back to me. The return expectation is a possible summer internship with his new venture next summer.
5. Including this person in my network will allow me to have a go to person to ask about the technical skills behind my product.

Expert in my Market

1. Her name is Susie, and she is from Clermont, Florida. She works in IT, but also has a venture with a co worker where they make portable chargers.
2. This person fills the expert in my market slot because since there aren't any wireless chargers out there yet the portable charger is the closest thing to it. Additionally, the technology does the same thing so I feel like I could learn a lot from her.
3. I found her through my dad, it was one of his old co workers.
4. I called her on the phone yesterday and asked her some questions about her venture and the market in general. The return expectation is nothing really since she is good friends with my dad.
5. Including this person in my network will allow me to  have someone who is already established in the market to contact if I ever have any questions.

Supplier to my Industry

1. Her name is Cathy and she has a technology distribution company based out of Tampa, Florida.
2. This person fills the Supplier to my industry because she distributes phones, chargers, portable chargers, and all other kinds of technology in the Tampa area.
3. I found her through Susie, this is who helped her get started in the portable charging field.
4. I talked to her this morning on the phone and I didn't ask her of anything I just merely picked her brain for 5 minuets.
5. Including this person to my network will allow me to have someone who has a bigger business than Susie, and who may be more of an expert in the field of general technology, rather than just portable chargers.

Reflect: This exercise made it very clear to me that it is infinitely easier to hit the ground running if you have a few established contacts in the industry you're planning to go into.

Idea Napkin No.2

Idea Napkin No. 2

You: My name is Ethan Hood and I'm a business student at the University of Florida. My experiences in running and cross-country specifically have shown me how to lead a team, and how I am a capable and driven individual. I would see this business playing a major role in my life. No matter what I do I am present in the moment and passionate about it, especially if I enjoy what I'm doing, and my business would be no different.
What are you offering your customers: I am offering my customers an alternative way to charge their cell phones and tablets, but on a larger scale, being able to connect multiple devices to the system at once. It is more of a convince because of the fact it seamlessly charges multiple devices without  having to have multiple outlets or cords.
Who are you offering it to: The target demographic is middle income families with two or more kids aged 8-16. All these customers have kids, and the kids in this age range love to be on their phones and tablets
Why do they care: They care because it is the convenience factor of being able to charge many phones at one time without needing a ton of outlets an charging cords. There is also a lot of value created because phones die so fast now, and the fact that they would be able to be wirelessly charged, and the battery life would no longer be an issue is huge.
What are your competencies: What sets me apart from everyone else is the fact that I make everything meaningful in my life, and everything has a purpose, and this would be especially be true with my business.

All of these elements fit together in a way that clearly defines its role: to charge many phones at the same time. All of the demographics and why people should care are based on the functionality of this device and how it works well to charge multiple phones at once.

Feedback Memo: One main point that I took feedback from was making everything more clear on who my target market was. Another main point that I took into consideration was the narrowing down of the  actual concept and it's functionality, which I described a very specific situation in which it is used.

Customer Avatar

My Ideal Customer 

Here is my ideal customer, it is a 40 year old mom of at least two kids, and she falls under the middle class socioeconomic category. This mom drives a Honda Odyssey and has kids whose ages range from 8-16 years old.  She likes spending time with her kids when she can and she has a part time job and goes the to gym a lot. Whenever her and her husband go out they need to hire a babysitter to watch the kids. The wireless charging system would be a way to keep them consistently entertained while they are gone. She is always looking for things to do to keep her kids busy, and keeping up with the Jones' is one of her favorite thing to look into. The thing her and I have in common is that we both hate that our phones have to be constantly charging, and we both want to do something about it.  We both have the type of personality of getting things done and pleasing those around us.