29) Venture Concept No. 2

Summary of Feedback:

For venture concept post I did not get too much feedback; I only had a couple comments but it was good feedback. The first comment said that me having two different types was good because it allows me to have more customers. However, they told me I should do more research on how much hand sanitizer pumps would cost me to make, but this is actually something I will not have to worry about. My hand sanitizer will be hands-free and will release when a hand passes by the sensor. This will save sanitation liquid because it will release a controlled amount and it will not waste any liquid.

My other comment also gave me good feedback. They basically said that my market is defined, I have a well-detailed plan, and it seems like my product will be great for gas stations.

On my what’s next exercise I received one comment. I also received positive feedback from this user. To summarize, the user stated my product will benefit the poor and the wealthy because I am promoting good hygiene. My product will keep the world healthy and help reduce the spread of bacteria.

Overall, I received good positive feedback for my product. I did get as much criticism as I would have liked, but I think it is also good and that means I must be doing something right with this business idea.

Below is my venture concept with minor adjustments based on my feedback. I emphasized how my hand-sanitizer is hands-free so there is no need for making or buying pumps.

-------------------------------------

Opportunity

There are two different groups of customers that my company will be selling to. First are the businesses that will help facilitate the use of my product. These will mainly consist of gas stations and I have recently found out that restaurants could be another large consumer group. Gas stations will do this to draw more traffic to their gas station. Also by placing the sanitation near the front of the store will draw customers in to buy other items inside the store. Gas stations will benefit because they will increase their profit. Restaurants will use this to keep their staff and customers hands as clean as possible. Food is the biggest way diseases can enter the human body. If my product can reduce or prevent this then we will be protecting people and benefiting society. The other group of customers includes the people who will actually use my product at the gas stations. People will use my product at the gas stations and can then my pocket size sanitizers for when they need to clean their hands.

1.     What are the forces or changes in the environment creating this opportunity? People who do not have convenient access to clean their hands after pumping gas or before they eat

2.     How is this market defined geographically and demographically? Geographically, this product will only be near gas stations and inside smaller restaurants. My demographic includes people between the age range of 18-45 because they are the primary users of cars.

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

4.     How big is this opportunity? I would say this is a big opportunity because there is not a huge market for sanitation products near gas pumps. Government health organizations could help increase the awareness of the need to stay healthy which could help

5.     How long will the “window of opportunity” be open? I would estimate that this opportunity will be open for a long period of time, about 5-10 years. Sanitation products have been around for decades and the year is 2018 and no company has yet to infiltrate this market.

Innovation

I would say that my product is incrementally innovative. Sanitizer is not something that is new, everyone who cleans their hands knows exactly what it is. My product is innovative in the way that it is conveniently distributed to customers.

What it is: The product is a sanitizer stand that keeps consumers healthy by killing germs. You can stick it to the side of the gas pumps or stand them inside your business

What it does: The sanitation in the product will kill 99.99% of the germs and bacteria off the hands of the consumer in 20 seconds.

How it works: The ethyl alcohol in the sanitizer kills the germs when the consumer rubs their hands together thoroughly. The hand sanitizer is hands-free so it will save customers money on having to constantly refill them.

How will I make money: I will be selling this product to gas stations and restaurants for $30 for a box of 2 sanitizers with that contain 1200 mL. This $20 also contains a dispenser stand and adhesive that allows it to stick to the pumps. For refill sanitizers, the cost will be $15 for a box of 2 sanitizers with that contains 1200 mL.

Venture Concept

From the interviews, I have done many customers will use my product because of the convenience. There are no other products like this on the market that solve a need many customers did not realize they had.

1.     What are the reasons to think customers would switch to this new product?  How hard will it be to get them to switch?  Customers would not be switching because this is a new product in a new market. The convenience of the product is the best feature.

2.     Who are the competitors?  What are their possible weaknesses or vulnerabilities?  I currently do not have any competitors.

3.     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?  The packaging of my product is very simple and allows customers to easily set it up. My price points are cheap so it makes it easily affordable and we ship the products to the customer so they do not have to worry about distribution. Our customers are the most important part of the business so there will be 24/7 customer support available.

4.     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?  I would organize them to be simple and efficient. We would need supply chain managers to facilitate distribution. Scientists to make the product and customer support to help our customers.

Minor Elements

First, describe what you think your most important resource will be. You might call this your venture’s “secret sauce” or “unfair advantage? My most important resource is the sanitizer itself. This is how customers will clean their hands.

Second, what’s next for the venture? The next step for the venture is to expand from Gainesville to the entire Florida market. One day I hope that every gas pump has sanitation that my customers can use.

Third, assuming you launched, where do you want to be in five years with this venture? In five years, I hope that my product is available nationwide and globally. I aim to create convenient sanitation products for the whole world.